In his remarks at SEC Speaks 2021 on October 13, 2021, the Securities and Exchange Commission’s (“SEC”)’s new Director of Enforcement, Gurbir Grewal, discussed the waning public trust in “our financial markets” and the “near historic lows” of confidence in
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No Stay of Financial Markets Administrative Tribunal Orders Freezing Bank Accounts and Suspending Rights Granted by Registration Pending Appeal
Alteon Senat c. Autorité des marchés financiers, 2021 QCCQ 7090 (CanLII), https://canlii.ca/t/jhnl5
(Available in French only)
No Stay of Financial Markets Administrative Tribunal Orders Freezing Bank Accounts and Suspending Rights Granted by Registration Pending Appeal
FACTS
After having filed…
US Supreme Court clarifies standards for rebutting price impact in securities class actions
Ontario Court of Appeal clarifies that the test to continue a freeze order under the Ontario Securities Act has a lower standard than the test for reasonable and probable cause.
In Qin v. Ontario Securities Commission, 2021 ONCA 165 (“Qin”), the Ontario Court of Appeal considered whether a prior judicial finding that a freeze order under s. 126(5.1) of the Ontario Securities Act was “reasonable and expedient” in the…
Alberta Court Finds that Administrative Penalty Survives Bankruptcy: The Sequel
In February 2020, we blogged about a then recent decision by Romaine J. of the Court of Queen’s Bench of Alberta relating to the interplay between the personal bankruptcy regime and administrative penalties. In Alberta Securities Commission v Hennig, 2020…
When you know, you know: Kaynes v BP p.l.c, 2021 ONCA 36 confirms how discoverability operates in fraudulent misrepresentation claims
In Kaynes v BP p.l.c, 2021 ONCA 36, the Ontario Court of Appeal clarified when a claim for fraudulent misrepresentation is discoverable under the Limitations Act, 2002, S.O. 2002, c. 24, Sched. B (Limitations Act), and in what circumstances…
UK Supreme Court overturns controversial decision on extraterritorial effect of Section 2 Notices | Financial services: Regulation tomorrow
We invite you to review an article published by our colleagues in the United Kingdom regarding the UK Supreme Court’s recent decision regarding the extra-territoriality of the Serious Fraud Office’s power to obtain documents.
The Courts’ Expectations of the Parties to a Lavallée Protocol when Technological Documents are Seized
In 2002, the Supreme Court of Canada developed a protocol to be applied whenever a search warrant was executed and some of the documents seized could potentially contain privileged information, in the case of Lavallee, Rackel & Heintz v. Canada…
Update regarding the Good Faith and Best Interests Requirements of the Test for Leave to Commence Derivative Actions
On December 2, 2020, we blogged about the release of a British Columbia Court of Appeal decision affirming a denial of leave for 2538520 Ontario Ltd. (253) to bring a derivative action on behalf of Eastern Platinum Limited (EPL) against…
The Obligation to Disclose Documents in the Possession of Third Parties: IIROC v. Crandall
In IIROC v. Crandall, 2020 NBCA 76 (Crandall), the New Brunswick Court of Appeal overturned a 2019 decision of the Financial and Consumer Services Tribunal (the Tribunal) in which the Tribunal found that the Investment Industry Regulatory Organization of Canada…