Law Commons^™

Securities Regulation, Dale H. Lastman

Osgoode Course Casebooks

Course code: 2620.3

When Insider Trading And Market Manipulation Cross Jurisdictions: What Are The Challenges For Securities Regulators And How Can They Best Preserve The Integrity Of Markets?, Janet Elizabeth Austin

PhD Dissertations

Over the last few decades world securities markets have become significantly more sophisticated in terms of how securities are traded as well as the variety of securities traded. My hypothesis is that the ability of securities regulators to take enforcement action against market abuse has not kept pace with the level of sophistication of the markets and, in particular, the way in which trading can take place across borders and the manner in which market related information can spread rapidly across the world. I argue that that regulators need to do more to protect the integrity of the markets by …

Securities Regulation: 2016-17, Dale H. Lastman

Osgoode Course Casebooks

Course Number 2620

The Role Of Corporate Governance In Curbing Foreign Corrupt Business Practices, Poonam Puri, Andrew Nichol

Osgoode Legal Studies Research Paper Series

The role of corporate and securities laws in addressing foreign corrupt business practices has, to date, received limited consideration. Departing from the substantial literature on the criminal and public law response to international corruption, the authors analyze Canada’s Corruption of Foreign Public Officials Act in comparison with British and American legislation and conclude that the Canadian regime relies too heavily on the use of criminal sanctions and fails to contemplate the role of behaviour modification in its legislative structure. Recognizing that multinational corporations are well placed to identify, expose and prevent corrupt business practices, the authors propose a private law …

Developments In Financial Services Regulation: A Canadian Perspective, Poonam Puri, Andrew Nichol

Articles & Book Chapters

No abstract provided.

Securities Regulation Of Ontario Venture Issuers: Rules Or Principles?, John Pearson Allen

PhD Dissertations

Should the securities regulation of Ontario venture issuers be based primarily on rules or principles? Advocates for rules argue that detailed rules, with predictable meaning and scope, allow participants to focus on matters other than compliance. Advocates for principles argue that when an activity is complex, such as securities trading, detailed rules can become a confusing web, obscuring core values and discouraging creative solutions. The rules and principles literature is reviewed, along with the topics of risk-based, responsive, outcomes oriented and proportionate regulation. Governance theory is addressed and various compliance theories are discussed. From this, eight factors are gleaned to …

Weather, Leather, And The Obligation To Disclose: Kerr V. Danier Leather Inc., Anita Anand, Mary Condon

Osgoode Hall Law Journal

Is an issuer legally obliged to update its prospectus if a material event occurs following the receipt for the prospectus but prior to the closing of the offering? This is the crucial issue that is addressed in Kerr v. Danier Leather Inc., a case that has been heard at the trial and appeal levels in Ontario and that will be heard in 2007 by the Supreme Court of Canada. In this commentary, we argue that the Court of Appeal decision in the case overlooked crucial aspects of contemporary securities law and policy in holding that there is no obligation to …

Rethinking Enforcement And Litigation In Ontario Securities Regulation, Mary Condon

Articles & Book Chapters

The Ontario government has recently made changes to provincial securities law that are aimed at more effective enforcement. For example, statutory civil remedies are now available to investors in actions involving misrepresentation or inadequate disclosure in the secondary market. A broader range of sanctioning options has also been made available to the Ontario Securities Commission.

The author explores the factors contributing to these developments, identifies recent controversies surrounding the Commission's enforcement activities, and evaluates the effectiveness of different approaches to enforcement. The author reviews policy issues surrounding enforcement through public, criminal and quasi-criminal sanctions, as well as civil remedies, and …

Connecting Economy, Gender, And Citizenship, Mary G. Condon, Lisa C. Philipps

Articles & Book Chapters

This chapter explores emerging discourses of economic citizenship and con- siders how they might illuminate developments in taxation and securities law and policy. In previous work, we have discussed how different fields of business and commercial law help to construct and regulate a gendered and classed economic order (Condon 2000, 2001, 2002; Philipps 1996, 2002, 2003). Here we draw upon theories of citizenship as a possible source of new insights about the formation and governance of an increasingly market- oriented social order and law’s role in that process. First, we focus on the significant theoretical challenges posed by emergent notions …

The Use Of Public Interest Enforcement Orders By Securities Regulators In Canada, Mary G. Condon

Commissioned Reports, Studies and Public Policy Documents

The purpose of this study is to examine the use of discretionary enforcement powers by securities regulators in Canada, in order to assess the implications of multiple regulators for the enforcement of securities law.

Of Butterflies And Bitterness?: Legal Fictions In Corporate And Securities Law, Mary G. Condon

Articles & Book Chapters

The theme of fictions in law in the context of corporate and securities law raises some intriguing issues, and I am particularly grateful for the opportunity it gives me to rethink some of my previous work on corporate law. At one level, the topic of fictions in law is an obvious one for an Anglo-American corporate lawyer. One of the first principles of Anglo-American corporate law that students learn is that the corporation is best understood as a legal fiction. The principle is otherwise known as the doctrine of the separate legal personality of the corporation. This is the idea …

High Tech Lending: Maintaining Priority In An Intangible World, Richard Haigh, Marc R. Mercier

Articles & Book Chapters

Financing intangible intellectual property in Canada presents some novel demands on lenders because of the interaction of provincial security schemes with federal intellectual property legislation. This article looks at the relative ease with which security interests in intangible property may be obtained under provincial personal property security regimes, and then at the various federal intellectual property statutes which exhibit more of a piecemeal approach to financing. In addition, a number of constitutional issues arise because of this jurisdictional split, and the article explores these issues, comparing the situation in Canada with that in the United States. The article suggests that …

The Role Of Institutional And Retail Investors In Canadian Capital Markets, Jeffrey G. Macintosh

Osgoode Hall Law Journal

In recent years, the growth of the institutional portfolio (i.e., funds managed by mutual funds, insurance companies, banks, trust and loan companies, etc.) has been truly astonishing. In this article, Professor MacIntosh argues that this growth has important implications for the manner in which Canadian capital markets are regulated. In particular, institutional shareholders tend to be better monitors of corporate managers than retail shareholders. Institutional monitoring has been impeded by a number of features of the regulatory landscape. Professor MacIntosh makes a number of recommendations for changes to corporate and securities laws. Contrary to the fears expressed by some, the …

Following Up On Interests: The Private Agreement Exemption In Ontario Securities Law, Mary Condon

Articles & Book Chapters

This paper uses insights from cultural theories of regulation and critical legal studies to argue that regulatory outcomes are not adequately explained by the activities of dominant interest groups. A more dynamic conception of the relationship between interests and ideas, especially legal ones, is required. Discursive shifts among languages of entrepreneurship, ownership, fairness, and market credibility are shown to be consequential for the outcome of the reform debate examined, not least because of the importance of these ideas, variously interpreted, in shaping the positions of interest groups.