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ARTICLE · 24 NOVEMBER 2020

Recent Developments In Insider Trading Cases And A COVID-19 Caution From The SEC

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The past year also saw the COVID-19 pandemic give rise to novel challenges for market participants and regulators in combating the increased risk of insider trading and tipping.

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Stephanie Voudouris
Stephanie Voudouris
Joseph Hamaliuk
Joseph Hamaliuk
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Canadian securities regulators have continued to focus on insider trading and tipping investigations and prosecutions since the Ontario Court of Appeal endorsed the use of circumstantial evidence in early 2018.1 However, a recent decision from the Ontario Securities Commission ("OSC"), released in late 2019, serves as an important reminder of the need for OSC Staff to put forward an exhaustive case when attempting to advance allegations of insider trading and tipping based entirely on circumstantial evidence.

The past year also saw the COVID-19 pandemic give rise to novel challenges for market participants and regulators in combating the increased risk of insider trading and tipping. Given the unique circumstances caused by the pandemic, regulators in the United States have warned of a surge in the number of people that may have access to material non-public information, and have reminded market participants to be mindful of their obligations to keep

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