SEC SPEAKS: Enforcement’s Planned Use of Aggressive Remedies

Photo of Kevin James HarnischPhoto of Linda FuerstPhoto of Ilana Beth SinkinPhoto of Devlin HealeyBy Kevin James Harnisch, Linda Fuerst, Ilana Beth Sinkin and Devlin Healey on Posted in Securities regulatory decisions, Uncategorized
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 banks, technology companies, and big business and the SEC’s plan to combat this trend.[1] In … Continue reading

No Stay of Financial Markets Administrative Tribunal Orders Freezing Bank Accounts and Suspending Rights Granted by Registration Pending Appeal

Photo of Sophie MelchersBy Sophie Melchers on Posted in Securities regulatory decisions, Uncategorized
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 filed an appeal from orders issued by the Financial Markets Administrative Tribunal (the TMF) freezing their … Continue reading

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.

Photo of Ted BrookBy Ted Brook on Posted in Other developments
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” in the circumstances precluded a party from arguing in a malicious prosecution claim that the Ontario Securities Commission … Continue reading

Alberta Court Finds that Administrative Penalty Survives Bankruptcy: The Sequel

Photo of Steven LeitlPhoto of Aaron StephensonBy Steven Leitl and Aaron Stephenson on Posted in Other developments
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, 2020 ABQB 48 (Hennig), the Alberta Securities Commission (ASC) levied an administrative penalty against an individual … Continue reading

When you know, you know: Kaynes v BP p.l.c, 2021 ONCA 36 confirms how discoverability operates in fraudulent misrepresentation claims

Photo of Linda FuerstPhoto of Justine SmithBy Linda Fuerst and Justine Smith on Posted in Class actions, Limitation Periods
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 what circumstances it is appropriate for a limitation issue to be decided on a Rule. 21.01(1)(a) motion. Facts: … Continue reading

UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices | Financial services: Regulation tomorrow

Photo of Linda FuerstBy Linda Fuerst on Posted in Cross border issues
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. UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices | Financial services: Regulation tomorrow… Continue reading

The Courts’ Expectations of the Parties to a Lavallée Protocol when Technological Documents are Seized

Photo of Sophie MelchersBy Sophie Melchers on Posted in Other developments, Uncategorized
In 2002, the Supreme Court of Canada developed a protocol to be applied whenever a search warrant was executed and some of the documents seized could potentially contain privileged information, in the case of Lavallee, Rackel & Heintz v. Canada (Attorney General), 2002 SCC 61, known as the Lavallée Protocol. As since adapted in Quebec, … Continue reading

Update regarding the Good Faith and Best Interests Requirements of the Test for Leave to Commence Derivative Actions

Photo of Steven LeitlPhoto of Aaron StephensonPhoto of Preston BraschBy Steven Leitl, Aaron Stephenson and Preston Brasch on Posted in Civil claims
On December 2, 2020, we blogged about the release of a British Columbia Court of Appeal decision affirming a denial of leave for 2538520 Ontario Ltd. (253) to bring a derivative action on behalf of Eastern Platinum Limited (EPL) against various of EPL’s directors and officers: 2538520 Ontario Ltd. v Eastern Platinum Limited, 2020 BCCA … Continue reading

The Obligation to Disclose Documents in the Possession of Third Parties: IIROC v. Crandall

Photo of Ted BrookBy Ted Brook on Posted in Securities regulatory decisions
In IIROC v. Crandall, 2020 NBCA 76 (Crandall), the New Brunswick Court of Appeal overturned a 2019 decision of the Financial and Consumer Services Tribunal (the Tribunal) in which the Tribunal found that the Investment Industry Regulatory Organization of Canada (IIROC) had breached its duty of fairness owed to one of its members by failing … Continue reading
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