On September 12, 2017, the Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC), two otherwise independent regulators, announced that they signed a memorandum of understanding (MOU) to coordinate regulatory oversight and strengthen consumer/investor
“Real and Substantial Connection” Test Applies to Regulatory Jurisdiction Over Offences with Extraterritorial Elements
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In Ontario Securities Commission v. DaSilva, 2017 ONSC 4576 (DaSilva), the Ontario Superior Court of Justice confirmed that the “real and substantial connection” test applies in determining whether the Ontario Securities Commission (the Commission) has jurisdiction…
OSC: New Commissioner Appointments
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On March 3, 2017, the Ontario Securities Commission announced the appointment of two new Commissioners: Robert P. Hutchison and Mark J. Sandler.
Mr. Hutchison joins the Commission from Borden Ladner Gervais LLP, where he practised for over 40 years in…
Thinking Inside the Sandbox: CSA Supports Innovative Business Models
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The Canadian Securities Administrators (CSA) recently launched a regulatory sandbox initiative as part of a push to foster greater innovation among industry participants. Under the initiative, qualifying businesses that have registered or received relief from certain requirements will…
“Substance over form” in defining a security
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What constitutes a “security” under the Ontario Securities Act? In Ontario (Securities Commission) v Tiffin, 2016 ONCJ 543, the accused was charged with three offences under the Act for issuing a number of promissory notes while prohibited from…