The Canadian Securities Administrators (the “CSA”) recently released their 2016 Enforcement Report (the “Report”) which highlights actions taken by the CSA across Canada. The Report was summarized by the Chair of the CSA as follows:
The CSA’s efforts to prosecute serious cases in the courts resulted in several significant jail terms in 2016. The CSA also saw an increase in the number of criminal proceedings commenced and concluded in 2016. The increase follows CSA members’ efforts, in recent years, to collaborate more closely with law enforcement agencies. The Alberta Securities Commission and RCMP announced a Joint Serious Offences Team this past year, following similar initiatives in Ontario and Québec.
Among the activities involving CSA Enforcement staff in 2016, significant efforts were made in combating illegal insider trading and tipping. As well, multiple CSA members worked to stop the activities of people who were allegedly trading in securities while possessing privileged information by using search warrants, asset freezes and cease trade orders.
Stewart Muglich – Business Law Blog – February 27, 2017.