On December 12, 2022, the Ontario Securities Commission (OSC) issued a news release further cautioning crypto trading platforms operating in Canada on the applicability of securities laws to their operations. This news release comes amidst the OSC’s increasing oversight of
Securities litigation and enforcement
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Solicitor Client Privilege Claims over Seized Documents D.L. v. Autorité des marchés financiers, 2022 QCCS 2157
In D.L. v. Autorité des marchés financiers (AMF), the Superior Court of Quebec ruled on solicitor client privilege claims made by D.L. to resist disclosure of documents seized by the AMF at D.L.’s home in the context of an ongoing…
US SEC prevented from expanding fraudulent scheme liability
Fraudulent Transaction Offence at s. 199.1 Quebec Securities Act : a Mens Rea Offence Autorité des marchés financiers c. Goyette 2022 QCCQ 2872
In late May 2022, the Court of Quebec Criminal and Penal Division issued its decision in AMF v. Goyette.
It is significant because it is the very first decision deciding that the market manipulation offence set out at section 199.1 of…
What constitutes or not MNPI? Kitmitto (Re), 2022 ONCMT 12
In late May 2022, in one of the first decisions of the new Ontario Capital Markets Tribunal, the Tribunal issued its decision in Kitmitto (Re), an insider tipping and trading case. In Kitmitto, Ontario Securities Commission (OSC) Staff alleged the…
Jurisdiction of Quebec Court in Class Action against Ontario Reporting Issuer on account of Fault Committed in Quebec and Injury Suffered in Quebec
Representative Plaintiffs Jon-Erik and Nicole Dillon (the Dillons) sought authorization from the Superior Court of Quebec (Court) to bring a class action against Wayland Group Corp (Wayland) under the general civil liability regime in Quebec (Art. 1457 Civil Code of…
Objective Reliability and Materiality: Wong v Pretium Resources Inc., 2022 ONCA 549
In this decision the Ontario Court of Appeal upheld Justice Belobaba’s dismissal of a securities class action on a motion for summary judgment on the basis that the defendant issuer had not made a misrepresentation by omission.
The respondent, Pretium…
Cease Trade and Freezing Orders to Stop a Pump and Dump Scheme Autorité des marchés financiers c. Kamaneh, 2022 QCTMF 18
The facts of this case are simple.
The Quebec securities regulator, the Autorité des marchés financiers (AMF), alleged that between March 2021 and January 2022, Ramy Kamaneh and Mohamed Kada Mesli :
- participated in a market manipulation / pump and
…
Application of Section 4.3 of the SPPA in Matters Before OSC Hearing Panels
In Canada Cannabis Corporation (Re), 2022 ONSEC 9 the Ontario Securities Commission (OSC) was called upon to decide whether section 4.3 of the Statutory Powers Procedure Act (SPPA) operated to extend the term of office of a Commissioner (the Commissioner)…