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British Columbia Court of Appeal tells Securities Commission that reciprocal orders are not automatic - what could this mean for no admission settlement agreements and reciprocal enforcement in Canada?

Cassels Brock & Blackwell LLP
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Canada
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December 14 2012

A decision of the British Columbia Court of Appeal earlier this year highlights one of the pitfalls of “no admission” settlements, exhibiting that a securities regulator in a cooperating jurisdiction may not be able to issue a reciprocal order when the settlement contains no specificity or admission upon which to conclude that any wrongdoing occurred

To err is human and to forgive divine - British Columbia judge relies on equitable principles to save an errant discharge

Cassels Brock & Blackwell LLP
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Canada
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November 6 2012

Every now and again, a mistake is made and a PPSA financing statement is discharged in error

Ontario Superior Court of Justice dismisses claim for punitive damages against directors of a former Ontario issuer

Cassels Brock & Blackwell LLP
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Canada
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October 22 2012

In the recent decision of Frank v. Farlie, Turner & Co., LLC, 2011 ONSC 5519, Mr. Justice Perell of the Ontario Superior Court of Justice found, among other things, that punitive damages are not available under Part XXIII.1 of the Ontario Securities Act as such damages are inconsistent with the scheme and purpose of Ontario’s statutory secondary market disclosure liability regime

Changes to director elections in Canada

Cassels Brock & Blackwell LLP
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Canada
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October 11 2012

On October 4, 2012, the Toronto Stock Exchange (“TSX”) published notice of approval for certain amendments (“Amendments”) to its TSX Company Manual

Use and disclosure of preliminary economic assessments by mining issuers

Cassels Brock & Blackwell LLP
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Canada
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October 4 2012

On Thursday, August 16, 2012, the staff of the Canadian Securities Administrators (“CSA”) published CSA Notice 43-307 Mining Technical Reports Preliminary Economic Assessments (“the Notice”

OSC imposes significant sanctions on Suman and his wife for illegal tipping and conduct contrary to the public interest

Cassels Brock & Blackwell LLP
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Canada
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September 17 2012

On August 22, 2012, the Ontario Securities Commission (“OSC”) released its sanctions and costs decision in the matter of Shane Suman (“Suman”) and Monie Rahman (“Rahman”

Expansive approach in Silver v Imax to the court's inherent authority saves plaintiffs' claims for secondary market misrepresentation

Cassels Brock & Blackwell LLP
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Canada
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September 11 2012

A broad and expansive approach the Court’s inherent jurisdiction to do justice between parties by granting orders nunc pro tunc (or with retroactive effect) formed the basis of Justice van Rensburg’s decision in favour of the plaintiffs in Silver v. Imax to address the expiry of a limitation period to commence an action under Part XXIII.1 of the Ontario Securities Act (the “OSA”) while the motion for leave was under reserve

OSC finds no insider trading by RIM officer, but conduct contrary to the public interest

Cassels Brock & Blackwell LLP
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Canada
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August 14 2012

A recent decision of the Ontario Securities Commission (“OSC”), In the Matter of Paul Donald, provides a rare analysis of the “special relationship” requirement of insider trading under the Securities Act (the “Act”) and also demonstrates the increasing use of the OSC’s public interest jurisdiction powers where a breach of the Act is not found

Constitutionality of anti-spam legislation

Cassels Brock & Blackwell LLP
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Canada
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July 10 2012

While Canada’s new anti-spam legislation received Royal Assent in December 15, 2010, the law is expected to come into full force in 2013 with the promulgation of a Governor in Council order

Guidance for issuers with short term liquidity concerns or inadequate offering proceeds

Cassels Brock & Blackwell LLP
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Canada
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March 20 2012

Over the past year, an important focus of prospectus reviews by securities regulators has been issuers’ short-term liquidity positions and the sufficiency of proceeds that issuers intend to raise

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