Canada: Securities

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Article
British Columbia Securities Commission (BCSC) 2025 Annual Compliance Report Card
The British Columbia Securities Commission's 2025 compliance report reveals persistent deficiencies in policies and procedures manuals, know-your-client processes, and client reporting across registered firms. With Client Focused Reforms now in effect for over three years, the report highlights critical gaps in operationalizing compliance requirements and introduces new considerations for firms using artificial intelligence in their operations.
Canada Commercial
BL
Borden Ladner Gervais LLP
Article
L’arrêt Boeing et la certification des actions collectives : tendances aux États-Unis et au Canada
La Cour d'appel du quatrième circuit a annulé une certification d'action collective contre Boeing, établissant que les demandeurs doivent présenter une méthodologie concrète pour calculer les dommages-intérêts dès l'étape de la certification. Cette décision américaine trouve des échos au Canada, où les tribunaux appliquent également des mécanismes de filtrage rigoureux pour les actions collectives en valeurs mobilières sur
Canada Litigation
BC
Blake, Cassels & Graydon LLP
Article
Ontario Court Of Appeal Clarifies Standard For Constitutionally Valid Seizures In The Regulatory Context
The Ontario Court of Appeal ruled that a summons issued by the Ontario Securities Commission to Binance constituted an unreasonable search and seizure under the Charter. This decision examines the constitutional limits on regulatory bodies' document production powers and could have significant implications for how securities regulators and self-regulatory organizations like CIRO exercise their investigative authority.
Canada Commercial
BB
Babin Bessner Spry LLP
Article
Six Years In The Making: How Can Canadian Reporting Issuers Finally Use The CSA’s New Access Model For Financial Statements And MD&A?
The Canadian Securities Administrators have finalized amendments introducing a voluntary access model for continuous disclosure documents, allowing reporting issuers to satisfy delivery requirements for financial statements and MD&A through electronic access rather than physical delivery. Understanding the implementation requirements, timelines, and ongoing compliance obligations is essential for issuers considering adoption before the September 2026 deadline.
Canada Commercial
PV
Pallett Valo LLP
Article
Boeing and Securities Class Certification: Trends in the United States and Canada
A U.S. appeals court has unanimously overturned certification of a securities class action against Boeing, establishing that plaintiffs must demonstrate a workable, class-wide damages methodology at the certification stage. This decision reinforces heightened standards for class certification that parallel evolving requirements in Canadian securities litigation, where courts increasingly demand concrete evidence and specific liability theories before approving class actions.
Canada Litigation
BC
Blake, Cassels & Graydon LLP
Article
The Public Interest Power Comes For Institutional Compliance: Oasis World Trading Inc (Re)
The Ontario Capital Markets Tribunal's 2026 decision in Oasis World Trading Inc (Re) marks a significant departure from nearly fifty years of securities law precedent by finding that a corporation engaged in conduct contrary to the public interest despite breaching no provision of securities law. This enforcement proceeding applied the Riot Platforms test to hold an institutional party accountable for inadequate compliance systems, raising important questions about the scope of regulatory obligations beyond
Canada Commercial
ML
McMillan LLP
Article
Keeping Your AI Disclosure Clean: “AI Washing” In The United States And Lessons For Canadian Issuers
In the first half of 2026, there have been more AI-related securities class action filings in the United States than in all of 2025, representing the highest number of such claims in the last five years1. Many of these class actions involve allegations of “AI washing”—a term used to describe issuers alleged to have exaggerated or misrepresented the role, capabilities, or impact of AI in their business.
Global Commercial
TL
Torys LLP
Article
Restructuring Before Insolvency: What Ravelin Means For Distressed Public Companies
A publicly listed REIT successfully restructured approximately $1 billion in defaulted debt through a CBCA plan of arrangement without filing for CCAA protection, demonstrating how corporate law mechanisms can serve as practical alternatives to formal insolvency proceedings. The Ontario Superior Court's decision in Re Ravelin Properties REIT also clarified that confidential restructuring negotiations do not necessarily trigger material change disclosure obligations for public companies.
Canada Insolvency
MT
Miller Thomson LLP
Article
B.C. Court Dismisses Securities Class Action Against Alio Gold: Four Key Lessons For Defendants
The B.C. Supreme Court dismissed a securities class action against Alio Gold Inc., ruling in favor of the defendant on all 21 certified common issues. This decision provides important guidance on defending securities class actions, particularly regarding the standard of care for technical mining matters, the role of hindsight in analyzing misrepresentations, and the requirements for proving reliance, causation, and damages in common law claims.
Canada Litigation
MT
McCarthy Tétrault LLP
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