Topics

Civil claims

Quebec Court Enforces Penal Provisions of Securities Act in connection with “Initial Coin Offering” of “PlexCoin”Update regarding the Good Faith and Best Interests Requirements of the Test for Leave to Commence Derivative ActionsBC Court of Appeal Clarifies the Good Faith and Best Interests Requirements of the Test for Leave to Commence Derivative Actions

Class actions

Québec Court of Appeal Dismisses the HEXO Securities Class ActionForeign currency conversion fees charged by brokerage firms in the context of trades in securities listed on foreign exchanges are exempt from the application of the Consumer Protection ActMutual Fund Managers’ Liability for “Time Zone Arbitrage”: Fischer v. IG Investment, 2023 ONSC 915

Cross-border issues

UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices | Financial services: Regulation tomorrowLathigee v British Columbia Securities Commission: You Can Run, But You May Not be Able to Hide from A Disgorgement Order By a Canadian Securities RegulatorCOVID-19 Scams on the Rise and Enforcement on the Horizon

Legislation, rules and policies

SEC upends no‑action process for 2025 – 2026 proxy seasonCanada’s anti-fraud overhaul: What US firms need to knowAMF’s Self-Reporting and Cooperation Policy: A Positive Step Forward, Tempered by Discretion

Limitation Periods

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

Other developments

Increasing Enforcement: OSC and SEC Take Aim at Cryptocurrency PlatformsRegression Analysis Fails to Save the Day for the DefendantFrom Textual to Contextual: Court of Appeal Affirms the Scope of ‘Public Corrections’ in Statutory Secondary Market Misrepresentation Claims

Securities regulatory decisions

A Recent OSC Settlement: A Cautionary Tale on Insider TradingSecurities Brokerage Contracts Are Exempt from Application of Quebec’s Consumer Protection ActSEC reinstates simultaneous consideration of enforcement settlements and waiver requests

Shareholder disputes

Delaware Supreme Court holds Delaware corporations can adopt federal-forum selection provisionsYukon Court of Appeal reinstates transaction price as fair value of sharesWhen is a Foreign Issuer a “Responsible Issuer” for the Purpose of Part XXIII.1 of the Ontario Securities Act?

Uncategorized

Securities Brokerage Contracts Are Exempt from Application of Quebec’s Consumer Protection ActArtificial Intelligence Fraud: Beware of Succumbing to Technology’s Latest FadCarbon Credits Manipulation : An Increased Scrutiny Over Fraud in a Booming Industry Could Cross the Canadian Border

White-collar crime

Canada’s anti-fraud overhaul: What US firms need to knowDOJ clarifies white-collar enforcement priorities and touts growth in whistleblower activityPassive Reliance on Fellow Director is Insufficient for Due Diligence Defence