Capital Markets Capital Markets

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.

CSA disclosure review highlights AI-washing and greenwashing among other continuous disclosure concerns

Areas that require disclosure improvements by Canadian reporting issuers include promotional claims about artificial intelligence and sustainability.

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.

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.

Aggressive enforcement by securities regulators continues

A recent decision of the Supreme Court of British Columbia granted a Mareva injunction, freezing the assets of the defendant. The required...

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...

Corporate transparency registers: what private companies need to know as requirements get stricter across Canada

Requirements for private companies to disclose corporate ownership information on “transparency registers” have swept across Canada. We explain...

B.C. Securities Commission issues first administrative penalty under new regime

On November 17, 2023, the B.C. Securities Commission (the BCSC) issued a $12,000 administrative penalty to Capstone Asset Management Inc. (Capstone)...

Long-awaited U.S. Supreme Court ruling curtails SEC’s use of administrative courts

The U.S. States Supreme Court ruled on a decade-long dispute between the SEC and a hedge fund manager.