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Articles by Lawrence E. Ritchie
SEC Updates Its Enforcement Manual: A New Era Of Transparency, Fairness And Due Process?
Osler, Hoskin & Harcourt LLP are most popular: within Transport topic(s) with Senior Company Executives, HR and Inhouse Counsel with readers working within the Accounting & Consultancy and Healthcare industries Key takeaways The Wells process now allows four weeks for submissions and provides recipients with more evidence from the SEC staff. The SEC restored simultaneous consideration of settlement offers and waiver requests, improving clarity for parties to SEC actions.
Canadian And U.S. Regulatory Developments Are Reshaping Market Oversight
Lawrence Ritchie’s articles from Osler, Hoskin & Harcourt LLP are most popular: with readers working within the Advertising & Public Relations and Oil & Gas industries Osler, Hoskin & Harcourt LLP are most popular: with Senior Company Executives, HR and Finance and Tax Executives in Canada In 2025, securities regulators in Canada and the U.S. shifted capital markets enforcement priorities.
Beyond Tariffs: Compliance Implications Of Shifting U.S. Trade Relations
Lawrence Ritchie’s articles from Osler, Hoskin & Harcourt LLP are most popular: with readers working within the Advertising & Public Relations and Oil & Gas industries Osler, Hoskin & Harcourt LLP are most popular: with Senior Company Executives, HR and Finance and Tax Executives Canada's economic crime enforcement landscape in 2025 was heavily influenced by its evolving relationship with the U.S., leading to increased compliance risks for businesses.
Procedural Route To Challenge Capital Markets Regulatory Investigative Tool Confirmed
Lawrence Ritchie’s articles from Osler, Hoskin & Harcourt LLP are most popular: with readers working within the Advertising & Public Relations and Oil & Gas industries Osler, Hoskin & Harcourt LLP are most popular: with Senior Company Executives, HR and Finance and Tax Executives Key takeaways The Ontario Court of Appeal clarified the limits of the Ontario Securities Commission's investigatory authority.
Canadian and U.S. regulatory developments are reshaping market oversight
In 2025, securities regulators in Canada and the U.S. shifted capital markets enforcement priorities. • Canadian enforcement now prioritizes investor protection and quicker action against market misconduct, with an emphasis on restitution over punishment. • Regulators aim to align their priorities with North American trends while addressing significant investor harm and market integrity concerns.
Ontario Capital Markets Tribunal Sanctions TeknoScan Systems Inc. And Three Of Its Executives For Misleading Disclosure
Lawrence Ritchie’s articles from Osler, Hoskin & Harcourt LLP are most popular: with Finance and Tax Executives with readers working within the Healthcare and Property industries On October 14, 2025, the Capital Markets Tribunal released the sanctions decision1 in TeknoScan Systems Inc. (Re), following the merits decision,2 released December 23, 2024. After hearing 19 days of evidence, the Tribunal found that the respondents had perpetrated securities fraud contrary to s.
Ontario Court of Appeal clarifies jurisdiction over global crypto platforms
The Ontario Court of Appeal’s recent decision in , 2025 ONCA 298, provides important guidance on the limits of Ontario courts’ jurisdiction over international digital asset platforms. underscores that mere access to a global internet platform from Ontario is not enough to ground jurisdiction over foreign corporate defendants. Coinbase operates one of the world’s largest online platforms for the transaction of digital assets, such as cryptocurrency and cryptocurrency contracts.
Pouvoirs d’application accrus : l’OCRI exerce-t-elle maintenant des pouvoirs législatifs?
Find out more about Lexology or get in touch by visiting our About page. Depuis sa création le 1er janvier 2023, l’Organisation canadienne de réglementation des investissements (OCRI), seul organisme véritablement national de réglementation des marchés financiers au Canada[1], fonctionnait comme un organisme d’autoréglementation (OAR) dont les pouvoirs étaient exercés en grande partie en vertu d’un contrat plutôt que d’une loi.
