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ARTICLE · 16 DECEMBER 2019

ONCA: Miller And Cheng "Ought Reasonably To Have Known" Better

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On January 25, 2018, the Court of Appeal for Ontario released its much-anticipated decision in Finkelstein et al. v Ontario Securities Commission,...

CanadaLitigation, Mediation & Arbitration
Dana Carson
Dana Carson
Alistair Crawley
Alistair Crawley
Bruce O’Toole
Bruce O’Toole
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On January 25, 2018, the Court of Appeal for Ontario released its much-anticipated decision in Finkelstein et al. v Ontario Securities Commission, 2018 ONCA 61 ("Finkelstein") in which it considered the insider trading and tipping provisions of the Ontario Securities Act, R.S.O. 1990, c. S.5 (the "Act").  In a case involving a chain of tips about an unannounced takeover transaction originating from a lawyer at the Toronto firm working on the deal, the Court of Appeal opined on the application of those provisions to successive tippees for the first time.

OSC and Divisional Court Decisions

The Ontario Securities Commission (the "OSC" or the "Commission") commenced administrative proceedings in 2014 against five individual respondents who were alleged to have engaged in insider trading and tipping contrary to the Act.  OSC Staff alleged that information about the takeover transaction was passed from the Toronto lawyer through two financial professionals in Montreal,

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