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ARTICLE · 17 JULY 2006

Changes to the Securities Act (Ontario): a Source of Potential Liability for Insolvency Practitioners?

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On December 31, 2005, amendments to the Securities Act (the "Act") came into force that will, for the first time, create statutory civil liability for continuous disclosure in the secondary market in Ontario.

CanadaInsolvency/Bankruptcy/Re-Structuring
Carole Hunter
Carole Hunter
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Introduction

On December 31, 2005, amendments to the Securities Act1 (the "Act") came into force that will, for the first time, create statutory civil liability for continuous disclosure in the secondary market in Ontario. These amendments create a new liability that will affect a broad category of individuals.

As discussed below, reporting issuers, including public companies and investment funds, as well as their directors, certain officers, influential persons (including controlling share-holders, promoters and insiders) and experts, will be subject to potential statutory civil liability for misrepresentations in continuous documents and public oral statements and the failure to make timely disclosure.

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