On November 2, 2021, the Ontario Divisional Court dismissed a motion for leave to appeal the decision of Justice Morgan, who granted leave to the plaintiff to commence an action under section 138.3 of the Ontario Securities Act (OSA
From Textual to Contextual: Court of Appeal Affirms the Scope of ‘Public Corrections’ in Statutory Secondary Market Misrepresentation Claims
In Baldwin v Imperial Metals Corporation, 2021 ONCA 838 (Baldwin), the Ontario Court of Appeal considered the scope of ‘public corrections’ in secondary market misrepresentation claims under Ontario’s Securities Act (the Securities Act) and followed the
Not-so “Great Offers”: Hefty Penalties for Entrepreneurs Promoting Cryptoasset Mining Contracts Online
At-a-glance
In Autorité des marchés financiers c. GO Great Offers Direct Ltd., 2021 QCTMF 57, the Financial Markets Administrative Tribunal (TMF or Tribunal) imposed administrative penalties of $50,000 on each of Martin LeBlanc (LeBlanc)
SEC SPEAKS: Enforcement’s Planned Use of Aggressive Remedies
In his remarks at SEC Speaks 2021 on October 13, 2021, the Securities and Exchange Commission’s (“SEC”)’s new Director of Enforcement, Gurbir Grewal, discussed the waning public trust in “our financial markets” and the “near historic lows” of confidence in
No Stay of Financial Markets Administrative Tribunal Orders Freezing Bank Accounts and Suspending Rights Granted by Registration Pending Appeal
Alteon Senat c. Autorité des marchés financiers, 2021 QCCQ 7090 (CanLII), https://canlii.ca/t/jhnl5
(Available in French only)
No Stay of Financial Markets Administrative Tribunal Orders Freezing Bank Accounts and Suspending Rights Granted by Registration Pending Appeal
FACTS
After having
US Supreme Court clarifies standards for rebutting price impact in securities class actions
Ontario Court of Appeal clarifies that the test to continue a freeze order under the Ontario Securities Act has a lower standard than the test for reasonable and probable cause.
In Qin v. Ontario Securities Commission, 2021 ONCA 165 (“Qin”), the Ontario Court of Appeal considered whether a prior judicial finding that a freeze order under s. 126(5.1) of the Ontario Securities Act was “reasonable and expedient”
Alberta Court Finds that Administrative Penalty Survives Bankruptcy: The Sequel
In February 2020, we blogged about a then recent decision by Romaine J. of the Court of Queen’s Bench of Alberta relating to the interplay between the personal bankruptcy regime and administrative penalties. In Alberta Securities Commission v Hennig,
When you know, you know: Kaynes v BP p.l.c, 2021 ONCA 36 confirms how discoverability operates in fraudulent misrepresentation claims
In Kaynes v BP p.l.c, 2021 ONCA 36, the Ontario Court of Appeal clarified when a claim for fraudulent misrepresentation is discoverable under the Limitations Act, 2002, S.O. 2002, c. 24, Sched. B (Limitations Act), and in
UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices | Financial services: Regulation tomorrow
We invite you to review an article published by our colleagues in the United Kingdom regarding the UK Supreme Court’s recent decision regarding the extra-territoriality of the Serious Fraud Office’s power to obtain documents.