25 April 2018
By Cynthia SpryIn Cunningham v. Wiltzen, the Alberta Court of Appeal recently dealt with an appeal of a trial judge’s findings regarding an investment adviser’s liability for breach of his duty of care.
10 April 2018
By Khrystina McMillanIn a decision released last week, the Ontario Court of Appeal held that section 138.3(6) of Ontario’s Securities Act cannot be used to avoid the “statute-bar monster”. In Kaynes v BP, P.L.C., the Court of Appeal upheld the motion judge’s decision to strike eleven of fourteen secondary market misrepresentation claims in a putative class action on the grounds that they were statute-barred. In doing so, the Court of Appeal rejected the plaintiff’s submission that the court could treat all the misrepresentations as a single representation under section 138.3(6) to extend the limitation period for the eleven statute-barred misrepresentations.
2 April 2018
By Uri SnirOn March 20, 2018, the Ontario Securities Commission (OSC) published a report titled Seniors Strategy. The report develops initiatives and an action plan to better protect senior investors in Ontario. The report is the culmination of extensive research and data collection by the OSC, as it recognizes the growing challenges facing older investors. Babin Bessner Spry’s own Ellen Bessner served on the Seniors Expert Advisory Committee that consulted with the OSC in developing its Seniors Strategy.
26 March 2018
By Khrystina McMillanand Shakaira John
Last week, Manitoba’s Minister of Finance introduced proposed amendments to Manitoba securities legislation that would grant a national investment industry regulator enhanced enforcement powers. If approved, these amendments will make Manitoba the fifth province that has provided self-regulatory organizations (“SROs”) with more robust legal authority in the name of investor protection. It is not clear, however, that the goal of investor protection is actually served by giving SROs more enforcement powers.
19 March 2018
By Eden KaillThe Great Library at the Law Society of Ontario (“LSO”) is many things – a historically significant collection of rare books, an architectural masterpiece hidden in plain sight, and for those looking for an obscure (or not-so obscure but expensive) legal text, an absolute treasure trove. Law students study here, members of the public walk the stacks, any licensed lawyer or paralegal can access any document the library manages, and the knowledgeable staff will even help with research.
12 March 2018
By Uri SnirOn February 1, 2018, the Ontario Securities Commission approved Canada’s first exchange traded fund (ETF) that tracks blockchain-based companies. There appear to be at least two additional blockchain ETFs in the pipeline and more will likely follow. Earlier this year, similar ETFs were launched on the New York Stock Exchange and Nasdaq.
6 March 2018
By Morgan WestgateIn its recent decision, DBDC Spadina Ltd. v. Walton, the Ontario Court of Appeal clarifies the law on knowing assistance claims that are brought against corporations.
27 February 2018
By Cynthia SpryIn Aird & Berlis LLP v. Oravital Inc., the Court of Appeal recently overturned a decision: (1) granting summary judgment to a law firm for unpaid fees and disbursements; and (2) dismissing the counterclaim by the law firm’s former clients (two corporations) alleging negligent provision of legal advice and representation. The decision emphasizes that, even where all parties agree that an action is appropriate for summary judgment, it is nonetheless open to the courts to disagree and order a matter proceed to trial.
20 February 2018
By Shakaira JohnIn an earlier post, we discussed the Ontario Securities Commission’s (“OSC”) Whistleblower Program under OSC Policy 15-601 and, in particular, the OSC’s focus on promoting awareness of whistleblower protections despite criticisms of their efficacy. Recently, legislative amendments gave teeth to whistleblower protections by creating a civil cause of action for reprisals, potentially resolving one of the criticisms of the program (highlighted in our earlier post).
12 February 2018
By Khrystina McMillanI think I was in high school when I first heard the story about a contest held by NASA offering a hefty cash prize to anyone who could invent an anti-gravity pen for use in outer space. While many of the country’s greatest minds set out to design such a “space pen”, pouring millions of dollars and countless hours into the task, according to legend the contest was won by a young child who simply wrote: “Why not use a pencil?”