Topic: Uncategorized

Quebec Court of Appeal confirms administrative penalties applications not subject to general rules of prescription

By Caroline Larouche on March 26, 2020 Posted in Uncategorized

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 tribunal, the Tribunal administratif des marchés financiers (the TMF). The TMF had granted an application … Continue reading

Stung By Deceit: Re Natural Bee Works Apiaries Inc.

By Linda Fuerst and Ted Brook on October 4, 2019 Posted in Other developments, Securities regulatory decisions, Uncategorized, White collar crime

On July 3, 2019 the Ontario Securities Commission (“OSC”) released its decision in Re Natural Bee Works Apiaries Inc., 2019 ONSEC 23 (“Natural Bee”). Natural Bee provides useful guidance concerning proof of falsity and participation in a fraudulent scheme under section 126.1(1) of the Ontario Securities Act (the “Act”). Background In Natural Bee, OSC Staff … Continue reading

The Hard Way – SEC announces first penalties and compliance roadmap for unregistered ICOs

By Andrew McCoomb on November 22, 2018 Posted in Cross border issues, Other developments, Securities regulatory decisions, Uncategorized

On November 16, 2018, the Securities and Exchange Commission (SEC) announced consent orders settling actions in respect of two unregistered initial coin offerings (ICOs), including the first fines levied against non-compliant ICO issuers made by the SEC to date. The consent orders demonstrate the SEC’s willingness to follow through with enforcement proceedings against issuers of … Continue reading

A Cautionary Tale for Defendants Opposing Certification

By Geoff Mens on October 9, 2017 Posted in Class actions, Uncategorized

Perhaps in tongue and cheek, perhaps not, Perell J. begins his decision in Berg v. Canadian Hockey League, 2017 ONSC 5382, by quoting Winston Churchill’s famous World War II speech : We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we … Continue reading

“Substance over form” in defining a security

By Admin on November 1, 2016 Posted in Legislation, rules and policies, Other developments, Uncategorized

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 trading in securities. Under the Act, security is defined to include “a bond, debenture, note or other … Continue reading

A house divided: The Canadian Securities Administrators’ “best interest” standard proposal

By Linda Fuerst on April 1, 2016 Posted in Uncategorized

On April 28, 2016, the Canadian Securities Administrators (CSA) released its long-awaited Consultation Paper 33-404: Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients. Consultation Paper 33-404 is the continuation of a four-year project to consider the introduction of a best interest standard for investment advisers and dealers in Canada. The … Continue reading