Special to Newsline from Canadian correspondent Errol P. Mendes
TORONTO
The Canadian regulatory body for the Toronto Stock Exchange (TSE) has issued updated guidelines for misconduct by brokers and others dealing with shares listed on Canada’s premier stock exchange.
The Market Regulatory Services Inc., the separately incorporated regulatory body of the TSE, has given warning in its new guidelines that fines will be imposed at the higher range of penalties for serious offenses such as stock manipulation or insider trading.
Such penalties could reach as high as $634,000 or more for each violation.
According to a Globe & Mail report, the president and CEO of the regulatory body, Tom Atkinson, has stated that stealing from Canadian investors will be treated severely. In some cases the penalty for market manipulation could be treble the amount that was made from the violation.
The new penalties will bring the TSE in line with other North American stock market regulators, according to the regulatory body of the TSE.
However, the Globe & Mail report points out that despite the new harsher penalties, due to the small number of enforcement staff and reliance substantially on software programs to give alerts of unusual trading, enforcement of the stock exchange rules will be difficult.
who do you think needs to read this ?
unfortunatly so far I am in the bought position, so i guess it for someone else to read ?
Could you expand on your thoughts
JD