Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific, Middle East and Africa: 2,207 cases from 44 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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When?
per year, by date of decision| Period | Cases | Total |
|---|---|---|
| 2022 | 2 | €1.41m |
| 2023 | 0 | – |
| 2024 | 2 | €80,628 |
| 2025 | 3 | €2.28m |
| 2026 | 1 | €369,572 |
8 cases
15 Apr 2026 Liquidnet Canada Inc.Liquidnet Canada: confidential order data passed on to unauthorised persons €369,572
The operator of alternative trading systems passed on confidential order and trading information from its fixed income and equity platforms to unauthorised employees, lacked adequate safeguards and was initially not forthcoming with the regulator. Sanctions: administrative penalty of 600,000 CAD, 75,000 CAD in costs, a reprimand and an external review.
Technically restrict access rights to confidential client data and review them regularly – and make complete reports to the regulator.
Need-to-know principle and protection of confidential trading data
- Authority / court
- Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- National Instrument 21-101, s. 5.10(1)-(3); Securities Act (Ontario) ss. 127(1), 127.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Cooperation, self-report, no prior record
Original amount 600,000 CAD, converted at the ECB reference rate of 15 Apr 2026.
- Oral Reasons for Approval of a Settlement: Ontario Securities Commission v Liquidnet Canada Inc Court decision
- Proceeding: Ontario Securities Commission v Liquidnet Canada Inc Official register or notice
Checked against the official source on 25 Sep 2026 · Direct link
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22 Aug 2025 Global Crossing Airlines Group Inc. (ehemals Canada Jetlines Ltd.)Canada Jetlines (now Global Crossing Airlines): CAD 100,000 over late disclosure €61,916
On 22 February 2018 the then start-up airline told the Canada Transportation Agency that, after a letter of intent for two leased aircraft had been terminated, the start of flight operations would slip to the end of 2018, but it did not publish this material change until 13 March 2018. In its settlement with the BCSC the company admitted breaching the duty of immediate disclosure and pays CAD 100,000 as a joint payment. Measures against individuals are not set out here.
A material change in plans reported to another authority must be disclosed to the capital market at the same time.
Timely disclosure of material changes
- Authority / court
- British Columbia Securities Commission (BCSC), Executive Director (Vergleich)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Securities Act (British Columbia), RSBC 1996, c. 418, s. 85 (unverzügliche Offenlegung wesentlicher Änderungen) und s. 168.2(1)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Transport, logistics and shipping
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 22 Aug 2025
Original amount 100,000 CAD, converted at the ECB reference rate of 22 Aug 2025.
Checked against the official source on 3 Oct 2026 · Direct link
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9 Jul 2025 RTAX Financial Corp.RTAX Financial: CAD 175,000 administrative penalty for investment fraud and illegal distribution €109,170
An ASC panel had previously found that RTAX illegally distributed securities and, between 2016 and 2019, defrauded investors of at least CAD 462,421: the money was supposed to go into investments in or loans to third parties but was largely used for personal purposes, unrelated debts and payments to other investors. In its sanctions decision the panel ordered an administrative penalty of CAD 175,000; disgorgement of the CAD 462,421 obtained and costs of CAD 81,755 are separate and are not included in the amount shown. RTAX must permanently cease trading in securities. Measures against individuals are not set out here.
Investor funds must be used strictly for their stated purpose, and no capital may be raised without a prospectus or an exemption.
Investment fraud and illegal securities distributions
- Authority / court
- Alberta Securities Commission (ASC), Hearing Panel
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Securities Act (Alberta), RSA 2000, c. S-4, s. 110(1) (Vertrieb ohne Prospekt) und s. 93(1)(b) (Betrug); Sanktionen nach s. 198 (u. a. s. 198(1)(i) Herausgabe), s. 199 (Verwaltungsstrafe) und s. 202 (Kosten)
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 14 Jul 2025
Original amount 175,000 CAD, converted at the ECB reference rate of 9 Jul 2025.
