Lawrence E. Ritchie

Larry Ritchie chairs Osler’s cross-disciplinary Risk Management and Crisis Response national practice and is a key contact for the Securities Regulatory Enforcement and Broker-Dealer Practice. His practice involves dispute avoidance and resolution across a range of capital markets, the financial sector and other regulated industries and activities.

Larry's experience encompasses all aspects of enforcement and other regulatory proceedings and related litigation, including class actions. He also advises on the conduct and response to internal and regulatory investigations. 

He advises public corporations, their officers, in-house counsel and directors on avoiding, preparing for, managing and responding to extraordinary “crisis” situations, including regulatory actions and litigation. He provides proactive corporate governance and other risk-management advisory services, in addition to representing clients in addressing relevant matters with regulators and in the courts. Larry also advises clients on developments in capital markets regulation, governance and compliance, administrative law and practices, and associated matters.

Larry is recognized as one of the leading securities litigators and white collar defence practitioners in Canada. His practice includes the defence of class actions as well as capital markets enforcement and regulatory investigations and related proceedings. In addition, his practice has included advising on numerous pension and financial sector matters. Larry appeared at all levels of courts in Canada, including the Supreme Court of Canada, and numerous administrative tribunals.

Larry ‘s expertise is recognized by a number of professional ranking organizations including Chambers, Lexpert, Best Lawyers in Canada, Benchmark and Martindale-Hubbell.

He returned to Osler in 2014 after a seven-year term as Vice-Chair of the Ontario Securities Commission, which included a secondment to the Canadian Securities Transition Office as its Executive Vice-President and Senior Policy Advisor.

At the OSC, Larry was a member of the Commission, its board of directors and the executive management and adjudicative committees. He chaired adjudicative panels that heard and decided enforcement and transaction related proceedings, regulatory policy matters and appeals of decisions of OSC staff and recognized self-regulatory organizations and acted as executive sponsor for the development of a number of important securities policies and rule-making initiatives. He represented the OSC at national and international bodies and organizations and, in particular, on the Joint Forum of Canada’s Financial Regulators, the North American Securities Administrators Association and at the International Organization of Securities Commissions.

From 2009 to his return to the firm, Larry helped establish the Canadian Securities Transition Office, the federal statutory organization charged with leading the transition to a single national securities regulator. As one of its executives, he advised the federal Minister of Finance on, and assisted the Department of Finance with all aspects of that initiative including the proposed capital markets legislation and regulations and the development and operationalization of a national capital markets regulatory authority, including its governance and tribunal.

In 2015, Larry was appointed by the Government of Ontario to serve on a 3 person expert panel to assess and make recommendations on the mandates, governance and effectiveness of Ontario's major financial regulators. In 2016, the Panel made recommendations including to establish a new regulatory agency and framework, which recommendations have been accepted and currently being acted upon by the Government of Ontario. In 2018, Larry was appointed to the Financial Services Regulatory Authority (FSRA) Board of Directors. In 2021, Larry was appointed as a member of a special advisory group to the RCMP’s Integrated Market Enforcement Team.

Representative Work

  • Hydro One Inc.

    Bennett v. Hydro One Inc. et al

  • KRIM Biopharma Inc.

    KRIM Biopharma Inc., as well as its directors, with respect to the defence of a breach of contract and oppression claim brought by Stiefel Laboratories, Inc. in the Ontario Superior Court seeking $200 million in damages

  • GuestLogix Inc.

    GuestLogix Inc. in proposed securities class action alleging misrepresentations contained in company’s public disclosures relating to certain credit facilities

  • Canadian Oil Sands Limited

    Canadian Oil Sands Limited in its agreement to support Suncor Energy Inc.’s amended offer valued at $6.6 billion

  • Dialogue Health Technologies Inc.

    Dialogue in its acquisition by Sun Life Financial

Latest Insights

  • Blog Jul 10, 2024

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

    On June 27, 2024, the United States Supreme Court (SCOTUS) released its ruling [PDF] on what has been a decade-long dispute between the Securities Exc...

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    Long awaited U.S. Supreme Court ruling curtails SEC’s use of administrative courts
  • Blog Apr 16, 2024

    SEC wins novel ‘shadow trading’ trial against biopharma executive

    A novel theory of insider trading known as “shadow trading” involves the use of material non-public information about a re...

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    SEC wins novel ‘shadow trading’ trial against biopharma executive
  • Blog Apr 2, 2024

    CIRO publishes proposals to level the advisor compensation playing field

    Earlier this year, the Canadian Investment Regulatory Organization published a consultation paper outlining policy options that would help to level th...

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    CIRO publishes proposals to level the advisor compensation playing field
  • Blog Jan 24, 2024

    Duty of procedural fairness that would be owed to witnesses in issuing summonses under the Securities Act is minimal

    A recent British Columbia Court of Appeal decision confirmed that, amongst the very limited avenues that witnesses have to challenge a regulatory inve...

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    Duty of procedural fairness that would be owed to witnesses in issuing summonses under the Securities Act is minimal
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Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Litigation: Securities (Band 1) (Ontario); White-Collar Crime & Government Investigations (Nationwide)
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada: Recognized in Litigation – Securities
  • The Canadian Legal Lexpert Directory: Recognized in Litigation – Directors’ & Officers’ Liability; Litigation – Securities; Toronto securities litigation lawyers
  • Best Lawyers in Canada: Recognized in Corporate and Commercial Litigation; Securities Law
  • Benchmark Litigation Canada: Recognized in Dispute Resolution; Securities; White Collar Crime (Litigation Star)
  • The National Law Journal: Recognized in Trailblazers & Pioneers: Governance, Risk & Compliance

Media Mentions

  • Osler News Jan 9, 2024

    34 Osler lawyers recognized in 2024 Lexpert/American Lawyer Guide to Leading 500 Lawyers in Canada

    Osler is pleased to announce that 34 of our lawyers have been recognized in the 2024 edition of the Lexpert/American Lawyer Guide to the Leading 500 L...

