Enforcement Effectiveness in the Canadian Capital Markets

Abstract:     
This paper focuses on the fundamental principles underlying effective enforcement by regulators. In particular, this paper analyzes the critical role of the criminal law and judges in effectively addressing capital markets misconduct. It also analyzes how securities regulators can best structure the wide discretion that is afforded to them in designing enforcement strategies and policies that are effective, fair, transparent and accountable. This study also examines the current allocation and division of enforcement responsibilities in respect of the capital markets amongst the numerous entities involved and explores contentious issues related to the current overlapping and concurrent jurisdiction. Finally, this study examines the issue of data and in particular, data comparisons on enforcement effectiveness with the United States.

Number of Pages in PDF File: 29

Keywords: canadian, capital market, criminal law, misconduct, securities

JEL Classification: K14, K20, K22, K23, K41, K42

Accepted Paper Series