15 May 2018
By Khrystina McMillanand Shakaira John
In a recent post, we discussed securities legislation introduced in Manitoba that would add Manitoba to a growing list of provinces that have provided greater legal authority to self-regulatory organizations (“SROs”), purportedly to strengthen investor protection. British Columbia has now also passed amendments to provincial securities legislation that grant SROs enhanced enforcement powers. Despite the momentum the trend has gained, it remains unclear whether the goal of investor protection is in fact served by bolstering SRO collection powers.
10 May 2018
By Khrystina McMillanIn a decision released May 7, 2018, the Court of Appeal settled the conflicting body of case law as to whether section 18 of the Limitations Act, 2002, SO 2002, c 24 (the “Act”) sets out an absolute two-year limitation period for claims of contribution and indemnity. In Mega International Commercial Bank (Canada) v Yung, the Court of Appeal overturned a summary judgment dismissal of a third party claim for contribution and indemnity as statute barred, holding that – contrary to the motion judge’s decision – section 18 of the Act does not displace the discoverability principles.
3 May 2018
By Uri SnirIn Wallbridge v. Brunning, the Court of Appeal for Ontario set aside a summary judgment granted in favour of the defendant partnership of lawyers, Williams Litigation Lawyers (“Williams”). By sending the issue of Williams’ liability to trial, the Court of Appeal has potentially opened the door to a law firm being found vicariously liable for the actions of a lawyer who practices “in association” with it.
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.