OSC Annual Report 2009 Francais
OSC


OSC enforcement activitiy and concluded hearings

OSC Enforcement Branch: Intake, Investigations and Litigation

  2006–07 2007–08
2008–09
 
         
Intake        
Number of cases assessed 421 499 446  

Number transferred to Investigations

50 58 49  
         
Investigations        

Number of completed investigations

41 48 59  

Number transferred to Litigation

16 16 18  
         

Litigation

       

Proceedings commenced

       

  • Actions before the Commission

19 12 21  

  Number of respondents

65 42 120  

  • Actions before the courts

2 - 2  

  Number of defendants

5 - 5  
         

Enforcement timelines

       
Average number of months from intake to commencement of a proceeding 24.5 24.1 12.4  

Concluded Settlement and Contested Hearings before the Commission

    2006–07   2007–08  
2008–09
 
               
 Number of proceedings   22   13   21  
Respondents   31   16   46  
 Sanctions include:              
Cease trade orders   18   10   23  
Exemptions removed   14   7   18  
Director and officer bans   12   8   29  
Registration restrictions   5   4   12  
               
Administrative penalties, disgorgement orders, settlement amounts imposed $ 1,372,650 $ 3,419,000 $ 17,709,868  
Costs imposed $ 285,749 $ 1,730,282 $ 3,103,191  

* In addition, three respondents agreed to pay $68,100,000 as part of a settlement agreement with the Commission. (See In the Matter of RIM et al in the Notable Cases sidebar.)
Temporary Cease Trade Orders and Freeze Orders

Increasingly, the OSC is using temporary cease trade orders (TCTOs) to halt trading activity during regulatory investigations. In 2008–09, the Commission issued 18 initial TCTOs and granted extensions of some of those TCTOs.

  2006–07 2007–08
2008–09
 
         
Actions before the Commission 5 11 18  

Number of respondents

25 117 139  

In addition, in fiscal 2008–2009, 16 freeze orders were obtained in court by the OSC, freezing in excess of $22 million.