Category: Securities Litigation

Enforcement Highlights from the 2019 OSC Annual Report

October 2, 2019

The Ontario Securities Commission (OSC) recently released its 2019 OSC Annual Report (Report), which provides enforcement statistics from 2019 and discusses the OSC’s priorities for 2020. KEY ENFORCEMENT TAKEAWAYS The OSC has focused on discouraging “repeat offenders, fraudulent activity and other serious breaches of the Securities Act or violations of the Criminal Code” through its enforcement actions and sanctions and…

2019 Legal Trends: Complex Disputes

July 24, 2019

As part of our quarterly series on current trends across different industries, our second article for 2019 explores litigation developments in Canada, outlining the impact on business and the potential ramifications of recent court decisions and regulatory changes.

Alberta Court Denies Class Proceedings Against Investment Advisor, Supervisor and Dealer Institution

July 4, 2019

The Court of Queen’s Bench of Alberta illustrated the individualized view Alberta courts take towards the relationship between investors and investment  advisors, supervisors and dealer institutions, in its recent decision of Fisher v. Richardson GMP Limited (Fisher). In Fisher, Madam Justice G.A. Campbell denied certification of a class proceeding for two primary reasons: first, for failure to establish an identifiable…

Securities Litigation: Recent Developments and Emerging Trends

February 21, 2019

Please join our national panel of Securities Litigation lawyers to explore recent trends, developments and what’s next in securities litigation and regulatory enforcement. Topics: What does the future hold for a national securities regulator in the wake of the Supreme Court decision? #MeToo in the context of securities litigation National trends in securities regulatory enforcement New developments in financial products…

Alberta Securities Commission Announces New Whistleblower Program

November 26, 2018

On November 20, 2018, the Alberta Securities Commission (ASC) announced the creation of its whistleblower program (Program) through the adoption of ASC Policy 15-602 Whistleblower Program (Policy) and accompanying amendments to the Alberta Securities Act (Act). The Office of the Whistleblower was established to oversee and enforce the whistleblower legislation. The Program’s goal is to facilitate reporting in order to…

Second Time’s A Charm: SCC Gives the Green Light to National Securities Regulator

November 12, 2018

On November 9, 2018, the Supreme Court of Canada (SCC) ruled that the proposed cooperative capital markets regulatory system (Cooperative System) is constitutional. The unanimous decision opens the door to a proposed pan-Canadian securities regulator that will exercise delegated authority from participating jurisdictions. Under the proposed Cooperative System, a single regulator – the Capital Markets Authority (Authority) – would receive…

Lavender Haze Lifts: Court of Appeal Clarifies Auditor’s Duty of Care

September 6, 2018

On September 5, 2018, in Lavender v. Miller Bernstein LLP (Lavender), the Court of Appeal for Ontario (Court of Appeal) overturned a lower court decision that an auditor had a duty of care to its client’s clients. In doing so, the Court of Appeal applied the principles articulated by the Supreme Court of Canada (SCC) in Deloitte & Touche v….

The Man Who Sold (Around) the World: Ontario Not a Default Jurisdiction for Securities Class Actions

August 9, 2018

In its decision in Yip v. HSBC Holdings PLC, the Ontario Court of Appeal clarified the proper interpretation of “responsible issuer” in the context of a statutory claim for secondary market misrepresentation under Part XXIII.1 of the Ontario Securities Act (OSA) and related common law claims, providing guidance to entities faced with class action claims arising from Canadian trading of…

IIROC Making Fine Progress in Monetary Collection Efforts

May 17, 2018

The Investment Industry Regulatory Organization of Canada (IIROC) recently released its Annual Enforcement Report (Report), which highlights IIROC’s efforts to increase its rate of collection on monetary fines, including through increased legal authority to collect unpaid fines through the provincial court systems. INCREASED LEGAL AUTHORITY As detailed in the Report, since January 2017, IIROC has been granted enhanced enforcement capabilities…

Market Correction: B.C. Court Orders Securities Regulator to Revisit Sanctions Regime

April 25, 2018

The British Columbia Court of Appeal (Court) recently released its decision in Davis v. British Columbia (Securities Commission) (Davis), overturning the decision of the B.C. Securities Commission (Commission) to impose a lifetime market ban on an individual for committing fraud pursuant to the B.C. Securities Act. The decision is a strong rebuke of the Commission’s overly formulaic approach to sanctions,…