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Archive For Entries On Securities Law

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 [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 […]

Cooperative Federalism & The Securities Act Reference, 2011 SCC 66 – 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. Though the Court rejected the federal […]

Prospects for cooperation in the Reference Re Securities Act, 2011 SCC 66.

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 […]