Ontario Securities Commission (OSC) panel decisions criticize regulators’ disclosure practices
Two recent OSC decisions have sided against securities regulators on issues of documentary disclosure. In one case, an OSC panel found that there had been too much disclosure by OSC staff and, in another case, there had not been enough disclosure. [more] Full article
OSC clarifies when merger negotiations must be disclosed
Companies do not have to disclose merger negotiations as a material change until there is sufficient likelihood that the deal will close, the Ontario Securities Commission held recently in Re AiT Advanced Information Technologies Corp. [more] Full article
Canada’s top court dismisses shareholder class action against Danier Leather but rejects Business Judgment Rule as a defence in securities cases
Canada’s Supreme Court upheld the dismissal of Canada’s first-ever securities class action judgment in favour of investors relating to alleged misrepresentations on an initial public offering. [more] Full article
Lenders not liable for failing funds
If investors borrow money to invest in mutual funds, and the funds do not perform up to expectations, are the lending financial institutions on the hook? This question was the subject of the recent Court of Appeal decision in Baldwin et al. v. Daubrey et al. [more] Full article