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Enforcement Statistics

The following tables summarize enforcement cases received and handled for the period January 1 to December 31.

(a) Cases Opened (Click on table to reveal quarterly statistics)

Year Total Cases Opened Escalated to Investigation Escalated to Litigation Group
       
2016 331 119 94
2015 448 167 124
2014 418 127 52
2013 426 113 61
2012 474 105 79
2011 458 94 49
2010 512 89 43
2009 582 112 50
2008 452 97 29
2007 353 114 35
2006 340 124 22
2005 502 102 11
2004 298 67 9
2003 258 33 0
2002 44 1 0

(b) Cases Closed (Click on table to reveal quarterly statistics)

Year Case Assessment Investigation Litigation Group Total
         
2016 253 42 76 371
2015 264 44 41 349
2014 276 38 59 373
2013 378 55 50 483
2012 369 55 55 479
2011 382 56 46 484
2010 443 55 44 542
2009 433 46 15 494
2008 289 85 22 396
2007 324 79 19 422
2006 240 66 14 320
2005 265 57 7 329
2004 240 33 1 274
2003 146 6 0 152
2002 25 0 0 25

(c) Active Caseload as at September 30, 2016 (Click on table to reveal provincial statistics)

Jurisdiction Case Assessment Investigation Litigation Group All Groups
Total Atlantic Region 6 15 15 36
Total Central Region 75 67 137 279
Total Prairie Region 32 12 29 73
Total Pacific Region 24 13 20 57
Canada 137 107 201 445

(d) Cases in which Discipline Imposed (Click on table to reveal quarterly statistics)

Year Cautionary Letter* Warning Letter* Agreement and Undertaking Notice of Hearing
         
2016 75 98 0 75
2015 86 85 1 69
2014 95 90 0 48
2013 138 137 0 65
2012 135 86 0 48
2011 151 81 0 36
2010 181 69 0 35
2009** 70 192 2 31
2008 0 225 7 31
2007 0 218 17 20
2006 0 119 10 8
2005 0 136 18 14
2004 0 60 2 1
2003 0 11 0 0
2002 0 0 0 0

*Each Case may result in informal discipline to one or more subjects
**Cautionary letters were introduced in July 2009

(e) Cases Opened by Type (January 1, 2016 to September 30, 2016)

Type Number of
cases*
Percentage
of total
Pre-Signed Forms 49 15%
Other Signature Falsification 38 11%
Suitability – Investments 37 11%
Unauthorized/Discretionary Trading 23 6%
Business Standards 21 6%
Suitability – Leveraging 19 5%
Transfer of Accounts 17 5%
Commissions and Fees 15 4%
Complaint Procedure 13 4%
Falsification / Misrepresentation 11 3%
Provincial Securities Legislation 10 3%
Forgery / Fraud / Theft / Misappropriation / Misapplication 9 2%
Supervision 8 2%
Personal Financial Dealings 8 2%
Acting Outside Registration Status 6 2%
Outside Business Activities/Dual Occupation 6 2%
Policy & Procedures 6 2%
Conflict of Interest 5 1%
Confidentiality/Privacy 4 1%
Books/Records/Client Reporting 3 1%
Referral Arrangements 3 1%
Reporting Violations 3 1%
Stealth Advising 3 1%
Conduct Unbecoming 2 1%
Handling of Funds 2 1%
Know Your Product 2 1%
KYC Documentation Deficiency 2 1%
Sales Communication 2 1%
Disclosure 1 1%
Excessive Trading/Churning 1 1%
Failure to Cooperate 1 1%
Securities Regulator’s Order 1 1%
Total 331 100%

*"Type" refers to the primary allegation in the case, whether or not the alleged conduct was found to have occurred.

(f) Cases Opened by Source (January 1, 2016 to September 30, 2016)

Source Number of
cases
Percentage
of total
METS 174 53%
Public 118 36%
MFDA Sales Compliance 16 4%
CSA and Other Regulators 12 3%
Member 7 2%
Whistleblower 3 1%
Media 1 1%
Total 331 100%

(g) Cases Closed by Reason (January 1, 2016 to September 30, 2016)

Reason Number of
cases
Percentage
of total
No Violation Established 117 31%
Warning Letter(s) Sent 98 26%
Cautionary Letter(s) Sent 75 20%
Hearing – Settlement – Violation Established 46 12%
Hearing – Violation Established 22 6%
Referred To Other Enforcement Case 9 2%
Referred – Issues outside MFDA jurisdiction 2 1%
Under Review by Outside Agency 1 1%
Discipline/Action Taken by Outside Agency 1 1%
Total 371 100%

(h) METS Events Reported (January 1 to June 30) (Click to Reveal Quarterly Details)

Year Total Events Reported*
   
2016 2,567
2015 3,777
2014 3,379
2013 3,366
 2012 3,053
2011 2,416
2010 2,571
2009 2,880
2008 2,501
2007 763

*Numbers may change as a result of updates made to the system