The Ontario Court of Appeal recently released its decision in Baldwin v Imperial Metals Corporation, 2021 ONCA 838 [Imperial Metals] and provided additional guidance on the role public correction plays in secondary market...more
Since 2014, the Toronto Stock Exchange (TSX) has required listed issuers without a majority shareholder to implement a majority voting policy requiring each of its directors to be elected by a majority of the votes cast (50...more
The Ontario Securities Commission (OSC) has traditionally been regarded by the Ontario Divisional Court as a specialized administrative tribunal entitled to significant deference on appeal and judicial review proceedings. On...more
In Wright v Horizons ETFS Management (Canada) Inc., 2020 ONCA 337, the Court of Appeal for Ontario has opened the door to investor class actions related to exchange-traded funds (ETFs), holding that the creator/manager of an...more
In Ontario Securities Commission v. Tiffin, 2020 ONCA 217, the Court of Appeal for Ontario has adopted a broad approach to what constitutes a "security" within the meaning of the Securities Act, R.S.O. 1990 c. S. 5. In...more
A recent decision of the Alberta Securities Commission appears to give short-sellers wide latitude to negatively comment on targets, and sets a potentially high burden on ASC Staff when seeking interim orders to address...more
On March 14, 2018, the Honourable Justice Penny of the Ontario Superior Court (Commercial List Division) released a decision granting a US$2.6-billion judgment to the SFC Litigation Trust for fraud and breach of fiduciary...more
4/17/2018
/ Breach of Duty ,
Canada ,
Canadian Securities Administration ,
Enforcement Actions ,
Evidence ,
Internal Investigations ,
Jurisdiction ,
Mareva Injunctions ,
Ponzi Scheme ,
Securities Fraud ,
SFC ,
Toronto Stock Exchange
The Supreme Court of the United States has refused to broaden protections for employee-whistleblowers under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In Digital Realty Trust Inc v....more
2/27/2018
/ Anti-Retaliation Provisions ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Internal Reporting ,
Reporting Requirements ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Protection Policies ,
Whistleblowers
A recent decision by the Ontario Court of Appeal has provided a powerful reminder to capital market participants to exercise caution before trading on a tip or discussing material non-public information—lest they run afoul of...more
As mainstream interest in blockchain technology, cryptocurrencies and initial coin offerings increases, so too does the size of the market and the associated litigation risks. At its peak in early January of this year, the...more
On April 5, 2016, the Foreign Corrupt Practices Act (FCPA) Unit of the U.S. Department of Justice’s (DOJ) Criminal Division announced a one-year pilot project designed to “motivate companies to voluntarily self-disclose...more
The Supreme Court of Canada released reasons in its highly-anticipated trilogy of securities class action cases. In Canadian Imperial Bank of Commerce v. Green, a deeply divided Court reached differing conclusions on...more
In April 2015, the Supreme Court of Canada released its decision in Theratechnologies Inc. v 121851 Canada Inc., 2015 SCC 18, in which it emphasized the need for a robust screening mechanism to prevent unmeritorious secondary...more
In a decision released on July 30, 2015, the Ontario Superior Court of Justice has clarified that plaintiffs seeking to advance claims under section 131(1) of the Securities Act (Ontario) alleging misrepresentation in a...more
For the first time, the Supreme Court of Canada has weighed in on the threshold for granting leave for plaintiffs to commence statutory causes of action for secondary market misrepresentation cases. In contrast to recent...more
In a just-released decision, the Ontario Securities Commission found that a number of individuals engaged in insider trading, acted contrary to the public interest, and misled the Commission during the course of an...more
Ontario may soon become the first Canadian jurisdiction to implement a whistleblower program for suspected securities law violations.
On February 3, 2015, the Ontario Securities Commission (OSC) issued Staff...more
In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States...more
6/5/2014
/ Chevron Deference ,
Citigroup ,
Collateralized Debt Obligations ,
Consent Decrees ,
Enforcement ,
Enforcement Actions ,
Interlocutory Appeals ,
Judge Rakoff ,
Popular ,
Risk Management ,
SEC v Citigroup ,
Securities and Exchange Commission (SEC) ,
Settlement
On March 13, 2014, the Ontario Securities Commission (OSC) released its revised Credit for Cooperation Program via OSC Staff Notice 15–702. As pointed out in our recent client update (OSC Adopts New Initiatives to Strengthen...more
In Bayens v Kinross Gold Corp, released November 5, 2013, Justice Paul Perell of the Ontario Superior Court of Justice denied the plaintiffs in a putative class action leave to advance a statutory claim for securities market...more
On June 21, 2013, amendments to the Ontario Securities Act (the Act) contained in Bill 65 — the Prosperous and Fair Ontario Act (Budget Measures), 2013—were brought into force. Certain of the amendments have the potential to...more