Understanding The CSA's OBSI Reform Proposal
Canada's investment landscape is on the cusp of transformation in how disputes between investors and their dealers are resolved. The Canadian Securities Administrators (CSA) has released a proposal for comment that would grant the Ombudsman for Banking Services and Investments (OBSI) the authority to make binding decisions in investment-related disputes.
La CVMO adopte un nouveau cadre prévoyant la distribution aux investisseurs lésés des sommes d’argent recueillies en application d’ordonnances de remise
Find out more about Lexology or get in touch by visiting our About page.
Expanded Enforcement Powers: Is CIRO Now Exercising 'Statutory' Powers?
Since its formation on January 1, 2023, the Canadian Investment Regulatory Organization (CIRO), Canada's only truly national capital markets regulator,1 operated as a self-regulatory organization (SRO) with authority exercised largely as a matter of contract, rather than a product of statute. Recent government action has expanded CIRO's enforcement powers through statutory amendments.
OSC Adopts New Framework To Distribute Funds From Disgorgement Orders To Harmed Investors
On June 12, 2025, the Ontario Securities Commission (OSC) published final rules to facilitate the implementation of a new statutory framework for distributing amounts collected by the OSC under disgorgement orders to harmed investors. Traditionally, investors harmed by the wrongdoing of securities law violators had to find redress in the court system or through statutory ombud services.
Explication du projet de réforme des ACVM concernant l’OSBI
Find out more about Lexology or get in touch by visiting our About page. • 75 000 $ ou plus : Si la recommandation d’indemnisation est de 75 000 $ ou plus, un décideur externe (approuvé par les ACVM et indépendant de l’OSBI) serait nommé afin de garantir l’impartialité et de répondre aux préoccupations relatives à l’équité et à l’absence de processus d’appel. La volonté de doter l’OSBI du pouvoir de rendre des décisions exécutoires n’est pas nouvelle.
Further Updates Regarding The U.S. Pro-Crypto Policy Shift
On February 25, 2025, we published a blog titled: "Recent developments in the U.S. SEC's proceedings against major crypto players signals pro-industry policy shift", which discussed the new U.S. administration welcoming a "crypto-friendly" era, and the corresponding policy changes and statements from the U.S. Securities and Exchange Commission (the SEC).
Recent Developments In The U.S. SEC's Proceedings Against Major Crypto Players Signals Pro-industry Policy Shift
In both Canada and the U.S., those in the crypto industry have been somewhat reluctant participants in a long dance with regulators as to which of them can assert jurisdiction over crypto-related activity and how that jurisdiction should be exercised. While the crypto industry appears to be thriving, uncertainty over how crypto is to be regulated, and by whom, has cast a shadow over the industry. This past January, two recent U.S. decisions concerning cryptocurrency exchange Coinbase Global Inc.
Recent developments in the U.S. SEC’s proceedings against major crypto players signals pro-industry policy shift
In both Canada and the U.S., those in the crypto industry have been somewhat reluctant participants in a long dance with regulators as to which of them can assert jurisdiction over crypto-related activity and how that jurisdiction should be exercised. While the crypto industry appears to be thriving, uncertainty over how crypto is to be regulated, and by whom, has cast a shadow over the industry. This past January, two recent U.S. decisions concerning cryptocurrency exchange Coinbase Global Inc.
U.S. 'Pausing' Criminal Enforcement Of Foreign Bribery Laws While DOJ Is Directed To Revisit Priorities
In a development reflective of his widely reported skepticism of the Foreign Corrupt Practices Act (FCPA), U.S. President Donald Trump has directed the Department of Justice (DOJ) to temporarily pause their enforcement of the FCPA. The executive order also directs the U.S. Attorney General to revisit its enforcement guidance under the FCPA, with a view to prioritizing American economic interests.
Les États-Unis " suspendent " l’application des lois sur la corruption transnationale pendant que le département de la Justice réexamine les priorités - Lexology
Dans le cadre de son scepticisme largement reconnu à l’égard de la loi américaine intitulée Foreign Corrupt Practices Act (la FCPA), le président américain, Donald Trump, a ordonné au département de la Justice (le DOJ) de suspendre temporairement l’application de la FCPA. Le décret ordonne également au procureur général des États-Unis d’en revoir les orientations afin de donner la priorité aux intérêts économiques américains.