- ASC: Decision (Sanctions), 2025 ABASC 96, 09.07.2025 (Respondents: [Direktor] and RTAX Financial Corp.) Decision of an authority
- ASC: News Release zum Sanktionsbeschluss gegen RTAX Financial Corp. und ihren Direktor, 14.07.2025 Press release of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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16 Apr 2025 NetCents Technology Inc.NetCents Technology: CAD 3.34m disgorgement over misleading crypto coin sale €2.11m
In 2017 the Vancouver payment processing company sold its own crypto coin to about 500 investors without a prospectus, raising CAD 3,341,040.91; in doing so it referred to an independent non-profit organisation that did not exist, announced sold-out tranches that had not sold out and cited inflated monthly revenue. It also operated an unrecognised exchange for the coin. Under its settlement with the BCSC, NetCents was permanently barred from trading in securities and must pay the proceeds, frozen since 2018, together with interest to the Commission. The amount of CAD 3,341,040.91 is a disgorgement of the proceeds, not an administrative penalty.
Anyone selling crypto tokens to investors must check securities law obligations and may only make verifiable statements in white papers and announcements.
Token sales as securities offerings and truthful investor information
- Authority / court
- British Columbia Securities Commission (BCSC), Executive Director (Vergleich und Anordnung)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Securities Act (British Columbia), RSBC 1996, c. 418, s. 61 (Prospektpflicht), s. 50(1)(d) (Falschangaben), s. 25 (nicht anerkannte Börse); Anordnungen nach s. 161(1)(b), (d) und (g)
- Action
- Disgorgement of profits
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Repeat case
- no
- Mitigating circumstances
- The directors and officers at the time have all left the company; the settlement made a hearing unnecessary.
- Published
- 16 Apr 2025
Original amount 3,341,040.91 CAD, converted at the ECB reference rate of 16 Apr 2025.
- BCSC: Order, NetCents Technology Inc., 2025 BCSECCOM 140, 16.04.2025 Decision of an authority
- BCSC: Settlement Agreement, NetCents Technology Inc., 2025 BCSECCOM 139 Decision of an authority
Checked against the official source on 3 Oct 2026 · Direct link
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28 Nov 2024 WealthBar Financial Services Inc. (CI Direct Investing)CI Direct Investing (WealthBar): CAD 60,000 over KYC and conflict-of-interest failings €40,623
A 2022 conflicts-of-interest sweep by the Canadian Securities Administrators found that, after the Client Focused Reforms took effect, the online portfolio manager had failed to identify and disclose conflicts arising from referral arrangements with twelve partners, assessed clients referred through four of those partners only for those partners' model portfolios and did not meet its know-your-client obligations because its online questionnaire was incomplete. Under its settlement with the BCSC, WealthBar undertook to pay CAD 60,000; it had previously paid CAD 14,800 in examination costs and retained an independent compliance monitor for one year.
New rules such as the Client Focused Reforms require an active reassessment of existing partnerships, questionnaires and advice processes.
Conflicts of interest, suitability and know-your-client in digital wealth management
- Authority / court
- British Columbia Securities Commission (BCSC), Executive Director (Vergleich)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- National Instrument 31-103, s. 13.2, 13.2.01 (Know your Client), 13.3 (Eignung), 13.4 (Interessenkonflikte); Securities Act (British Columbia), RSBC 1996, c. 418
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- Early settlement, cooperation during the examination and the proceedings, no investor complaints; the deficiencies were remedied under the oversight of a compliance monitor.
- Published
- 28 Nov 2024
Original amount 60,000 CAD, converted at the ECB reference rate of 28 Nov 2024.
Checked against the official source on 3 Oct 2026 · Direct link
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21 Oct 2024 Avila Energy CorporationAvila Energy: CAD 60,000 (joint payment) over false statements on the use of offering proceeds €40,005
In an offering document filed in December 2022 the listed energy company said it would spend about CAD 1.5 million of the offering proceeds on data analysis, but routed most of that money through a service provider to a Dutch company to settle payment obligations of a related company. In its settlement with the ASC, Avila admitted misleading statements and a false certificate filed with the Commission; it pays the settlement amount of CAD 60,000 (including CAD 10,000 in costs) jointly with a further settling party (joint payment) and must arrange training for its officers, directors and audit committee.
