Three reasons why you should take a look at the CSA 2009 Enforcement Report
We recently issued the 2009 Canadian Securities Administrators (CSA) Enforcement Report – it’s a summary of the progress and highlights of the past year by securities regulators in all jurisdictions, including the ASC. Here’s three reasons why you, as an investor, should take a look at it:
1) Securities regulators are taking timely action to protect investors
You’ll see that in 2009, we used a number of tools available to us, such as freeze orders and interim cease trade orders to disrupt activities that have potential to harm investors. In 2009 CSA members issued 83 of these orders, placing trading restrictions on 127 individuals and 106 companies. We also froze $19 million in assets including 64 bank accounts relating to 29 individuals and 24 companies to prevent them from dispersing assets pending completion of an investigation. These are preventive measures we take in the early stages to protect investors while an investigation is underway.
2) Securities regulators work together to prevent misconduct from spreading
We know that those who abuse the market rules don’t always respect borders. That’s why CSA enforcement staff in the various provinces and territories talk regularly and share intelligence, information and resources. Where we can, securities regulators use reciprocal orders to prevent individuals and companies who’ve been sanctioned elsewhere from carrying on their conduct in another jurisdiction. CSA members issued 77 reciprocal orders in 2009 and you can search them on the web.
3) Securities regulators are busy
Within our regulatory powers, a lot of good work is being done – 141 cases were concluded in 2009 involving 160 individuals and 103 companies for cases of illegal distribution of securities, registrant misconduct, illegal insider trading, disclosure violations, market manipulation and others. In fact, the ASC concluded nine of the 16 illegal insider trading cases dealt with by the CSA last year.
The report also profiles the more interesting and noteworthy cases we tackled in 2009, from ponzi schemes to boiler rooms. So check it out, and find out more about what we’re doing to protect you and your investments in the capital markets.