OTTAWA, September 16, 2004 – New Criminal Code offences that target prohibited insider trading and deter intimidation of employees reporting unlawful conduct in their workplace are key features of legislation now in effect, announced the Minister of Justice and Attorney General of Canada, Irwin Cotler.

"These measures will enhance our ability to crack down on unlawful corporate conduct that endangers our markets, while forbidding employers from threatening sanctions against employees who report such wrongdoing" said Minister Cotler. "Our laws must show corporate criminals that their actions will have serious consequences." said Minister Cotler.

Bill C-13 also:

• raises maximum sentences for fraud and certain market-related offences so that sentencing reflects the seriousness of the crime; and
• enables investigators to obtain documents or data from third parties within a set time through production orders, which - while of particular help in cases of capital markets fraud - are available for all criminal offences.

These reforms enhance the investigative resources of Integrated Market Enforcement Teams (IMETs) – made up of investigators selected from the RCMP, other police forces and provincial securities commissions, along with forensic accountants and lawyers – that detect and prosecute serious cases of capital markets fraud. IMETs are now operating in Toronto and Vancouver, with additional teams being created in Calgary and Montreal.

Most provisions in Bill C-13 came into force on September 15, 2004. An additional provision involving concurrent jurisdiction will be implemented at a later date to allow for a coordinated approach in relation to the prosecution of offences threatening the integrity of Canada's capital markets.

An online version of the Bill C-13, which received Royal Assent in March 2004, is available at www.parl.gc.ca.

Ref.:

Denise Rudnicki
Director of Communications
Office of the Minister of Justice
(613) 992-4621

Media Relations
Department of Justice Canada
(613) 957-4207