Last week, the Ontario Court of Appeal [OCA] released its decision in Rowan v Ontario Securities Commission 2012 ONCA 208  [Rowan]. In Rowan, the chief issue was whether s. 127(9) of the Ontario Securites Act [the Act], which allows the Ontario Securities Commission (OSC) to order administrative monetary penalties [AMPs] of up to $1 million per breach [...]

In the Supreme Court of Canada’s (SCC) recent opinion on the federal government’s proposed Securities Act, the Court held that the proposed Act was not a valid exercise of federal power under the general branch of the trade and commerce power in section 91 of the Constitution Act, 1867. Though the Court rejected the federal [...]

The Supreme Court recently released its opinion on the federal government’s proposed Securities Act, deciding that the proposal is not a valid exercise of federal power under the general branch of the trade and commerce power. Rather than rejecting the idea of a national securities regulator per se, the Court’s opinion seems to lay the [...]