ARTICLE · 06 AUGUST 2018

Ontario Securities Commission Confirms Test For Severance

Norton Rose Fulbright Canada LLP

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In a decision issued on July 24, 2018, the Ontario Securities Commission held that the test to determine whether a respondent's case should be severed and heard separately is the same test used in criminal proceedings.

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In a decision issued on July 24, 2018, the Ontario Securities Commission held that the test to determine whether a respondent's case should be severed and heard separately is the same test used in criminal proceedings.

The decision, Hutchinson (Re), 2018 ONSEC 40, is available here.

Allegations of insider trading and insider tipping

The OSC commenced proceedings against four individuals alleging insider trading and insider tipping with respect to the securities of eight companies.

Commission staff alleged that Donna Hutchinson, a legal assistant at a law firm, provided material non-public information to her friend Cameron Edward Cornish regarding M&A transactions being handled by her law firm. While the information was to remain confidential, Cornish was alleged to have shared it with Patrick Jelf Caruso and David Paul George Sidders. Before the information was generally disclosed, Cornish, Caruso, and Sidders acquired positions in the companies that improved

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