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CSA reports decrease in enforcement activities for 2009


February 2, 2010   by Canadian Underwriter


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Canadian Securities Administrators (CSA) commenced 124 securities proceedings in 2009, marking a decrease from the 171 proceedings commenced in 2008, according to the CSA’s 2009 Enforcement Report.
The 124 matters were commenced against a total of 154 individuals and 112 companies.
The CSA concluded 141 cases in 2009, involving 160 individuals and 103 companies. By comparison, the 123 concluded cases in 2008 involved 193 individuals and 129 companies.
The number of illegal insider trading cases doubled from eight in 2008 to 16 last year. Disclosure violations also increased year-over-year from 11 in 2008 to 14.
The number of illegal distributions cases also increased slightly from 65 in 2008 to 68 in 2009.
Misconduct by registrants and market manipulations remained relatively flat, with 30 completed cases in 2008 and 29 in 2009. 
Fifty per cent of the 124 cases in 2009 were concluded by settlement. Twenty-six per cent were concluded by contested settlement and 24% by court proceeding.
CSA handed down more than $153 million in fines and administrative penalties by the end of 2009. Costs awarded totalled nearly $6 million; approximately $92 million in restitution, compensation and disgorgement was ordered or agreed to in settlement.


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