Securities Law

No Material Change in Ambiguity: The SCC’s Decision in Lundin

When is a public company required to disclose new information to the public? The answer to this question is far from clear, and the ambiguity that lies at its core plagues securities lawyers who are tasked with advising clients on corporate disclosures. In light of this ambiguity, the Supreme Court of Canada’s (“SCC”) highly anticipated decision in Lundin Mining Corp v Markowich was expected to provide some clarity to the question of when to disclose information relating to a company’s affairs. This clarity, however, remains elusive.

Appeals Watch: Public or Private Law? SCC grants leave in Langford Sharp v Autorité des marchés financiers

On April 22, 2022, the Supreme Court of Canada (“SCC”) granted leave to an application for appeal in the Quebec Court of Appeal’s (“QCCA”) decision in Langford Sharp v Autorité des marchés financiers 2021 QCCA 1364 (“Langford”). The case concerns the appropriate standard of review when assessing the decisions of financial regulators and the role […]

Reference re Pan-Canadian Securities Regulation: A Unified Approach to Securities Regulation

Introduction The Supreme Court of Canada (“SCC”) released a decision this week that paves the way for a pan-Canadian national securities regulation scheme. The decision in Reference re Pan-Canadian Securities Regulation, 2018 SCC 48 [Securities Reference] overturns an earlier ruling, Renvoi relative à la réglementation pancanadienne des valeurs mobilières, 2017 QCCA 756 by the Court […]

Finkelstein v OSC: ONCA Considers Insider Trading & Tipping Provisions for the First Time

Alexandra Murray is currently a JD student at Osgoode Hall Law School. Prior to law school, she earned a degree in economics and worked in the mutual fund industry. Alexandra will be completing her articles at a firm in Toronto with an interest in corporate and securities law. On January 25th, the Ontario Court of […]

A National Precedent for Securities Regulation in Theratechnologies: An Uncommon Phenomenon In Canada

It’s not often that nation-wide securities judgments are issued in Canada. Securities regulation in Canada is polycentric in nature, such that each province is governed by its own legislation and securities commission. The Supreme Court of Canada (“SCC”) decision of Theratechnologies Inc. v 121851 Canada Inc., 2015 SCC 18, [Thera] is interesting because – although […]