Application of Section 4.3 of the SPPA in Matters Before OSC Hearing Panels

Photo of Linda FuerstBy Linda Fuerst on Posted in Securities regulatory decisions
In Canada Cannabis Corporation (Re), 2022 ONSEC 9 the Ontario Securities Commission (OSC) was called upon to decide whether section 4.3 of the Statutory Powers Procedure Act (SPPA) operated to extend the term of office of a Commissioner (the Commissioner) until completion of a motion by a respondent in an OSC enforcement proceeding and an … Continue reading

US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics

Photo of Celia CohenPhoto of Kevin James HarnischPhoto of Seth M. KruglakPhoto of Samuel R. RamerPhoto of Nicholas JoynsonBy Celia Cohen, Kevin James Harnisch, Seth M. Kruglak, Samuel R. Ramer and Nicholas Joynson on Posted in Uncategorized
US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics | United States | Global law firm | Norton Rose Fulbright… Continue reading

Kennedy v. Akumin Inc. et al, 2022 ONSC 2571: The New Framework for Carriage Fights in Ontario

Photo of Linda FuerstPhoto of David SeevaratnamBy Linda Fuerst and David Seevaratnam on Posted in Securities regulatory decisions
The decision of Kennedy v Akumin Inc. et al, 2022 ONSC 2571 resolves a carriage motion pursuant to section 13.1 of the amended Ontario Class Proceedings Act, 1992 (CPA), involving competing class actions (the “Kennedy action” and the “Longair action”) each of which asserted a statutory secondary market misrepresentation cause of action pursuant to the … Continue reading

Solar Income Fund Inc. (Re), 2022 ONSEC 2:  Determining when a “Trading and Advising Relationship” Exists

Photo of Stephen TaylorBy Stephen Taylor on Posted in Securities regulatory decisions
In Solar Income Fund Inc. (Re), 2022 ONSEC 2 (the Solar Decision)[1] an OSC Hearing Panel considered, among other things, section 44(2) of Ontario’s Securities Act (the Act),[2] which prohibits false or misleading representations that a reasonable investor would consider relevant in deciding whether to enter into or maintain a trading or advising relationship with … Continue reading

A Cautionary Tale: A Flawed Cease Trade Order is not an Excuse to Continue Trading

Photo of Linda FuerstBy Linda Fuerst on Posted in Securities regulatory decisions
In Alberta Securities Commission v Felgate, 2022 ABCA 107 (Felgate), the Alberta Court of Appeal upheld the conviction of an individual for trading in securities while subject to a cease trade order, notwithstanding though the order was flawed. The appeal turned on two issues in particular: (1) whether an interim cease trade order could be … Continue reading

A broker’s good faith margin call and the consequences of failing to cover margin

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions
On February 2, 2022, the Quebec Court of Appeal confirmed in part Mr. Justice Thomas M. Davis’s trial decision in KPH 11 c. Richardson Wealth Limited (Richardson GMP Limited), 2022 QCCA 148 condemning two clients of a securities broker to pay close to 5 million dollars after having failed to cover margin calls. This post … Continue reading

Proof of a Guilty Mind is Required to be Convicted for Aiding a Person to Commit an Offence under the Quebec Securities Act

Photo of Mihnea BantoiuPhoto of Joelle Briand-DiguerBy Mihnea Bantoiu and Joelle Briand-Diguer on Posted in Securities regulatory decisions
At-a-glance In Heller c. Autorité des marchés financiers, 2022 QCCA 208, the Court of Appeal of Quebec (Court of Appeal) considered whether the offence under section 208 of the Quebec Securities Act (QSA)[1], which states that “[e]very person who, by act or omission, aids a person in the commission of an offence is guilty of the offence … Continue reading

The Fine Line Between a Material Change and a Material Fact

Photo of Kevin AcunaBy Kevin Acuna on Posted in Securities regulatory decisions
Earlier this year, the Ontario Superior Court of Justice (ONSC) in Markowich v. Lundin Mining Corporation, 2022 ONSC 81 (Markowich) denied leave to commence a secondary market securities class action under Part XXIII.1 of Ontario’s Securities Act (the OSA) and denied certification of a common law negligent misrepresentation claim. The decision of Markowich is significant … Continue reading

Consequences from Coin Offerings: Ontario Securities Commission Affirms Cryptocurrency’s Status under Canadian Securities Laws

Photo of Stephen TaylorBy Stephen Taylor on Posted in Securities regulatory decisions
On December 22, 2021, the Ontario Securities Commission (the OSC) recently released the decision of Miner Edge Inc.(Re), 2021 ONSEC 31 (the Miner Edge Decision).[1]  Although CSA has published guidance on the application of securities laws to cryptocurrency offerings since August 2017,[2] the Miner Edge Decision is notable as a rare example of the regime … Continue reading
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