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
Securities litigation and enforcement
The Securities Litigation and Enforcement blog published by Norton Rose Fulbright covers developments in securities regulation, enforcement actions, and litigation trends affecting capital markets and financial institutions. It addresses regulatory changes by bodies such as the SEC and DOJ, shareholder proposal processes, class action litigation related to securities, and cross-border enforcement issues. The blog also discusses compliance strategies, white-collar crime enforcement priorities, and the impact of evolving legal frameworks on securities brokerage and financial crimes. It serves as a resource for legal professionals and market participants seeking updates on securities law enforcement, regulatory policy shifts, and litigation risks.
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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)…
US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics
Kennedy v. Akumin Inc. et al, 2022 ONSC 2571: The New Framework for Carriage Fights in Ontario
The decision of Kennedy v Akumin Inc. et al, 2022 ONSC 2571 resolves a carriage motion pursuant to section 13.1 of the amended Ontario Class Proceedings Act, 1992 (CPA), involving competing class actions (the “Kennedy action” and the “Longair action”)…
Solar Income Fund Inc. (Re), 2022 ONSEC 2: Determining when a “Trading and Advising Relationship” Exists
A Cautionary Tale: A Flawed Cease Trade Order is not an Excuse to Continue Trading
In Alberta Securities Commission v Felgate, 2022 ABCA 107 (Felgate), the Alberta Court of Appeal upheld the conviction of an individual for trading in securities while subject to a cease trade order, notwithstanding though the order was flawed.
The appeal…
A broker’s good faith margin call and the consequences of failing to cover margin
On February 2, 2022, the Quebec Court of Appeal confirmed in part Mr. Justice Thomas M. Davis’s trial decision in KPH 11 c. Richardson Wealth Limited (Richardson GMP Limited), 2022 QCCA 148 condemning two clients of a securities broker to…