Increasing Enforcement: OSC and SEC Take Aim at Cryptocurrency Platforms

Photo of Katarina WasielewskiBy Katarina Wasielewski on Posted in Other developments, Uncategorized
On December 12, 2022, the Ontario Securities Commission (OSC) issued a news release further cautioning crypto trading platforms operating in Canada on the applicability of securities laws to their operations. This news release comes amidst the OSC’s increasing oversight of cryptocurrency offerings. When does securities legislation apply? Previously, in January 2020, the Canadian Securities Administrators … Continue reading

Solicitor Client Privilege Claims over Seized Documents D.L. v. Autorité des marchés financiers, 2022 QCCS 2157

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions
In D.L. v. Autorité des marchés financiers (AMF), the Superior Court of Quebec ruled on solicitor client privilege claims made by D.L. to resist disclosure of documents seized by the AMF at D.L.’s home in the context of an ongoing pump and dump investigation. The Court recalled the following principles: The burden of establishing solicitor … Continue reading

Fraudulent Transaction Offence at s. 199.1 Quebec Securities Act : a Mens Rea Offence Autorité des marchés financiers c. Goyette 2022 QCCQ 2872

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions
In late May 2022, the Court of Quebec Criminal and Penal Division issued its decision in AMF v. Goyette. It is significant because it is the very first decision deciding that the market manipulation offence set out at section 199.1 of the Quebec Securities Act (QSA) is a full mens rea offence, requiring the prosecuting regulator, … Continue reading

What constitutes or not MNPI? Kitmitto (Re), 2022 ONCMT 12

Photo of Sophie MelchersPhoto of Linda FuerstBy Sophie Melchers and Linda Fuerst on Posted in Securities regulatory decisions
In late May 2022, in one of the first decisions of the new Ontario Capital Markets Tribunal, the Tribunal issued its decision in Kitmitto (Re), an insider tipping and trading case.  In Kitmitto, Ontario Securities Commission (OSC) Staff alleged the existence of a tipping chain in which multiple individuals acquired material non public information (MNPI) … Continue reading

Jurisdiction of Quebec Court in Class Action against Ontario Reporting Issuer on account of Fault Committed in Quebec and Injury Suffered in Quebec

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions
Representative Plaintiffs Jon-Erik and Nicole Dillon (the Dillons) sought authorization from the Superior Court of Quebec (Court) to bring a class action against Wayland Group Corp (Wayland) under the general civil liability regime in Quebec (Art. 1457 Civil Code of Quebec (CCQ)). Wayland is a federal licensed producer and distributor of cannabis with production facilities … Continue reading

Objective Reliability and Materiality: Wong v Pretium Resources Inc., 2022 ONCA 549

Photo of Linda FuerstPhoto of David SeevaratnamBy Linda Fuerst and David Seevaratnam on Posted in Securities regulatory decisions
In this decision the Ontario Court of Appeal upheld Justice Belobaba’s dismissal of a securities class action on a motion for summary judgment on the basis that the defendant issuer had not made a misrepresentation by omission. The respondent, Pretium Resources (Pretium) is a mineral exploration company listed on the TSX and NYSE that undertook … Continue reading

Cease Trade and Freezing Orders to Stop a Pump and Dump Scheme Autorité des marchés financiers c. Kamaneh, 2022 QCTMF 18

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions
The facts of this case are simple. The Quebec securities regulator, the Autorité des marchés financiers (AMF), alleged that between March 2021 and January 2022, Ramy Kamaneh and Mohamed Kada Mesli : participated in a market manipulation / pump and dump scheme targeting the securities of the companies Majic Wheels, ICOA and All American Pet … Continue reading

Application of Section 4.3 of the SPPA in Matters Before OSC Hearing Panels

Photo of Linda FuerstBy Linda Fuerst on Posted in Securities regulatory decisions
In Canada Cannabis Corporation (Re), 2022 ONSEC 9 the Ontario Securities Commission (OSC) was called upon to decide whether section 4.3 of the Statutory Powers Procedure Act (SPPA) operated to extend the term of office of a Commissioner (the Commissioner) until completion of a motion by a respondent in an OSC enforcement proceeding and an … Continue reading

US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics

Photo of Celia CohenPhoto of Kevin James HarnischPhoto of Seth M. KruglakPhoto of Samuel R. RamerPhoto of Nicholas JoynsonBy Celia Cohen, Kevin James Harnisch, Seth M. Kruglak, Samuel R. Ramer and Nicholas Joynson on Posted in Uncategorized
US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics | United States | Global law firm | Norton Rose Fulbright… Continue reading
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