The Ontario Securities Commission (OSC) launched fewer enforcement cases in 2013, but concluded more of them, according to data released today by the commission.

The OSC began a total of 96 enforcement proceedings in 2013, down from 107 cases in the previous year. The number of cases it filed against companies rose handily from 36 cases in 2012 to 57 cases last year. But, actions against individuals dropped from 71 to 39 over the same period. Fraud remains the biggest source of cases against individuals, whereas illegal distributions were the top allegations for companies.

While it initiated fewer cases during the year, the OSC concluded more proceedings, with 170 cases resolved in 2013, compared with 100 cases in 2012. There was a big jump in cases settled during the year, with 95 settlement agreements completed in 2013, up from 36 in 2012. However, it also completed more contested hearings, with 71 hearings completed in 2013, up from 60 in 2012. Another four cases were wrapped up in court in 2013, unchanged from the previous year.

With the increase in the number of cases concluded, the OSC also reports that it imposed more sanctions during the year too, including 159 cease trade orders, 67 director and officer bans, 81 registration restrictions, and 118 exemption removals. However, the value of monetary sanctions declined from $78.1 million in 2012 to $58.2 million in 2013, due entirely to decline in disgorgement orders from $61.5 million to $40.2 million.

The OSC did manage to send more people to jail in 2013, as it secured a total of 63 months in jail sentences against four defendants, up from 21 months against two defendants in 2012.

“We have a responsibility to protect investors and our capital markets,” said Howard Wetston, chair and CEO of the OSC. “That’s why the OSC is dedicated to delivering a vigorous and active enforcement program, one that will help us achieve our goal of confidence and integrity in our markets.”

The commission notes that, apart from the numbers, it also bolstered its enforcement efforts during the year with the creation of the Joint Serious Offenses Team (JSOT), which is an enforcement partnership between the OSC, the OPP, and RCMP. It also expects to improve its productivity with the adoption of four new enforcement tools earlier this month, including the ability to enter no-contest settlements with respondents.