Secondary Markets

News & Analysis as of

Green v. CIBC: Court Of Appeal Revisits Limitation Period For Secondary Market Securities Class Actions And Limits Common Law...

Overview - The Court of Appeal for Ontario’s recent decision in Green v. Canadian Imperial Bank of Commerce(“Green”) is significant in two respects. First, the Court clarified the limitation period applicable to...more

Court of Appeal Addresses Outstanding Issues in Securities Class Actions - Green v Canadian Imperial Bank of Commerce

Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure....more

A new era for overseas listings in Hong Kong - Part Two

This eUpdate is the second in a two part series examining the effect of the changes under the “Joint policy statement regarding the listing of overseas companies” on the Exchange (the New JPS) released in late September by...more

The Test for Leave under Part XXIII.1: Ambiguity Remains

Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (OSA), which created a statutory cause of action for deficient market disclosure....more

FERC Directs Barclays To Pay $435 Million in Civil Penalties

On Tuesday, the Federal Energy Regulatory Commission (FERC) issued an order assessing $435 million in civil penalties against Barclays Bank PLC (Barclays) for allegedly manipulating western electricity markets in and around...more

SEC Provides Relief for Familiarization Activities of Foreign Options Markets

The no-action relief provided by the staff of the Division of Trading and Markets is generally consistent with the relief previously provided to foreign options markets. On July 1, the staff of the Securities and...more

FINRA Proposes to Publicly Disseminate Transaction Information Regarding Rule 144A Corporate Debt Securities

FINRA has proposed a trade-reporting rule change that would result in the public dissemination of secondary market transactions in corporate debt securities sold under Securities Act Rule 144A. If adopted, this change could...more

Tax Lien Purchasers Must Give MERS Notice, Says Arizona Appeals Court

Recognizing MERS’s role in modern day mortgage lending, the Arizona Court of Appeals confirmed in Delo v. GMAC Mortgage, LLC that tax lien purchasers must notify MERS when identified in the Deed of Trust before foreclosing on...more

Silicon Valley Venture Capital Survey - First Quarter 2013

Background-We analyzed the terms of venture financings for 118 companies headquartered in Silicon Valley that reported raising money in the first quarter of 2013....more

SEC Fraud Charges against Harrisburg, Pa., Have Implications for Secondary Market Disclosures

The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more

Can Digital Goods Ever Lawfully Be Resold? A Legal Perspective...

A recent court case in New York highlights the ever-increasing clash between copyright law designed for real-world, physical goods and a modern world embracing all things digital....more

TBTF Servicing: Another Issue for Originators to Consider

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

A Supreme Court Win for U.S. Consumers

In a 6 to 3 decision handed down on March 19, 2013, the United States Supreme Court chalked up a rare victory for consumers over text book publishers, record labels, and others who sought to restrain the resale of copyrighted...more

Kirtsaeng DBA BlueChristine v. John Wiley & Sons

Supreme Court Decision in Kirtsaeng v. Wiley (Copy)

The United States Supreme Court's long awaited decision on owners' rights in Kirtsaeng v. John Wiley & Sons. In its opinion, the high court upheld the first sale doctrine. In the words of media site Boing Boing: "Supreme...more

House Ways and Means Proposals for Financial Products Tax Reform

On January 24, 2013, the House Committee on Ways & Means released a discussion draft of legislative provisions (the “Draft” or the “Proposal”) that would make fundamental changes in the taxation of certain financial products....more

Court Confirms That S. 130 Of The Ontario Securities Act Applies Only To Primary Market Purchasers

In the recent decision of Tucci v. Smart Technologies Inc. (2013 ONSC 802), Justice Perell confirmed that the statutory cause of action for misrepresentation in a prospectus (set out in s. 130(1) of the Ontario Securities...more

Court Of Appeal Agrees To Reconsider Timminco

On February 6, 2013, the Court of Appeal for Ontario agreed to review its much discussed decision in Sharma v. Timminco Limited (2012 ONCA 107). Background - Timminco concerned a proposed class action in which...more

Five-Judge Panel of Court of Appeal to Consider Limitation Period for Securities Class Actions

The Court of Appeal for Ontario announced this week that it will convene a special five-judge panel to hear appeals considering the statutory limitation period applicable to securities class actions for secondary market...more

Court Confirms No Need For Defendants To Lead Evidence In Motion For Leave Under Part XXIII.1 Of The Ontario Securities Act

In the recent decision of Dugai, Murphy v. Manulife Financial Corporation (2013 ONSC 327), the Divisional Court confirmed the principle that defendants have no obligation to lead evidence on a motion for leave to assert a...more

Does the First Sale Rule Apply to Works Manufactured Outside the United States?

Under the Copyright Act, copyright owners are granted the exclusive right to prevent the unauthorized sale or distribution of copies of their works to the public. The first sale doctrine creates an exception to this rule by...more

Virtual Goods, Gaming and the Trouble With Secondary Markets

Since the early days of online games, 'virtual goods' have been used to enhance game play and to provide revenue to game developers. These are earned by accomplishing tasks or bought from the developer, typically for use in...more

Kirtsaeng v. John Wiley & Sons: How the Supreme Court Will Decide the Fate of eBay, Libraries, and Yard Sales

The Supreme Court recently heard oral arguments concerning the global reach of domestic copyright law. At issue in Kirtsaeng v. John Wiley & Sons is the first sale doctrine, which permits the owner of a copyrighted item to...more

The First Sale Doctrine Under Copyright Law Update - Kirtsaeng v. John Wiley & Sons [Video]

A copyright case presently before the U.S. Supreme Court called Kirtsaeng v. John Wiley & Sons concerns whether the “first sale doctrine” – which provides that once a copyrighted product is sold it can be re-sold by the...more

Gray Goods Are Red Hot Copyright Issue

You’re in London for business, and you impulsively pick up the newest Harry Potter book in Heathrow for the plane ride, not realizing that this is a limited edition British only version. When you’re done, you try to donate it...more

Last Rights for First Sale Doctrine?

Discussion of first sale doctrine and an upcoming Supreme Court case that will resolve issues pertaining to foreign manufacturing and how that affects the doctrine in copyright law....more

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