Changes Of Enforcement Leadership Raise Questions About New Priorities
Personalities matter in capital markets regulation, both in terms of priorities and approach. Personalities also matter to how relationships among stakeholders, regulatory staff and legislators are developed, fostered and monitored. And most certainly personalities matter in terms of how enforcement matters are identified, investigated, pursued and acted upon.
Canadian Securities Administrators' 2023-2024 Annual Year In Review
Accountability of capital markets regulators, or any regulator, is essential to fostering legitimacy and confidence that regulators' priorities and approaches are consistent with their statutory mandates and meet stakeholder needs and expectations. One of the most valuable tools used to advance this accountability imperative is the publication of annual reviews. The Canadian Securities Administrators (CSA) published its 2023–2024 annual Year in Review [PDF] (the report).
Canadian Securities Administrators’ 2023-2024 annual Year in Review
Accountability of capital markets regulators, or any regulator, is essential to fostering legitimacy and confidence that regulators’ priorities and approaches are consistent with their statutory mandates and meet stakeholder needs and expectations. One of the most valuable tools used to advance this accountability imperative is the publication of annual reviews. The Canadian Securities Administrators (CSA) published its 2023–2024 annual Year in Review[PDF] (the report).
Proposed amendments would allow email summons from the Ontario Securities Commission
Following a recommendation from the province’s Capital Markets Modernization Taskforce (the Taskforce), Ontario’s Minister of Finance is proposing to ease the requirements for the Ontario Securities Commission (OSC) when delivering summonses in the course of enforcement investigations. Delivery methods for summons in Ontario Typically, the OSC is subject to stricter delivery requirements.
La nouvelle procédure proposée par la CVMO pour distribuer aux investisseurs lésés les sommes d’argent recueillies en application d’une ordonnance de remise
L’une des caractéristiques de la réglementation des marchés financiers au Canada a toujours été la délimitation claire des fonctions et des compétences. Les autorités provinciales en valeurs mobilières établissent des règlements et garantissent le respect de ces règlements et des prises de position de leur personnel, dont l’application est assurée en grande partie par le tribunal qui leur est associé. La mise en application des lois civiles et pénales est du ressort des tribunaux.
Finance and Banking
One of the characteristics of capital markets regulation in Canada has traditionally included a clear delineation of function and jurisdiction. Provincial securities regulators make and ensure compliance with its rules and its staff's policy pronouncements, enforced largely through its associated tribunal. Civil and criminal enforcement is the purview of the courts. Recovery for investors harmed by misconduct of market participants has been the purview of the courts or statutory ombud services.
Corporate/Commercial Law
On July 31, 2024, the Supreme Court of Canada released its decision in Poonian v. British Columbia (Securities Commission), on whether financial sanctions imposed by securities regulators are dischargeable through bankruptcy. The decision resolves a conflict between Alberta and B.C. jurisprudence and will have a significant impact on the treatment of all administrative orders in bankruptcy proceedings.
Supreme Court of Canada decision impacts Securities Commissions’ ability to collect from bankrupt transgressors
On July 31, 2024, the Supreme Court of Canada released its decision in Poonian v. British Columbia (Securities Commission), on whether financial sanctions imposed by securities regulators are dischargeable through bankruptcy. The decision resolves a conflict between Alberta and B.C. jurisprudence and will have a significant impact on the treatment of all administrative orders in bankruptcy proceedings.
Long Awaited U.S. Supreme Court Ruling Curtails SEC's Use Of Administrative Courts
On June 27, 2024, the United States Supreme Court (SCOTUS) released its ruling [PDF] on what has been a decade-long dispute between the Securities Exchange Commission (SEC) and hedge fund manager, George Jarkesy1, ultimately curtailing the SEC's use of its in-house court system.
