Information About Securities litigation and enforcement
Recent Posts
Below is a preview of the five most recent posts from the blog Securities litigation and enforcement. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!
- Ontario’s Capital Markets Tribunal finds it does not have jurisdiction to “supervise” OSC investigation orders
In Binance Holdings Limited (Re), 2023 ONCMT 27, Ontario’s new Capital Markets Tribunal (the Tribunal) clarified that it does not have the jurisdiction to revoke an investigation order made by the Ontario Securities Commission (OSC). Background In May 2023, the OSC issued an investigation order unde … Read more »
- What’s the Difference? Ontario Divisional Court finds trading in Contracts for Difference amounts to trading in unregistered securities: VRK Forex & Investments Inc. v Ontario Securities Commission, 2023 ONSC 3895
Ontario’s Divisional Court has upheld a decision of the new Capital Markets Tribunal, finding an over-the-counter financial instrument to meet the definition of “investment contract” pursuant to the Securities Act. Background The appellants conducted business trading in Contracts for Difference (CFD … Read more »
- US SEC targets Coinbase, signaling stricter enforcement against crypto exchanges
On March 22, 2023, the Securities and Exchange Commission (Commission or SEC) issued a Wells Notice to Coinbase, Inc., the largest US-based cryptocurrency exchange and a NASDAQ-listed company. A Wells Notice is a communication from the SEC enforcement staff (Staff) to a person or entity involved in … Read more »
- Primer on Prospectus Exemptions
Introduction In accordance with the Québec Securities Act[1], any person wishing to distribute securities must prepare a prospectus[2]. However, Regulation 45-106[3] offers several exemptions from prospectus requirements. In addition to these exemptions, the Autorité des marchés financiers may also … Read more »
- Mutual Fund Managers’ Liability for “Time Zone Arbitrage”: Fischer v. IG Investment, 2023 ONSC 915
At the conclusion of a liability trial before the Ontario Superior Court of Justice in this class action commenced 17 years ago[1], two Canadian mutual fund managers were found negligent for having failed to prevent certain hedge funds from engaging in “time zone arbitrage”, a type of trading strate … Read more »