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ARTICLE · 27 NOVEMBER 2007

New Securities Class Action Exposure In Quebec: Secondary Market Liability Amendments To “Securities Act” (Quebec)

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The Quebec National Assembly recently enacted amendments to the “Securities Act” (Quebec) introducing statutory civil liability for secondary market disclosure. These changes became effective on November 9, 2007.

CanadaLitigation, Mediation & Arbitration
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Article by Michael Bantey, © 2007, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation/Litigation, November 2007

The Quebec National Assembly recently enacted amendments to the Securities Act (Quebec) introducing statutory civil liability for secondary market disclosure. These changes became effective on November 9, 2007. They are set out in An Act to amend the Securities Act and other legislative provisions (Quebec) and are substantially similar to those implemented in Ontario in December 2005 and Alberta in December 2006. Passage of the Quebec legislation means that class actions based on secondary market liability are now possible in Quebec, although the legislation contains a number of built-in safeguards to prevent so-called "strike suits" prevalent in the United States.

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