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
Are the legal profession’s rules regarding civility at odds with a lawyer’s duty to zealously advocate on behalf of his or her client? Debate on this point has recently focused on the Law Society of Upper Canada’s discipline of Toronto lawyer Joseph Groia for uncivil conduct during his defence of former Bre-X mining officer John Felderhof. The Ontario Divisional Court grappled with this question, and on February 2, 2015, upheld the Law Society’s finding that Mr. Groia’s conduct amounted to professional misconduct.… Continue Reading
The following article may be of interest to readers of this blog: Regulatory Settlement Will Not Prevent Class Action: SCC Certifies Fischer
On December 12, 2013, the Supreme Court of Canada released its much anticipated decision in AIC Limited v. Fischer, 2013 SCC 69. The Court unanimously held that a restitution payment in settlement of regulatory proceedings does not preclude certification of a class action on behalf of the same investors who received compensation through the regulatory process. Read more.… Continue Reading
The Supreme Court of Canada rendered judgment in one case likely to be of interest to Canadian business and professions.
In McLean v. British Columbia (Securities Commission), 2013 SCC 67, the Supreme Court of Canada clarified the limitation period applicable to “secondary proceedings” in the context of securities enforcement.… Continue Reading
If disclosure of information has no effect on a company’s share price, was that information really material to investors? A recent Ontario Divisional Court ruling suggests that the answer may be “Yes” if the information is of the kind that a reasonable investor would want to rely on in making an investment decision. In Cornish, the Court considers the test for when a “material change” has occurred and concludes that the market impact test for materiality can be satisfied even if the share price is not impacted following disclosure of the information. The case is an important one about… Continue Reading