Protecting Investors: Market Manipulation in Canada

Author ORCID Identifier

Poonam Puri: 0000-0003-3233-5019

Document Type

Book Chapter

Publication Date

4-20-2026

Source Publication

Błachnio-Parzych, A., & Cornacchia, L. (Eds.). (2026). Legal Protection against Financial Market Abuse: International and Local Perspectives (1st ed.). Routledge. https://doi.org/10.4324/9781003544999

Abstract

This chapter examines market manipulation in Canada, which is prohibited under both securities and criminal law. It explores the scope and persistence of market manipulation in the Canadian context—where a large number of small issuers, significant retail participation and a robust shareholder activism ecosystem create conditions that can heighten market vulnerability. These risks are further amplified in digital markets, where regulatory oversight is still evolving, as illustrated by cases like QuadrigaCX.

The chapter compares the enforcement of market manipulation offences under securities law and criminal law, examining relevant provisions under the Criminal Code and the Ontario Securities Act and highlighting key procedural differences, including standards of proof and institutional mandates. It also analyzes enforcement trends over the past decade, including the types of cases pursued and sanctions imposed. Through four case studies, it assesses enforcement priorities and challenges and identifies broader policy questions around deterrence, enforceability and institutional design.

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