As noted previously, the Canadian Securities Administrators (CSA) does not have direct enforcement powers. Instead, enforcement is carried out by provincial and territorial securities regulators, which are the legal authorities under securities legislation.
At the same time, CSA plays a key coordinating role in enforcement by:
1. Facilitating Interjurisdictional Cooperation
- Coordinates enforcement actions involving cross-border fraud, insider trading, or misconduct affecting multiple provinces.
- Operates joint enforcement teams or committees to streamline investigations.
2. Sharing Intelligence
- Member regulators share information, evidence, and surveillance data to support investigations.
- Works with domestic law enforcement (e.g., RCMP, police) and international bodies (e.g., SEC, IOSCO).
3. Developing Enforcement Policies
- CSA develops national enforcement policies and protocols to standardize approaches and priorities across Canada.
- Example: CSA Staff Notice 15-306 (guidance on enforcement cooperation).
4. Publishing Enforcement Reports
- CSA regularly publishes annual enforcement reports summarizing actions taken by its members.
- Increases transparency and acts as a deterrent.