On April 5, 2024, in the case of the SEC v. Panuwat (Panuwat),[1] the U.S. Securities and Exchange Commission (the SEC) convinced a jury for the very first time of its “shadow trading” doctrine, according to
Quebec Court Enforces Penal Provisions of Securities Act in connection with “Initial Coin Offering” of “PlexCoin”
Last month, the Court of Quebec (Criminal and Penal Division) rendered its decision on the culpability of three defendants involved in the initial coin offering of the cryptocurrency known as “PlexCoin”.
Dominic Lacroix (Lacroix), the head of the
Stay of Proceedings, a Drastic Remedy Granted for Violation of Constitutional Rights
A few weeks ago, in R. c. Goldberg, 2020 QCCQ 4548, the Court of Québec (Criminal and Penal Division) granted the most drastic remedy by ordering a stay of the charges brought against Bouclair Inc. (Bouclair), Peter Goldberg
BC Supreme Court examines validity of release and injunction clauses affecting third party rights in plans of arrangement
Summary
In iAnthus Capital Holdings, Inc.(Re)[1], Gomery J. of the Supreme Court of British Columbia, approved an amended plan of arrangement (the Amended Plan) after he invited the petitioners to narrow the release and injunction clauses of the first
Another nail in PlexCoin’s crypto-coffer: TMF decision affirmed on appeal
As discussed in our previous post, the Financial Markets Administrative Tribunal (TMF) had provided clarity in the application of the “investment contract” criteria, first enunciated in Pacific Coast Coin Exchange v. Ontario Securities Commission and codified under
Unreasonable delay and Jordan’s presumptive ceilings – different approach from the SCC on verdict deliberation time
Canadian securities regulators have jurisdiction to lay charges under provincial securities legislation, and have prosecuted serious securities offences criminally. The persons so charged have a right to be tried within a reasonable time. Questions have arisen as to whether or
Quebec Court of Appeal confirms administrative penalties applications not subject to general rules of prescription
The Quebec Court of Appeal recently dismissed the appeals launched by directors and officers of a reporting issuer, Nstein Technologies, against two judgments rendered by the Court of Quebec in a statutory appeal of a judgment by the Quebec securities
The AMF is not the sole arbiter of what is relevant and what should be disclosed
In AMF v. TMF, Baazov, et al. (Court File No. 500-11-052989-171), the Quebec Superior Court confirmed that the Financial Markets Administrative Tribunal (the Tribunal) has the power to order the Autorité des marchés financiers (AMF), Quebec’s
When do inferences become unreasonable and contrary to the rules of procedural fairness?
As there is almost never direct, ‘smoking gun’ type evidence of insider trading, securities regulators often rely on circumstantial evidence in enforcement proceedings, from which they invite the specialized securities tribunals to draw inferences.
What is the line not to
Quebec Superior Court dismisses action for damages against Autorité des marchés financiers
In Mallat c. Autorité des marchés financiers de France, 2018 QCCS 3867, Cohen J. granted a motion to dismiss an action brought by three Ubisoft executives (Plaintiffs) against the Autorité des marchés financiers de France (AMFF