New Life for a National Securities Regulator?
On Thursday, September 19, the Canadian government announced a new plan for national securities regulation. So far, it has the support of just two provincial governments, Ontario and British Columbia, but the plan invites all other provinces and territories to sign on. Quebec and Alberta defeated the last federal attempt to create a national regulator, which the Supreme Court deemed unconstitutional in the Securities Reference (2011 SCC 66). But the new plan differs in two important ways. First, there will be no federal law regulating the securities industry in general. Instead, that will be regulated by uniform provincial laws to be adopted by participating provinces. Second, the federal law will deal with criminal provisions, national data collection, and systemic risk in the financial sector, areas the Securities Reference either did not contest or specifically viewed as proper candidates for federal legislation. [more]
Ottawa Businessman Convicted of Foreign Corruption
Court Drops Misleading Advertising Case Against Rogers
Rogers’ advertising claims that customers of its Chatr brand experienced fewer dropped calls than customers of new entrants, including Wind Mobile and Public Mobile, were not false or misleading, the Ontario Superior Court held today in dismissing an application by the Commissioner of Competition. [more]
Table Manners – Recipes for Negotiators: #2 The Mandate
Another integral aspect of the negotiating process is the mandate. Legal counsel as well as other individuals, often represent clients either as an individual or in a larger groups. Your mandate, or lack of mandate, can be crucial to your success, failure or to prolonging the negotiating process indefinitely. [more]
Beware the bright line: class action put lawyers in conflict of interest
On July 5, the Supreme Court upheld its strict test for preventing conflicts of interest in the legal profession. The appellant, Canadian National Railway (CN), was a client of the respondent law firm, McKercher LLP. Then McKercher agreed to represent the plaintiff in Wallace v. Canadian National Railway, a class action against CN and other defendants for potentially $1.75 billion. CN alleged a conflict of interest and applied to remove McKercher as lawyers for the proposed class. Writing for the Court, Chief Justice McLachlin agreed that McKercher crossed the well-entrenched “bright line rule” by acting against a current client without its consent. But she did not decide whether to remove McKercher, since she recast the legal test for that remedy and sent the question back to the court of first instance for reconsideration. [more]
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