On October 27, 2014, the Alberta Securities Commission announced that it has applied to the Supreme Court of Canada for leave to appeal a recent decision of the Alberta Court of Appeal, Walton v. Alberta (Securities Commission).  Specifically, the ASC is seeking the SCC’s guidance on the standard of proof and evidence required to prove allegations of illegal insider trading and the basis for determining sanctions that may be imposed on persons found to have engaged in such conduct.

On February 11, 2013, the ASC concluded that certain individuals had illegally traded in securities or had “tipped” information to others.  On August 29, 2014, the Alberta Court of Appeal allowed the appeals of three individuals and the sanctions against them were set aside. The Court of Appeal, however, upheld certain findings with respect to two other individuals, but directed the ASC to reconsider its sanctions against them.