ARTICLE · 13 MAY 2026

5-Year Retrospective: Securities Litigation

Lenczner Slaght

This retrospective examines key developments in securities litigation over a five-year period, analyzing critical legal precedents that affect issuers, underwriters, and securities lawyers. The analysis covers OSC receiver appointments, underwriter indemnity rights, and the procedural complexities of securities class actions against insolvent issuers.

CanadaCorporate/Commercial Law

Brian Kolenda

Jonathan McDaniel

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Over the past five years, the Commercial List has clarified important points for issuers, underwriters, and securities lawyers to keep in mind in all kinds of securities litigation and regulatory proceedings.

When the Ontario Securities Commission (OSC) can have a receiver appointed and with what powers
Underwriters’ indemnity rights against the issuers with whom they work
How securities class actions can proceed against insolvent issuers

Receiverships Under the Securities Act

When Can the OSC Have a Receiver Appointed?

In 2025, the Commercial List clarified what the OSC needs to prove to have a receiver appointed under section 129 of the Securities Act: does it need to show a “strong prima facie case” or only that it has “serious concerns of a breach of the Securities Act”? The Commercial List had applied the “serious concern” standard in 2023 in Ontario Securities Commission v Traders Global Group Inc, but the issue came up again for decision in 2025.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

5-Year Retrospective: Securities Litigation

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