Statements on the use of proceeds in offering documents are binding; diverting funds to related parties is a serious disclosure breach.
Truthful statements on the use of proceeds and dealing with related parties
Missing or inadequate training played a role in the decision.
- Authority / court
- Alberta Securities Commission (ASC), Executive Director (Settlement Agreement and Undertaking)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Securities Act (Alberta), RSA 2000, c. S-4, s. 92(4.1) (irreführende Angaben) und s. 221.1 (falsche Bescheinigung)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Energy and utilities
- Repeat case
- no
- Mitigating circumstances
- No previous ASC sanctions and cooperation with investigators; the settlement avoided a contested hearing.
- Liability of senior managers
- Measures against individuals are not reported here.
- Published
- 23 Oct 2024
Original amount 60,000 CAD, converted at the ECB reference rate of 21 Oct 2024.
- ASC: Notices, Decisions and Orders (Settlement Agreement and Undertaking, 21.10.2024) Enforcement database of an authority
Checked against the official source on 28 Sep 2026 · Direct link
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24 Oct 2022 a Canadian cannabis producerCannabis producer: CAD 1.3 million over defective interim financial statements and weak controls €962,820
The Capital Markets Tribunal approved a settlement in which the cannabis producer admitted that interim financial statements had not been prepared in accordance with applicable accounting principles: in 2019 about CAD 7.6 million of revenue was recognised on wholesale transactions lacking commercial substance, and in the second quarter of 2021 an impairment of USD 234.9 million on goodwill and intangible assets was missing. The producer pays an administrative penalty of CAD 1,300,000 and investigation costs of CAD 40,000 (CAD 1,340,000 in total) and must have its internal control over financial reporting reviewed by an independent consultant and implement the consultant's recommendations.
Non-routine transactions and impairment tests need effective controls; otherwise restatements and sanctions by the securities regulator follow.
Internal control over financial reporting and revenue recognition
Missing or inadequate training played a role in the decision.
- Authority / court
- Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Securities Act (Ontario), RSO 1990, c S.5, s. 77 (Zwischenabschlüsse nach GAAP); Anordnungen nach s. 127(1) und s. 127.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Chemicals and pharmaceuticals
- Mitigating circumstances
- The company uncovered the errors itself following internal complaints from employees, reported them to the Commission before its internal investigation was complete, cooperated fully, restated the financial statements and improved its controls, training and accounting staffing.
- Published
- 24 Oct 2022
Original amount 1,300,000 CAD, converted at the ECB reference rate of 24 Oct 2022.
- Capital Markets Tribunal, Verfahren (Übersicht) (Entscheidung 2022) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Company name anonymised since 24 Oct 2024 · Direct link
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12 Oct 2022 a Seychelles-registered operator of a crypto trading platformCrypto platform operator: reprimand and CAD 600,000 over unregistered crypto trading €447,928
The Seychelles-registered operator of a crypto platform offered Ontario investors securities and derivatives on crypto assets, including futures and swaps with leverage of up to 125:1, without registration and without a prospectus; 1,534 Ontario accounts were actually used. Under the approved settlement the company was reprimanded and paid an administrative penalty of CAD 600,000 and investigation costs of CAD 25,000 (CAD 625,000 in total) plus USD 514,950 in disgorgement. It also undertook not to open new Ontario accounts and to wind down leveraged products for Ontario retail clients.
Foreign trading platforms must clarify local registration and prospectus requirements before entering a market, not only once the regulator steps in.
Registration requirements for crypto trading platforms
- Authority / court
- Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Securities Act (Ontario), RSO 1990, c S.5, s. 25 (Registrierungspflicht) und s. 53 (Prospektpflicht); Anordnungen nach s. 127(1) Nr. 6, 9, 10 und s. 127.1
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Mitigating circumstances
- After being contacted by the Commission in 2021, the company gradually restricted access from Ontario and cooperated openly with the regulator from June 2022.
- Published
- 12 Oct 2022
Original amount 600,000 CAD, converted at the ECB reference rate of 12 Oct 2022.
- Capital Markets Tribunal, Verfahren (Übersicht) (Entscheidung 2022) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Company name anonymised since 12 Oct 2024 · Direct link