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Archive For Entries On Securities Law

Insider Trading and the Use of Evidence: Walton v Alberta

In Walton v Alberta (Securities Commission), 2014 ABCA 273, the Alberta Court of Appeal (“ABCA”) was asked to assess an Alberta Securities Commission (“ASC”) application of the regulations on insider information. The ABCA’s decision demonstrated the complications faced by security regulators when applying the law of insider trading and its related provisions.

The USSC Revisits the Fraud-on-the-Market Principle: Halliburton Co v Erica P John Fund

Last Wednesday, the United States Supreme Court heard oral arguments for Halliburton Co v Erica P. John Fund, thereby revisiting the contentious “fraud-on-the-market” principle adopted in the 1988 case of Basic Inc v Levinson, 485 US 224 (1988). The principle works as follows: open and developed securities markets are efficient and all relevant information about […]

Assessing Access to Justice in Class Actions: AIC Limited v Fischer

Introduction In order for a class action to be certified, a judge must be satisfied that a class action is the “preferable” way of bringing the claims as against other alternatives. In Hollick v Toronto (City), [2001] 3 SCR 158, McLachlin CJ wrote that this preferability analysis must focus on the three “advantages” of class […]

When is a ‘Penalty’ Not ‘Penal’? – Rowan v OSC

Last week, the Ontario Court of Appeal (“ONCA”) 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, RSO 1990, c S.5 [the Act], which allows the Ontario Securities Commission (“OSC”) to order administrative monetary penalties (“AMPs”) of up […]

Amici Curiae: Deporting Mugesera, Responding to the Securities Reference, Mandating Condom Use and Reflecting on SOPA

A Long-Awaited Departure Twenty years after arriving in Canada, and seventeen years after his initial deportation order, Leon Mugesera is back in Rwanda to face a slew of charges stemming from comments he made that allegedly sparked the beginning of the Rwandan genocide in 1994. Mugesera sought refuge in Canada in 1992 after being charged […]

Cooperative Federalism and The Securities Act Reference: A Rocky Road

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 (see Reference Re Securities Act, 2011 SCC […]

Prospects for Cooperation: The Reference Re Securities Act

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 (see Reference re Securities Act, 2011 SCC 66). Rather than rejecting the idea of a national securities regulator per […]

The Court visits the Court

This past Tuesday, a group of student editors from The Court, along with our faculty advisor, Simon Fodden, took a visit to the Supreme Court of Canada. We attended the hearing in Kerr v Daniel Leather, a securities case dealing with an issuer’s disclosure obligations during the prospectus process. Simon Archer, who came along for […]

The Hide Business: A Review of the Facts and Issues in Kerr v Danier Leather

Tomorrow, the Supreme Court of Canada will hear the appeal in the Danier Leather case, a case which has been followed by the securities bar and is, sadly, not about bawdy houses in Montreal. At issue in this case is the interpretation of some key terms and provisions in the Ontario Securities Act, RSO 1990, c […]