Capital Markets Regulatory Enforcement Capital Markets Regulatory Enforcement

Will new powers lead to more effective capital markets regulatory enforcement?

With broader investigative and enforcement powers, securities regulators levied increased sanctions in 2024.

Water cannot be turned into wine: Cormark and the legality of triangular hedging transactions

The Ontario Capital Markets Tribunal has provided important guidance on hedging transactions in connection with private placements.

Changes of enforcement leadership raise questions about new priorities

Amid recent departures from top enforcement jobs, personalities and personal agendas can affect regulators’ strategies and enforcement priorities.

Canadian Securities Administrators’ 2023–2024 annual Year in Review

The annual report highlights efforts undertaken in response to emerging issues and changing conditions in the country’s capital markets.

Proposed amendments would allow email summons from the Ontario Securities Commission

Following a recommendation from the province’s Capital Markets Modernization Taskforce, Ontario is proposing to ease the requirements for the...

Québec insider trading decision discusses transactional certainty for the materiality criterion

The Financial Markets Administrative Tribunal considered insider trading allegations around a proposed takeover of a Canadian energy company.

Materiality in insider trading: recent insights from the Québec Financial Markets Administrative Tribunal

What threshold must a proposed transaction meet to be classified as material non-public information? Pursuant to Québec’s Securities Act,...

The OSC’s new proposal to distribute funds from disgorgement orders to harmed investors

The Ontario Securities Commission (OSC) has published proposed rules that outline the procedure the OSC and harmed investors must follow for the...

‘Deal with this escape hatch’ – B.C. Securities Commission calls for bankruptcy law reform following Supreme Court of Canada decision

The recent decision in Poonian v. British Columbia has prompted the B.C. Securities Commission to call for bankruptcy law reform.

Supreme Court of Canada decision impacts Securities Commissions’ ability to collect from bankrupt transgressors

On July 31, 2024, the Supreme Court of Canada ruled on whether financial sanctions imposed by securities regulators are dischargeable through...