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V-1.1 - Securities Act

Section 204
Disposition versions

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204. In the case of an offence under any of sections 187 to 191.1, the minimum fine is $5,000, double the profit eventually realized or one fifth of the sums invested or, in the case of trading in a related financial instrument or in derivatives, the sums allocated to the transaction or series of transactions, whichever is the greatest amount. The maximum fine is $5,000,000, four times the profit eventually realized or half the sums invested or, in the case of trading in a related financial instrument or in derivatives, the sums allocated to the transaction or series of transactions, whichever is the greatest amount.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12; 2002, c. 45, s. 634; 2004, c. 37, s. 18; 2008, c. 7, s. 149; 2008, c. 24, s. 211; 2009, c. 58, s. 105.
204. In the case of an offence under any of sections 187 to 190, the minimum fine is $5,000, double the profit eventually realized or one fifth of the sums invested or, in the case of trading in a related financial instrument or in derivatives, the sums allocated to the transaction or series of transactions, whichever is the greatest amount. The maximum fine is $5,000,000, four times the profit eventually realized or half the sums invested or, in the case of trading in a related financial instrument or in derivatives, the sums allocated to the transaction or series of transactions, whichever is the greatest amount.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12; 2002, c. 45, s. 634; 2004, c. 37, s. 18; 2008, c. 7, s. 149; 2008, c. 24, s. 211.
204. In the case of an offence under any of sections 187 to 190, the minimum fine is $5,000, double the profit eventually realized or one fifth of the sums invested or, in the case of derivatives trading, the sums allocated to the transaction or series of transactions, whichever is the greatest amount. The maximum fine is $5,000,000, four times the profit eventually realized or half the sums invested or, in the case of derivatives trading, the sums allocated to the transaction or series of transactions, whichever is the greatest amount.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12; 2002, c. 45, s. 634; 2004, c. 37, s. 18; 2008, c. 7, s. 149.
204. In the case of an offence under section 195.2, 196 or 197 and in the case of a distribution without a prospectus in contravention of section 11, the fine shall be not less than $5 000 nor more than $5 000 000; in the case of an offence under any of sections 187 to 190, the maximum fine shall be $5 000 000 or four times the profit that may be realized, whichever is greater, and the minimum fine shall be twice the profit but not less than $5 000.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12; 2002, c. 45, s. 634; 2004, c. 37, s. 18.
204. In the case of an offence under section 195.2, 196 or 197 and in the case of a distribution without a prospectus in contravention of section 11, the fine shall be not less than $5 000 nor more than $1 000 000; in the case of an offence under any of sections 187 to 190, the maximum fine shall be $1 000 000 or four times the profit that may be realized, whichever is greater, and the minimum fine shall be twice the profit but not less than $5 000.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12; 2002, c. 45, s. 634.
204. In the case of an offence under section 196 or 197 and in the case of a distribution without a prospectus in contravention of section 11, the fine shall be not less than $5 000 nor more than $1 000 000; in the case of an offence under any of sections 187 to 190, the maximum fine shall be $1 000 000 or four times the profit that may be realized, whichever is greater, and the minimum fine shall be twice the profit but not less than $5 000.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898; 1992, c. 35, s. 12.
204. Every person who commits an offence under sections 187 to 190 or sections 196 and 197 is liable to the penalties prescribed in the second paragraph.
In the case of an offence under section 196 or 197, the fine shall be not less than $5 000 nor more than $100 000; in the case of an offence under any of sections 187 to 190, the maximum fine shall be $1 000 000 or four times the profit that may be realized, whichever is greater, and the minimum fine shall be twice the profit but not less than $5 000.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22; 1990, c. 4, s. 898.
204. Every person who commits an offence under any of sections 187 to 190 or sections 196 and 197 is liable, in addition to costs, to a fine and imprisonment for one month to two years, or to either penalty alone.
In the case of an offence under section 196 or 197, the fine shall be not less than $5 000 nor more than $100 000; in the case of an offence under any of sections 187 to 190, the maximum fine shall be $1 000 000 or four times the profit that may be realized, whichever is greater, and the minimum fine shall be twice the profit but not less than $5 000.
Where the person who committed the offence traded in a security relying on privileged information, profit that may be realized means the difference between the price at which the initial trade was effected and the average market price of the security in the 10 trading days following general disclosure of the information; if, however, the position is liquidated within those 10 trading days, the average market price is replaced by the price actually obtained to the extent that that price yields a greater profit than what would be obtained at the average market price.
Where the person who committed the offence communicated privileged information, profit that may be realized means the consideration received for having communicated the information.
1982, c. 48, s. 204; 1987, c. 40, s. 22.
204. Every person guilty of an offence under sections 187 to 190 or section 196 or 197 is liable, in addition to costs, to a fine of $5 000 to $100 000 and to imprisonment for one month to two years or to only one of these penalties.
In determining the penalty, the court shall take particular account of the harm done to the investors and the advantages derived from the offence.
1982, c. 48, s. 204.
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