This piece undertakes a comparative analysis of the enforcement of financial market crimes in Canada and the United Kingdom. In both jurisdictions, financial market crimes have low enforcement rates for a multiplicity of reasons common to both jurisdictions. First, financial market crimes appear...

The procyclicality hypothesis predicts that after a stock market downturn, regulatory initiatives and therefore investor protections increase. Unlike the relevant literature which focuses on new legislation, we focus on the enforcement of securities law. Our work is consistent with the idea of...