Key Takeaways
- In 2025, securities regulators in Canada and the U.S. shifted
capital markets enforcement priorities.
- Canadian enforcement now prioritizes investor protection and
quicker action against market misconduct, with an emphasis on
restitution over punishment.
- Regulators aim to align their priorities with North American
trends while addressing significant investor harm and market
integrity concerns.
A number of shifts in priority for capital markets regulators
occurred in 2025 that will have an impact in the years to come.
Market participants and observers in Canada need to carefully
watch how seismic changes to the capital markets regulatory
enforcement landscape in the U.S., including U.S. approaches to
cryptocurrencies and attitudes toward diversity, equity and
inclusion (DEI) and environmental, social and governance (ESG)
considerations, will affect Canadian securities enforcement
priorities.
