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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
2022 378 104 60
2021 414 97 76
2020 461 142 97
2019 453 145 87
2018 458 127 90
2017 469 217 151
2016 446 164 129
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
2022 311 51 92 454
2021 321 60 80 461
2020 316 54 87 457
2019 315 60 128 503
2018 322 75 139 536
2017 248 44 146 438
2016 307 54 89 450
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 December 31, 2022 (Click on table to reveal provincial statistics)

Jurisdiction Case Assessment Investigation Litigation Group All Groups
Total Atlantic Region 10 5 8 23
Total Central Region 55 53 55 163
Total Prairie Region 27 10 28 65
Total Pacific Region 17 16 15 48
Canada 109 84 106 299

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

Year Cautionary Letter* Warning Letter* Agreement and Undertaking Notice of Hearing
2022 85 72 0 70
2021 78 81 0 91
2020 112 60 0 79
2019 113 92 0 78
2018 114 127 1 136
2017 73 111 0 121
2016 86 120 0 111
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, 2022 to December 31, 2022)

Type Number of
cases*
Percentage
of total
Suitability – Investments 106 28%
Business Standards 61 16%
Unauthorized/Discretionary Trading 31 8%
Transfer of Accounts 29 7%
Personal Financial Dealings 17 4%
Conflict of Interest 16 4%
Complaint Procedure 13 3%
Falsification / Misrepresentation 12 3%
Policy & Procedures 12 3%
Pre-Signed Forms 12 3%
Supervision 11 2%
Active Signature Falsification 10 2%
Disclosure 6 2%
Provincial Securities Legislation 5 1%
Confidentiality / Privacy 5 1%
Commissions and Fees 5 1%
Suitability – Leveraging 5 1%
Acting Outside Registration Status 4 1%
Forgery / Fraud / Theft / Misappropriation / Misapplication 4 1%
Outside Activity 3 1%
Reporting Violations 3 1%
Sales Communication 2 1%
Know Your Product 1 1%
Conduct Unbecoming 1 1%
Referral Arrangements 1 1%
KYC Documentation Deficiency 1 1%
Stealth Advising 1 1%
Trading Outside Jurisdiction 1 1%
Total 378 100%

*”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, 2022 to December 31, 2022)

Source Number of
cases
Percentage
of total
METS 208 55%
Public 137 36%
Member 20 5%
Financial Industry Participant 5 1%
CSA and Other Regulators 4 1%
Referral from Membership Services 2 1%
MFDA Compliance 2 1%
Total 378 100%

(g) Cases Closed by Reason (January 1, 2022 to December 31, 2022)

Reason Number of
cases
Percentage
of total
No Violation Established 211 46%
Cautionary Letter(s) Sent 85 18%
Warning Letter 72 16%
Hearing – Settlement – Violation Established 61 13%
Hearing – Violation Established 15 3%
Referred to Other Enforcement Case 6 1%
Referred – Issues Outside MFDA Jurisdiction 2 1%
Referred- Other 1 1%
Member Resolution Satisfactory 1 1%
Total 454 100%

(h) METS Complaint Events Reported (January 1 to December 31) (Click to Reveal Quarterly Details)

Year Total Complaint Events Reported*
2022 2,531
2021 1,252
2020 1,648
2019 1,327
2018 1,563
2017 1,427
2016 1,528

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