Provincial bodies launch fewest new enforcement cases in seven years
Securities enforcement action in Canada remains well below prepandemic levels, with regulators launching fewer of them in the 12 months ended in March than in any of the past seven years., an umbrella group for the provincial regulatory bodies, only includes statistics for the past year of 2023-24. The CSA does not include the numbers for previous years in its annual reports, so The Globe and Mail compiled them for comparative purposes.
However, the CSA members assessed $45.6-million in the year ended March 31, 2020, the year that concluded with the onset of the pandemic. In the two years prior to that, the CSA members assessed $77.5-million and $65.6-million in sanctions and penalties. “In addition, one particularly big case or cases can skew a number for any particular year, making it difficult to draw much meaning from year-to-year comparisons, especially if you’re being selective about the years and categories you’re comparing.”
In CSA chair Stan Magidson’s comments in an introductory letter to the new report on “enhancing investor protection,” he highlighted the group’s proposal for changes to the dispute-resolution process for investors currently maintained by Canada’s Ombudsman for Banking Services and Investments.
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