On November 13, 2017, Staff of the Ontario Securities Commission brought an application seeking a temporary order suspending the registration of Omega Securities Inc. (Omega) as well as trading in two alternative trading systems run by Omega called
2017
Ontario Court confirms jurisdiction over claims of all Canadians who purchased shares on NASDAQ and TSX: Paniccia v. MDC Partners Inc. et al, 2017 ONSC 7298
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Plaintiffs in class action claims for misrepresentation in the secondary market recently scored a victory when the Ontario Superior Court of Justice determined[1] that not only does it have jurisdiction over these claims brought by Canadians who purchased shares…
Certainty or Flexibility? Changing the Approach to Director and Audit Committee Member Independence
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The Canadian Securities Administrators (the CSA) is seeking comments on its consultation paper: CSA Consultation Paper 52-404 Approach to Director and Audit Committee Member Independence (the Consultation Paper). The Consultation Paper intends to facilitate a discussion on the…
Court of Appeal of Alberta Affirms Broad Definition of “Security”
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Leave to Appeal Denied in Wong v Pretium Resources
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In a previous post, You Get it Right and it’s Still a Misrepresentation: the Paradox in Pretium, we reported on the decision of Justice Belobaba in Wong v Pretium Resources Inc. granting leave to the plaintiff to commence an…
Ontario Superior Court Grants Costs Exceeding $1 million to Successful Defendants in “Entrepreneurial” Class Action
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The Yip v. HSBC Holdings plc[1] saga continues with the granting of a costs award in the amount to $1,000,455.22 to the successful defendants following a successful motion by the corporate defendant to stay the action on jurisdictional grounds…
SEC takes action in respect of rogue Canadian ICO issuer
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On December 1, 2017, the Securities and Exchange Commission (SEC) commenced a civil action in the U.S. District Court against PlexCorps (also known as PlexCoin and Sidepay.ca) and its principals, Dominic Lacroix and Sabrina Paradis-Royer, seeking civil remedies…
More Cyber Security Lessons from the Canadian Securities Administrators
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Earlier this year, we reported on continuing efforts by the Canadian Securities Administrators (the CSA) to inform the market about cyber security best practices with the publication of Multilateral Staff Notice 51-347 which concerned the disclosure of cyber security,…
Supreme Court Denies Leave to Applicants Seeking to Challenge Bifurcation of OSC Proceedings
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The Supreme Court of Canada recently denied leave to appeal the Court of Appeal for Ontario’s decision in Ontario Securities Commission v. MRS Sciences Inc. (MRI Sciences), which considered the bifurcated nature of proceedings before the Ontario…
No Common Law Duty of Care Owed by Underwriters to Investors in a Bought Deal: LBP Holdings Ltd. v. Hycroft Mining Corporation, 2017 ONSC 6342
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No Common Law Duty of Care Owed by Underwriters to Investors in a Bought Deal: LBP Holdings Ltd. v. Hycroft Mining Corporation, 2017 ONSC 6342
On October 24, 2017, Justice Perell of the Ontario Superior Court of Justice dismissed…