The recent decision of the Divisional Court in Industrial Alliance Securities Inc. v. Kunicyn has clarified the test for the very narrow future crimes/fraud exception to solicitor-client privilege. This was an appeal of a motion brought by Ms. Kunicyn after Industrial Alliance (“IA”) refused to answer questions on an examination for discovery.  This action arose from the termination of an agency agreement between Ms. Kunicyn and Industrial Alliance (“IA”) after IA believed that Ms. Kunicyn was allowing an unlicensed person to act as an investment advisor to her clients. The Investment Industry Regulatory Organization of Canada (“IIROC”), investigated these events ... [more] Full article