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SEC Agrees to $11.8 Million Settlement with Auditor for Alleged Audit Failures

In October 2016, the U.S. Security and Exchange Commission (“SEC”) announced Ernst & Young LLP agreed to pay $11.8 million...

U.S. Department of Labour Fiduciary Rule Survives First Legal Challenge

On November 5, 2016, the United States Department of Labour (the “DOL”)’s Fiduciary Rule for retirement accounts survived the first...

‘A New Day Has Arrived’: Continued Focus on Individual Wrongdoing

The “Yates Memo,” which instructs United States prosecutors to focus on individual wrongdoers when investigating or prosecuting alleged...

Proposed Amendments to Bank Act – Federal Consumer Code for Banks

On October 25, 2016, Bill C-29 received first reading. Division 5 of Part 4 of Bill C-29 amends the Bank Act to consolidate and streamline provisions...

Significant corporate governance changes in proposed amendments to the Canada Business Corporations Act

On September 28, 2016, the Canadian federal government introduced Bill C-25: An Act to amend the Canada Business Corporations Act et al. The proposed...

Penalties Assessed for Untimely Disclosure of Liabilities Arising From an Investigation

On September 9, 2016, the United States Securities and Exchange Commission (“SEC”) charged RPM International Inc. (“RPM”) and...

Newly Introduced OSC Whistleblower Program Receives Over 30 Tips Since Coming into Effect

The Ontario Securities Commission (the “OSC”) has now reported that in the month and a half since its rollout, its Office of the...

Canadian government publishes consultation paper for a review of the legislative and regulatory framework of Canada’s financial sector

BackgroundOfficers, Directors of regulated businesses and advisors must keep up with evolving regulatory and other policy priorities as a matter of...

Government report indicates potential overhaul of Ontario labour and employment landscape

Ontario employers may soon face significant changes to workplace laws. That is the main conclusion that can be drawn from the recently released...

DOJ’s Major Insider Trading Victory: a Blueprint for post-Newman Convictions?

Improper disclosure of confidential information and insider trading remains very much a focal point for regulators and prosecutors on both sides of...