Proposed Canadian Securities Act – The Enforcment Provisions

On May 26, 2010, the Government of Canada published a proposed Canadian Securities Act (the "Proposed Act"). In addition to creating a national securities regulator, the Proposed Act would significantly change the way in which securities laws are enforced in those jurisdictions which opt into the new regime.

The mandate of the Canadian Securities Regulatory Authority ("CSRA") consists of three core objectives:

• provide protection to investors from unfair, improper or fraudulent practices;
• foster fair, efficient and competitive capital markets in which the public has confidence; and
• contribute, as part of the Canadian financial regulatory framework, to the integrity and stability of the financial system.