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ARTICLE · 21 AUGUST 2012

The Scope Of Improper Trading

Borden Ladner Gervais LLP
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Paul Donald, a former Vice-President of RIM, was attending a dinner party after a golf event, when he became aware of information pertaining to RIM’s ongoing interest in acquiring Certicom Corp.

CanadaFinance and Banking
David Surat
David Surat
Andrew McLean
Andrew McLean
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In Re Donald 1, the Ontario Securities Commission ("OSC") found that a former Research in Motion Ltd. ("RIM") employee acted in a manner "contrary to the public interest" by trading in securities with knowledge of a potential take-over of the Issuer, despite the fact that there was no violation of the insider trading prohibition. The decision is indicative of the OSC's willingness to find public interest violations where there is no technical breach of the insider trading provisions of the Ontario Securities Act (the "Act").

Background

Paul Donald ("Donald"), a former Vice-President of RIM, was attending a dinner party after a golf event, when he became aware of information pertaining to RIM's ongoing interest in acquiring Certicom Corp. The following day, Donald instructed his broker to purchase approximately $300,000 worth of Certicom shares. Certicom subsequently entered into an arrangement agreement with RIM, which valued the Certicom shares at approximately

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