Capital Markets Regulatory Enforcement

Evolving legal and political landscape creates uncertainty about securities regulation of crypto-related activity

We recap some recent cases from both sides of the border, with an eye to where enforcement activity may go from here.

Regulation by enforcement: who pays the price?

Who should bear the costs of Ontario Securities Commission enforcement proceedings is emerging as an important issue.

Two years of CIRO: enforcement, harmonization and what’s next

The Canadian Investment Regulatory Organization’s core priorities will be enforcement and regulatory harmonization.

Will new powers lead to more effective capital markets regulatory enforcement?

With broader investigative and enforcement powers, securities regulators levied increased sanctions in 2024.

Water cannot be turned into wine: Cormark and the legality of triangular hedging transactions

The Ontario Capital Markets Tribunal has provided important guidance on hedging transactions in connection with private placements.

Changes of enforcement leadership raise questions about new priorities

Amid recent departures from top enforcement jobs, personalities and personal agendas can affect regulators’ strategies and enforcement priorities.

Canadian Securities Administrators’ 2023–2024 annual Year in Review

The annual report highlights efforts undertaken in response to emerging issues and changing conditions in the country’s capital markets.

Proposed amendments would allow email summons from the Ontario Securities Commission

Following a recommendation from the province’s Capital Markets Modernization Taskforce, Ontario is proposing to ease the requirements for the...

Québec insider trading decision discusses transactional certainty for the materiality criterion

The Financial Markets Administrative Tribunal considered insider trading allegations around a proposed takeover of a Canadian energy company.

Materiality in insider trading: recent insights from the Québec Financial Markets Administrative Tribunal

What threshold must a proposed transaction meet to be classified as material non-public information? Pursuant to Québec’s Securities Act,...