As a federation dividing powers between the national and provincial (or territorial) governments, Canada does not have a national securities regulator. Securities regulation falls within the ambit of provincial and territorial power although Canada’s federal criminal laws also address issues relating to securities enforcement.
Canada’s securities regulatory landscape involves a patchwork of different organisations for both investigation and prosecution, from criminal law enforcement to provincial (or territorial) securities regulators, to individual self-regulatory organisations overseeing specific industries. Cooperation among these entities, as well as with other law enforcement agencies around the globe, is common.
The majority of enforcement activity is taken by securities regulators. Although Canadian securities regulation falls primarily within the scope of the provinces and territories, enforcement is bifurcated between provincial and territorial legislation and the Criminal Code.[2] The provincial regulators, including both securities commissions and self-regulatory organisations (SROs), are responsible for sanctioning administrative and quasi-criminal violations falling within the scope of the provincial and territorial legislation.[3] In contrast, Crown prosecutors are responsible for prosecuting and sanctioning criminal violations falling under...
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