The Canadian Securities Administrators ("CSA") recently released its 2016 Enforcement Report. The report highlights the fact that as a result of the CSA members' increased collaboration with the RCMP, there was an overall increase in jail terms and criminal proceedings commenced and concluded. It also noted that in 2016 members' made substantial efforts to combat insider trading and tipping and serious market abuses. Another highlight was the implementation of an initiative to develop a new national market analytics program which will aim to combat securities violations in a world of increasing algorithmic trading.
Some notable statistics from 2016 include:
- 109 concluded cases
- $62,148,866 in fines, administrative penalties and other voluntary payments
- 56 proceedings commenced
- 45 interim and assert freeze orders
While the total proceedings commenced in 2016 appear to be down, the CSA concluded the report by noting that "securities enforcement goes far beyond the numbers".
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