It’s rare that the enforcement performance of securities regulators gets any praise in Canada. And, sadly, rarely is any deserved. But some signs of hope have recently emerged; for that, regulators deserve plaudits.

Enforcement has long been the whipping boy of the Canadian regulatory system. High-profile scandals have produced seemingly few consequences for the perpetrators. Or, even worse for the image of Canada’s enforcers, it’s the U.S. regulators that have tackled some of our biggest scoundrels.

Given the differences in our legal systems and cultures, Canadian enforcement is never going to produce the hefty sanctions U.S. regulators can deliver. Still, there are signs our regulators are reinvigorating enforcement.

The Ontario Securities Commission’s aggressive move against the executives at China-based Sino-Forest Corp. this past summer seemed to herald a bolder approach — even if the OSC initially overstepped its authority.

More recently, the OSC has been successful in securing some actual jail time for securities scofflaws. In mid-November, two men were each sentenced to 27 months for running a boiler room and breaching a cease-trade order. In late November, the OSC’s first successful fraud conviction in a quasi-criminal proceeding brought a three-year prison term.

The OSC also is stepping up its game on the policy side, proposing a series of new initiatives in October designed to beef up the OSC’s enforcement capabilities, including measures to encourage more co-operation with investigations and self-reporting of potential violations.

The OSC also is looking to allow no-contest settlements, which, if introduced, should help speed up the settlement process. And the OSC is pioneering a sort of legal-aid program for people facing regulatory allegations. Both initiatives should help cases move more quickly, freeing up enforcement resources and allowing the OSC to take on more work.

In addition, the OSC indicates that it is considering introducing a whistleblower program, which may offer financial compensation for high-quality tips. The regulator has yet to formally pursue that option, but it should.

Canada’s enforcement reputation isn’t good, but it isn’t hopeless, either. This recent progress should be both lauded and encouraged.