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ARTICLE · 01 SEPTEMBER 2014

Important Lessons From OSC’s Latest Insider Trading Decision

Osler, Hoskin & Harcourt LLP
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In a recent decision, a panel of the Ontario Securities Commission dismissed allegations against two prominent mining executives who were alleged to have committed insider trading and tipping violations in connection with a hostile takeover bid for Baffinland in 2010.

CanadaCorporate/Commercial Law
Lawrence Ritchie
Lawrence Ritchie
Alexander Cobb
Alexander Cobb
Shawn Irving
Shawn Irving
Karin Sachar
Karin Sachar
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In a recent decision, a panel of the Ontario Securities Commission dismissed allegations against two prominent mining executives who were alleged to have committed insider trading and tipping violations in connection with a hostile takeover bid for Baffinland in 2010. Notwithstanding the ruling, the OSC's director of enforcement, Tom Atkinson, has vowed to continue aggressively pursuing such cases and to push for enhanced tools to assist in prosecution.

The Baffinland decision highlights:

  • The need for market participants to exercise caution when using and disclosing confidential information that has been imparted by a reporting issuer.
  • Why reporting issuers should consider implementing internal policies and procedures for the use of confidential information, especially in circumstances of a potential take-over or significant corporate transaction.

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