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SLIDE PRESENTATION ON CANADA’S SECURITIES ENFORCEMENT AND JUSTICE SYSTEM. By Diane Urquhart To Standing Committee on Finance and Economic Affairs August 18, 2004 3 P.M. . SELF-REGULATORS. REGULATORS. CANADA’S SECURITIES ENFORCEMENT & JUSTICE SYSTEM. POLICE. COURTS.

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slide presentation on canada s securities enforcement and justice system

SLIDE PRESENTATION ONCANADA’S SECURITIES ENFORCEMENT AND JUSTICE SYSTEM

By Diane Urquhart

To

Standing Committee on Finance and Economic Affairs

August 18, 2004 3 P.M.

slide2

SELF-REGULATORS

REGULATORS

CANADA’S SECURITIES ENFORCEMENT & JUSTICE SYSTEM

POLICE

COURTS

slide3

CANADA’S INSTITUTIONAL STRUCTURE

OSC

RECOL

QSC

ARBITRATION

TSXV

TSX

MRS

IDA

MFDA

BCSC

COMMERCIAL CRIME

RCMP IMETS

ASC

ONTARIO SUPERIOR COURT OF JUSTICE

ONTARIO SMALL CLAIMS COURT

OPP COMMERCIAL CRIME

SFSC

MSC

OBSI

NBSC

LOCAL POLICE FRAUD

SQUAD

NSSC

ONTARIO COURTOF JUSTICE

PEISO

NLSC

NWTRS

YTRS

POLICE

SELF-REGULATORS

NRS

COURTS

REGULATORS

slide4

CANADA’S STATUTES, RULES & PROCEDURES

ARBITRATION

MRS RULES

IDA RULES

ONTARIO BUSINESS CORPORATIONS ACT

CANADA BUSINESS CORPORATIONS ACT

ONTARIO SMALL CLAIMS COURT

ONTARIO SUPERIOR COURT OF JUSTICE

ONTARIO COURTOF JUSTICE

SA - RSO

FEDERAL CRIMINAL CODE

QSA

SA - SBC

MFDA RULES

SA -RSA

PROCEDURES

PROCEDURES

SA - SS

SA -RSM

SA - RSNB

SA - RSNS

TSX RULES

SA - RSPEI

PROVINCIAL

COMPANY ACTS

SA - RSN

TSXV RULES

SA - RSNWT

???

SA - RSYT

COMMON LAW

NSA

PROCEDURES

slide5

MISCONDUCT & RESTITUTION

RCMP/

OPP/

LOCAL POLICE

ONTARIO COURTOF JUSTICE

ONTARIO COURTOF JUSTICE

ONTARIO SUPERIOR COURT OF JUSTICE

OSC

STAFF

OSC COMMISSIONER PANEL

$$$

slide6

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

slide8

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

slide12

IPSOS REID Stakeholders Satisfaction Study July 2004

Stakeholders' Relationship and Purpose of Contact With OSC

Reporting

Inquiries Line

General

Registrants

Issuers

Users

Public

Number Respondents

600

302

300

300

Why d

id you contact the OSC?

Information/research purposes(General)

32%

Clarify a rule or regulation

16%

Complaint/concerns against/about institution /company

9%

Registration/license

8%

Question regarding an investment

6%

Question regarding

SEDI

6%

Awareness of any organization responsible for regulating the capital markets in

Ontario?

27%

What is the name of the organization responsible for regulating the capital markets in

Ontario?

19%

Have you ever contacted the OSC?

2%

Ha

ve you ever been to the OSC website?

4%

slide23

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

ida criminal cases not sent to rcmp or osc for prosectuion
Broker: James Donald Bruce

Employer: BMO Nesbitt Burns

IDA Allegations:

Misappropriation of Client Funds

Forgeries of Client Signatures

Changing Client’s Mailing Address Without Consent

IDA Settlement:

James Bruce undertakes to leave industry and to never re-apply

IDA makes no referral to the RCMP, Local Police or OSC.

Broker: Paul Alexander Bishop

Employer: CFG Financial Group Inc.

IDA Allegations:

Misappropriation of Over $182,000 of Client Funds

10 Other Breaches of IDA Bylaws

IDA Settlement:

Permanent ban from registration with the IDA

Fines and costs of $450,000

IDA makes no referrral to the RCMP, Local Police or OSC

IDA CRIMINAL CASES NOT SENT TO RCMP OR OSC FOR PROSECTUION

Source: IDA Enforcement Cases on IDA Website

slide25

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

slide26

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

slide27

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003

slide28

Source: Charles Rivers Associates Study, The Effect of Multiple Regulators, October 21, 2003