Supreme Court Holds Individuals Must Report to the SEC to Qualify as...
On Wednesday, February 21, 2018, the Supreme Court resolved a circuit split by unanimously holding that an employee must report suspected securities law violations to the SEC in order to qualify as a...
View ArticleThe OSC’s Jurisdiction on an Appeal from a Decision of a Director: Re Dhillon...
In Re Dhillon, the Director of Compliance and Registrant Regulation (“Director”) of the Ontario Securities Commission (“OSC” or “Commission”) refused Dhillon’s application for registration under s. 27...
View ArticleU.S. Securities and Exchange Commission Proposes “Best Interest” Standard for...
On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced proposed rules that would require broker-dealers to act in the best interests of their retail clients when recommending...
View ArticleNova Scotia Bill 67 – IIROC expands its enforcement authority
On October 12, 2018, Bill 67 was proclaimed into force in Nova Scotia. Bill 67 expands the enforcement powers of the Investment Industry Regulatory Organization of Canada (IIROC) in Nova Scotia in the...
View ArticleWhat auditors need to know about blockchain
The implications of blockchain and other disruptive technologies for many legal areas have been addressed by a variety of regulators. While much attention has been focused on the pronouncements by...
View ArticleDOJ provides additional insight on compliance and investigations matters
On October 25, 2018, John Cronan, Principal Deputy Assistant Attorney General of the Criminal Division of the US Department of Justice (DOJ), delivered an important speech that touched on several key...
View ArticleAlberta Securities Commission Introduces Whistleblower Program
On November 19, 2018, the Alberta Securities Commission (ASC) implemented its first whistleblower program (the Program) through the release of ASC Policy 15-602 Whistleblower Program (the Policy) and...
View ArticleMFDA Annual Enforcement Report: Trends in Mutual Fund Dealer Regulation
The Mutual Fund Dealers Association of Canada (MFDA) recently published its 2018 Annual Enforcement Report (the Report), highlighting key enforcement activities and developments over the past year. The...
View ArticleIIROC’s 2018 Enforcement Report: Strengthening Enforcement Authority Across...
Overview On May 16, 2019, the Investment Industry Regulatory Organization of Canada (IIROC) published its 2018 Enforcement Report (the Report). The Report summarizes IIROC’s enforcement activities in...
View ArticleAlberta Securities Commission signs Enhanced Memorandum of Understanding to...
In July 2019, the Alberta Securities Commission (ASC) joined other signatories, including the Ontario Securities Commission and the United States Securities and Exchange Commission (SEC), by signing...
View ArticleWhite Collar Criminals Beware – BC strengthening Securities Commission...
On October 21, 2019, the BC provincial government announced sweeping and significant changes to the BC Securities Act which are intended to give the BC Securities Commission (BCSC) the strongest powers...
View ArticleBlockchain law: Laying down the law for digital assets
Federal legislators, regulators and enforcers have been making enforcement pronouncements and new proposals to try to keep up with the social, economic, political and legal issues posed by the...
View ArticleUS federal court holds unsponsored ADRs may be subject to US securities laws
On January 28, 2020, in a case that potentially expands the liability of foreign companies, the US District Court for the Central District of California denied a foreign defendant’s motion to dismiss...
View ArticleLandmark Changes to the BC Securities Act are Set to Take Effect March 27
As previously reported, on October 21, 2019, the BC provincial government announced sweeping and significant changes to the BC Securities Act which are intended to give the BC Securities Commission...
View ArticleManaging Securities Litigation Risks in the Age of Uncertainty
The price at which securities of many Canadian issuers are trading has been significantly affected by the global coronavirus pandemic. This will almost certainly impact their risk of litigation arising...
View ArticleSignificant amendments coming to Ontario’s Class Proceedings Act, 1992
On July 8, Bill 161, the Smarter and Stronger Justice Act, 2020 (the SSJA), passed a third reading in the Ontario provincial legislature and received royal assent, becoming law. The SSJA includes...
View ArticlePrimer on Prospectus Exemptions
Introduction In accordance with the Québec Securities Act[1], any person wishing to distribute securities must prepare a prospectus[2]. However, Regulation 45-106[3] offers several exemptions from...
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