b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Columnists_Margaret_L_Waddell.jpgIn 2002, Part XXIII.1 was added to the Ontario Securities Act. It established a statutory cause of action for investors damaged by secondary market misrepresentations disseminated by publicly traded corporations or their officers and directors.
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b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Standard_photos_Dudley-Hilary.jpgRegulators on both sides of the border have made it a priority to try to police complex insider trading schemes. The aggressive approach by the Ontario Securities Commission, the Securities and Exchange Commission, and in particular the United States Attorney’s Office for the Southern District of New York has yielded stunning headlines over the last few years, but 2014 was marked by a series of setbacks in insider trading enforcement.
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b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Standard_photos_neillmay.jpgHarry Truman famously had a sign on his desk in the Oval Office that said: “The buck stops here!” Certainly this is not what Harry meant, but a buck is not worth now what it was during his presidency. Truman probably would not recognize how political responsibility has evolved either. What has not changed, though, is the visceral appeal of that slogan, and how it speaks to a leader’s assumption of responsibility. Its simplicity, however, masks an important consideration: just because it is courageous, comforting, and evidence of strong leadership for an institution’s ultimate directing mind(s) to assume responsibility, it does not always mean in all cases responsibility should rest there. (My children often point out to me when I identify issues like this I express them in a manner as confusing as the message in a fortune cookie, which I could accept until the characterization was recently refined to say this would only be the case if the fortune cookies were baked large enough to house the pompous verbosity of an old lawyer. Ouch.)
Published in Commentary
b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Columnists_kirkbaertnew2013.jpgThe plaintiff’s securities class action bar takes on substantial risk when they bring a claim seeking leave under Part XXIII.1 of the Ontario Securities Act. Often, all counsel knows is there has been some wrongdoing at a company that has led to a dramatic decline in the price of a share. The diligent counsel reviews the company’s historic public disclosure, wherein the company’s health has been, without fail, viewed through rose-coloured glasses. Once the corrective disclosure occurs, the security’s value tumbles down to earth and investors are left holding the bag.
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b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Columnists_margaret-waddell.jpgThe Alberta Court of Appeal released a surprising decision in Andriuk v. Merrill Lynch Canada Inc., in which it has imported the obligation of establishing evidence of class-wide loss from the specialized field of price-fixing actions to a claim grounded in breach of contract and breach of fiduciary duty causing a depreciation in share price.
Published in Web exclusive content
Monday, 02 June 2014 08:00

New money

Illustration: Pierre-Paul Pariseau
Illustration: Pierre-Paul Pariseau
Small businesses and startups across Canada look set to gain much wider access to capital under proposals to permit equity crowdfunding. In recent months, securities regulators in Ontario, British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick, and Nova Scotia have all released plans that would allow businesses to raise cash in this way.
Published in Features
b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Standard_photos_King-Denomee.jpgAccess to startup funding and growth capital is essential to developing Canadian businesses and promoting entrepreneurialism, but small and medium-sized enterprises in Canada face legal and practical challenges raising capital at early stages of their business cycle.
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b_150_0_16777215_00___images_stories_01-INHOUSE_Standard_photos_InClosing-Antoinette-Bozac-.jpgThe Ontario Securities Commission invited the public to submit comments to its proposed disclosure requirements regarding the representation of women on corporate boards and in executive officer positions. The closing date for submissions was mid-April, and now we wait for the outcome and next steps with anticipation.
Published in Issue Archive
Monday, 24 February 2014 08:00

Court of Appeal rights its own wrong

b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Columnists_kirkbaertnew2013.jpgIn a stunning reversal, a five-judge panel of the Ontario Court of Appeal reversed its decision in Sharma v. Timminco Ltd. where it just recently held that the three-year limitation period for bringing a statutory claim for misrepresentation in respect of shares trading in the secondary market could not be suspended until a court had granted leave to commence the claim.
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Monday, 09 December 2013 08:00

Lessons to be learned from LSUC v. Groia

b_150_0_16777215_00___images_stories_01-CANADIANLawyer_Columnists_margaret-waddell.jpgWhen does zealous courtroom advocacy cross the line into incivility? And when does that incivility cross over to professional misconduct? The Law Society of Upper Canada has been grappling with these issues in a case that has held the attention of Ontario lawyers for nigh on a decade.
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