​In Goldsmith v. National Bank of Canada the Ontario Court of Appeal provided guidance on the definition of "promoter" in the context of a proposed secondary market class action under Part XXII.1 of the Securities Act. Under the Act, an investor may bring an action on the basis of a misrepresentation concerning a security, against the issuer as well as any "influential person", including a "promoter."  It was alleged that the defendant bank was an "influential person" who "knowingly influenced" an issuer, Poseidon Concepts, to release a circular and prospectus containing misrepresentations. Poseidon had collapsed and filed for CCAA protection in 2013. The Court of Appeal held that the bank, in consenting to a corporate reorganization, and delivering traditional commercial lending, underwriting and investment advisory services, did not meet the statutory definition. To be deemed a promoter, the entity must be an active and drivi​ng force behind an organization and at the "very heart of the issuer."