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  • Media Mentions Jan 5, 2024

    Lawrence Ritchie retires from FSRA Board

    Lawrence Ritchie has retired from the Financial Services Regulatory Authority of Ontario (FSRA) Board of Directors. He joined the newly-formed Board i...

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  • Osler News Nov 23, 2023

    23 Osler lawyers recognized in Lexpert Special Edition: Litigation 2023

    23 Osler lawyers featured in the Lexpert Special Edition: Litigation 2023.

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  • Media Mentions Feb 15, 2022

    Recent developments underscore importance of KYC and related due diligence – Financier Worldwide

    Global business relationships are becoming more complex and interconnected, involving several parties throughout a company’s supply chain. In an artic...

    Read more
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Speaking and Writing

Speaking Engagements

speaker 25/6/2020
Financial Services Regulatory Webinar: Regulatory Convergence in the Financial Services Sector
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speaker 16/11/2017
Global Investigations – The Importance of a Unified Front
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speaker 13/11/2017
PMAC 2017 Lawyers’ Network Event
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speaker 28/2/2017
Promoting Dialogue: A candid conversation between white-collar enforcers, businesses and their counsel
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speaker 15/11/2016
Whistleblowers: the trend in regulatory & anti-retaliation initiatives
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speaker 20/7/2016
The OSC’s New Whistleblower Incentive Program: Implications for Public Companies
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speaker 01/6/2016
Lexpert Professional Development: Managing & Avoiding Securities Litigation Risk
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speaker 04/4/2016
New Research Report: Are Canadian Directors Ready for a Corporate Crisis?
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Speaker, “The Changing Face of Pension Regulation”, Canadian Pension & Benefits Institute, Apr 11, 2017

Speaker, “Canadian Capital Markets – A New Regulator and New Prospectus Exemptions”, 2016 PDAC Convention – Capital Markets Program, Mar 8, 2016

Speaker, “FSCO Mandate Review – Where are we Now?”, Ontario Bar Association, 14th Annual Pension and Benefits Hot Spots, Mar 8, 2016

Speaker, “Market Conduct Regulation – The Forgotten Second Cousin Discussion”, Northwind 2015 Annual Life Insurance Invitational Forum, Dec 2, 2015

Speaker, “Co-Operative Capital Markets Regulator”, IIROC – CLS Compliance Conference 2015, Dec 1, 2015

Speaker, “Implementing the Cooperative Capital Markets Regulatory Regime”, 9th Annual Northwind Capital Markets Roundtable, Facing Threats and Seizing Opportunities, Nov 10, 2015

Speaker / Commentator, “Educating for Integrity”, Canadian Business Ethics Research Network, York University, Nov 5, 2015

Speaker, “Update on the Cooperative Capital Markets Regulatory System”, The Intensive Course in Canadian Securities Law & Practice”, Osgoode Hall Law School, Oct 21, 2015

Speaker, “Risk Management: Prepare for and Minimize Class Action Risk”, Osler Class Action Symposium, Oct 1, 2015

Speaker, “Privatizing the “Public Interest”: Outsourcing Regulatory Enforcement”, 2015 Northwind Class Actions Invitational Forum, Developing Issues in Class Action Litigation, June 11, 2015

Speaker, “Investigating Financial Fraud and Dealing with Special Committees”, OSC Enforcement Conference: Kempenfelt, June 8, 2015

Speaker, “Canadian Cooperative Capital Markets Regulator,” Canada-U.S. Securities Summit 2015, May 13, 2015

Speaker, “Ethics and Regulatory Compliance: Building a Proactive Risk Management Program”, American Lawyer Magazine Webinar, Mar 31, 2015

Speaker, “Fundamentals of U.S. Securities Law: What Canadian Lawyers Need to Know”, Osgoode Professional Development, Mar 26, 2015

Speaker, “The View from the Adjudicators / Decision Makers” – Special Litigation Program”, Administrative Tribunal Advocacy, Mar 24, 2015

Speaker, “The Future of the Public Interest in Securities Adjudication”, Osgoode Professional Development, Feb 4, 2015

Speaker, “Regulatory Compliance – Building a Proactive Risk Management Program”, the 2014 NLJ Regulatory Summit, Dec 2, 2014

Key-note Speaker, “National Capital Markets Policy Making in Canada”, Association of Corporate Counsel, 1st Annual Securities Law Symposium, Oct 1, 2014

Speaker, “Managing Legal Risk: Recent Canadian Employment Law Developments May Impact Your Business”, Osler Webinar, June 2014

Published Work

  • Larry has authored published papers and case comments and has spoken extensively on topics within his areas of expertise. He is an adjunct law professor at Osgoode Hall Law School, and has taught courses and seminars including, “Trial Advocacy”, “Avoiding and Resolving Securities and Corporate Disputes” and “Comparative American Securities Law” and is a faculty member of the Rotman School of Business / Institute of Corporate Directors’ “Directors’ Education Program.
  • Quoted, “Supreme Court opens door to national securities regulator”, The Globe and Mail, November, 2018
  • GIR Know How: Securities and Related Investigations, Canada (L. Ritchie and L. Tomasich), March 2017




  • London School of Economics, LL.M.
  • Osgoode Hall, LL.B.
  • University of Western Ontario, B.A. (Economics/Political Science)


  • English

Professional Affiliations

  • RCMP IMET Special Advisory Group Board Member