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ARTICLE · 02 DECEMBER 2021

Regulating Market Manipulation – Challenges And Change

Cassels
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The regulation of market manipulation, and activist short selling in particular, has been at the forefront of recent efforts to modernize the Canadian securities landscape.

CanadaCorporate/Commercial Law
John M. Picone
John M. Picone
Stephanie Voudouris
Stephanie Voudouris
David Kelman
David Kelman
Aaron Cressman
Aaron Cressman
Robert Sniderman
Robert Sniderman
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The regulation of market manipulation, and activist short selling in particular, has been at the forefront of recent efforts to modernize the Canadian securities landscape. In late 2020, the Canadian Securities Administrators (CSA) released a consultation paper to solicit the public's views about activist short selling and its potential impact on Canadian capital markets. Shortly after that, in early 2021, the Ontario Capital Markets Modernization Taskforce (the Taskforce) released a report in support of regulatory reform which included recommendations for increased regulation of short selling.1 The CSA and the Taskforce were both focused on finding a balance between fostering efficient and innovative capital markets while still ensuring investor protection. Recognizing the need to achieve this goal, the Government of Ontario published draft legislation for the new Capital Markets Act (the Draft CMA).2 The Draft CMA was released for comment on October 12, 2021, and

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