October 23, 2020 is the deadline to provide feedback on the self-regulatory organization (SRO) framework consultation paper.
Learn more about what the ASC is doing to support market participants and investors.
Apr 24, 2020
Vancouver – The Canadian Securities Administrators (CSA) is warning the public about an entity falsely claiming to regulate derivatives in Canada.
The website of the so-called “Canadian Office of Derivative Trading” includes a number of fake claims, including that it regulates “the futures contract market in Vancouver” and that it oversees “all financial related activities of all business entities covered by this commission within British Columbia.”
There is no regulatory organization in Canada called the Canadian Office of Derivative Trading (CODT). In Canada, securities and derivatives trading is overseen by provincial and territorial securities regulators.
The CSA believes the website is being used by fraudsters to lend credibility to their investment scams. Prospective investors are referred to the website with promises that they can conduct checks on registration status and disciplinary history of the investment entities being promoted.
However, the search results are fake. When a prospective investor searches for the investment entity in question, the website indicates that the entity has no regulatory issues. That positive search result may encourage the investor to invest.
Investors should not use the CODT website to conduct due diligence checks and they should not rely on any of the information contained on the website.
The website makes a number of other false claims, including that the CODT:
In addition, although the website uses the British Columbia provincial crest, it is not affiliated with any government or securities regulator in Canada.
CSA members are investigating who is behind the website and actively working to have it taken down.
Investors seeking to check the registration or disciplinary status of any individual or firm should visit the CSA’s website.
The CSA also encourages anyone who is considering buying or selling an investment to do research and talk to their registered investment advisor to ensure it is an appropriate decision.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
For investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at email@example.com.
Hilary McMeekin Alberta Securities Commission 403-592-8186
Brian Kladko British Columbia Securities Commission 604-899-6713
Jason Booth The Manitoba Securities Commission 204-945-1660
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
David Harrison Nova Scotia Securities Commission 902-424-8586
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Kristen Rose Ontario Securities Commission 416-593-2336
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305