Divisional Court Upholds OSC Finding that Trading Software License Contracts are Securities Within Meaning of Securities Act

By Erika Anschuetz on November 29, 2018 Posted in Other developments, Securities regulatory decisions

The Ontario Superior Court of Justice in Furtak v Ontario (Securities Commission), 2018 ONSC 6616, has upheld the Ontario Securities Commission’s (OSC) merits and sanctions decisions with respect to the Strictrade Offering, which we previously reported on here. Background In 2015, OSC Staff brought enforcement proceedings against Edward Furtak, Axton 2010 Finance Corp., (Axton), Strict … Continue reading

MFDA Publishes Principles-Based Sanction Guidelines

By Erika Anschuetz on November 14, 2018 Posted in Other developments

The Mutual Fund Dealers Association of Canada (MFDA) has published new Sanction Guidelines which will take effect on November 15, 2018. The Sanction Guidelines, which replace the MFDA’s Penalty Guidelines, in place since 2006, are intended to promote consistency, fairness and transparency while focusing on a principles-based approach to sanctioning. While the Sanction Guidelines are … Continue reading

OSC Sanctions Respondents in Strictrade Scheme

By Admin on October 2, 2017 Posted in Securities regulatory decisions

In Strictrade Marketing Inc. et al., 2017 ONSEC 12, the Ontario Securities Commission (the Commission) delivered robust sanctions to Respondents found to have marketed and sold licenses for trading software in breach of the Ontario Securities Act (the Act). Enforcement Proceedings In 2015, Commission Staff brought enforcement proceedings against the Respondents, Edward Furtak (Furtak), Axton 2010 … Continue reading