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Insider Trading and Tipping: the Ontario Court Of Appeal Confirms the Test for Establishing Tippee Liability

Posted in Case Comments, Securities

The Ontario Court of Appeal recently released a significant decision on the insider trading provisions of provincial securities legislation.  In Finkelstein v. Ontario Securities Commission, 2018 ONCA 61, the Court considered for the first time the insider trading and tipping scheme in the Securities Act, R.S.O. 1990, c. S. 5 (the “Act”), and particularly, the definition of a “person in a special relationship with an issuer” as it applies to successive tippees who share insider information.… Continue Reading