Commission Assessed More Than 2 Million in Fines in 2011

first_imgIn its effort to protect Nova Scotian investors and capital markets, the Nova Scotia Securities Commission investigated 65 complaints and issued $2,216,500 in administrative fines in 2011. The commission concluded eight cases against 10 defendants that included six cases in which inadequate or incorrect information was provided to investors, two cases involving misconduct by registrants, and one case involving unauthorized sale of investments to the public. The figures were released today, Feb. 29, as a followup to last week’s release of the Canadian Securities Administrators 2011 Enforcement Report. The report shows that members of the Canadian Securities Administrators concluded a total of 124 cases in 2011, involving 237 people and 128 companies. Of these cases, 24 were concluded in court proceedings, which resulted in nine jail sentences against eight people for a total of more than 14 years. “The Nova Scotia Securities Commission works hard to protect investors and build confidence in the fairness of the capital markets, through enforcement activities and investor education,” said Scott Peacock, director of enforcement for the commission. “The first line of defence for Nova Scotia investors is to be armed with knowledge and understanding of the capital markets. They also need to know that they can come to the Securities Commission with investment concerns and to report problems.” To report a complaint to the securities commission, go to, or call 902-424-4558. For more information on investing safely and avoiding fraud, visit The 2011 Enforcement Report highlights enforcement activities and provides information and case summaries from the Canadian securities regulators. It is available at the Nova Scotia Securities Commission’s website,, or at read more

Senior UN official urges attention to least developed landlocked and small island

The Programme of Action for the LDCs adopted at a conference in Brussels in May 2001 “provides a real opportunity” for promoting economic growth and sustainable development, Anwarul K. Chowdhury, UN Under-Secretary General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, told the UN Conference on Trade and Development (UNCTAD) Trade and Development Board in Geneva on Friday. “It is time now for the LDCs and [their] development partners, including UN system organizations,” to gear up for full and effective implementation, he said.Pointing to the urgent need for action, Mr. Chowdhury cited an UNCTAD report warning that the number of people living on less than $1 a day in the least developed countries will reach 420 million by 2015 if the current trends continue. “These figures show the enormous challenge ahead,” he said. The High Representative pledged to respond in a number of key areas, including focusing on country-level implementation, working with all the relevant entities of the UN family and multilateral organizations, and collaborating with civil society and the private sector “so that they contribute as full development partners.” Pointing out that LDCs have restricted access to trade, he called for helping those countries “with capacity building and technical cooperation in order for them to succeed in regional and global integration.” He also noted the special concerns of landlocked developing countries and urged support for measures to alleviate their plight, including efforts to promote effective inter-State transportation systems and expand transport infrastructure.Small island developing States, he noted, are increasingly constrained by such factors as sea level rise caused by global warming. “It is important to build genuine partnership among small island developing States and their development partners at global and regional levels” to implement international commitments aimed at helping “these particularly disadvantaged countries,” he said. read more