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A dynamic year for capital markets enforcement

Author(s): Lawrence E. Ritchie, Alexander Cobb, Sonja Pavic, Simon Cameron, Sarah Firestone, Jayne Cooke

Dec 13, 2021

Despite ongoing pandemic-related slowdowns, 2021 saw significant capital markets enforcement activity from regulators and prosecutors, including notable criminal and quasi-criminal proceedings. Much of this enforcement activity has been directed at emerging industries, particularly legalized cannabis and crypto markets.

Other developments in 2021 have the potential to shape the enforcement landscape for years to come, including the publication of a draft Ontario Capital Markets Act which, if enacted, will replace the Securities Act and the Commodity Futures Act. Other significant changes include the announcement of a beneficial ownership registry and the adoption by the Investment Industry Regulatory Organization of Canada (IIROC) of early resolution offers...