In Autorité des marchés financiers v. Beausoleil, 2026 QCTMF 54, the Financial Markets Administrative Tribunal (the “Tribunal”) recently dismissed a request for particulars by one of the defendants in the context of proceedings filed by the Autorité des marchés
Latest from Securities Litigation and Enforcement
A Recent OSC Settlement: A Cautionary Tale on Insider Trading
Overview
In September 2025, the Ontario Capital Markets Tribunal (the Tribunal) approved the settlement between the Ontario Securities Commission (OSC) and Huy Le (Alvin) Huynh (Huynh) and his spouse Thi Anh Nguyet (Nancy) Pham (Pham) related to their tipping and
SEC upends no‑action process for 2025 – 2026 proxy season
Overview of the announcement
On November 17, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced a significant shift in its approach to shareholder proposal exclusions under Exchange Act Rule 14a-8. For the 2025–26 proxy season (October
Canada’s anti-fraud overhaul: What US firms need to know
On October 20, 2025, Canada’s Finance Minister announced plans to seek heightened anti-fraud regulatory and enforcement measures ahead of the country’s upcoming federal budget. The initiative includes two major developments:
Securities Brokerage Contracts Are Exempt from Application of Quebec’s Consumer Protection Act
The recent unanimous Quebec Court of Appeal’s decision in Salko c. Financière Banque Nationale inc.[1] is the first appellate court decision addressing the scope of the exemptions from the application of the CPA set out at section 6a) of
SEC reinstates simultaneous consideration of enforcement settlements and waiver requests
On September 26, 2025, the Securities and Exchange Commission (SEC) reinstated its 2019 policy of simultaneously considering offers to settle enforcement actions and requests for waivers of collateral consequences of those actions, reversing a 2021 shift that had
DOJ clarifies white-collar enforcement priorities and touts growth in whistleblower activity
The US Department of Justice is ramping up white-collar enforcement and working to incentivize corporate cooperation (or, failing that, whistleblowing). In recent speeches, Acting Assistant Attorney General Matthew Galeotti outlined the DOJ’s white-collar priorities—including health care fraud, trade fraud and
Artificial Intelligence Fraud: Beware of Succumbing to Technology’s Latest Fad
On April 9, 2025, in the case of Securities Exchange Commission v. Albert Saniger (Saniger),[1] the U.S. Securities and Exchange Commission (the SEC) charged Alberto Saniger Mantinan, former CEO of Nate, Inc., a privately held technology startup, with fraudulently
Invitation to jointly purchase a condo or rental property to generate a return through renting or selling it qualifies as distribution of an investment contract under the Quebec Securities Act
On January 29, 2025, the Financial Markets Administrative Tribunal (the TMF) found that Ms. Alteon Senat, a representative of a mutual fund dealer and representative in insurance of persons, breached multiple provisions of the Securities Act (the QSA), the Act
Foreign currency conversion fees charged by brokerage firms in the context of trades in securities listed on foreign exchanges are exempt from the application of the Consumer Protection Act
On January 30, 2025, the Quebec Court of Appeal rendered its first ever decision addressing the exemption of business practices and contracts regarding transactions governed by the Québec Derivatives Act or Securities Act from the application of the Consumer Protection