SEC Wins Novel 'Shadow Trading' Trial Against Biopharma Executive
On April 5, 2024, the U.S. Securities and Exchange Commission (SEC) succeeded in its much-watched civil action against Matthew Panuwat, a former business development executive at Medivation Inc., a midcap biopharmaceutical company. The SEC's complaint [PDF] raised a novel theory of insider trading known as "shadow trading".
SEC wins novel ‘shadow trading’ trial against biopharma executive
On April 5, 2024, the U.S. Securities and Exchange Commission (SEC) succeeded in its much-watched civil action against Matthew Panuwat, a former business development executive at Medivation Inc., a midcap biopharmaceutical company. The SEC’s complaint [PDF] raised a novel theory of insider trading known as “shadow trading”.
CIRO Publishes Proposals To Level The Advisor Compensation Playing Field
Since the integration of Canada's two capital markets self-regulatory organizations (SROs) — the Mutual Fund Dealers Association (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) — in January 2023, market observers, investors and SRO members have been waiting for the Canadian Investment Regulatory Organization (CIRO) to release its proposal as to how SRO rules would be consolidated.
CIRO publishes proposals to level the advisor compensation playing field
Since the integration of Canada’s two capital markets self-regulatory organizations (SROs) — the Mutual Fund Dealers Association (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) — in January 2023, market observers, investors and SRO members have been waiting for the Canadian Investment Regulatory Organization (CIRO) to release its proposal as to how SRO rules would be consolidated.
Duty Of Procedural Fairness That Would Be Owed To Witnesses In Issuing Summonses Under The Securities Act Is Minimal
The ability to seek scrutiny of a regulators' investigation and discretionary decisions, while the investigation remains ongoing, has always been limited under various provincial securities statutes in Canada.
Duty of procedural fairness that would be owed to witnesses in issuing summonses under the Securities Act is minimal
The ability to seek scrutiny of a regulators’ investigation and discretionary decisions, while the investigation remains ongoing, has always been limited under various provincial securities statutes in Canada.
More Complaints And More Investigations: Highlights From CIRO's Inaugural Enforcement Report
It has been almost a year since the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) amalgamated to continue their operations as the Canadian Investment Regulatory Organization (CIRO). As the successor to IIROC and MFDA, CIRO is the national self-regulatory organization that oversees all investment dealers, mutual funds dealers and trading activity on Canada's debt and equity marketplaces.
Capital Markets Enforcement: Innovative, And Controversial, New Directions
There were a number of intersecting trends in the capital markets regulatory and enforcement landscape in 2023. These trends can serve as a window into the priorities and directions of capital market regulators for 2024.
White-Collar Enforcement Will Continue To Take Shape In 2024
Canada continued to face international criticism for its perceived lack of white-collar crime enforcement in 2023. As we wrote last year, Transparency International's (TI) biennial Exporting Corruption 2022 report found a "limited" record of foreign bribery enforcement in Canada.
A Tempest Of Change: Impact Of Climate-related Litigation And Regulation
It was a year of significant change for climate-related litigation and regulation in 2023. The volume of climate litigation increased significantly worldwide with mixed results for all parties involved. Disputes over governmental jurisdiction to pass environmental laws persisted.
More complaints and more investigations: highlights from CIRO’s inaugural Enforcement Report
As the successor to IIROC and MFDA, CIRO is the national self-regulatory organization that oversees all investment dealers, mutual funds dealers and trading activity on Canada’s debt and equity marketplaces. CIRO carries out its regulatory responsibilities through setting and enforcing market integrity rules and dealer member rules regarding the proficiency and the business and financial conduct of its member firms and their registered representatives.
CSA And CIRO Review Comments But Come To No Conclusion (Yet) On Short Selling Regulatory Regime
On November 16, 2023, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) jointly published Staff Notice 23-332 [PDF], which summarizes comments and responses to Staff Notice 23-329 [PDF], Short Selling in Canada, published in December 2022. Staff of the CSA and CIRO (Staff) ultimately concluded that there was no consensus on the appropriate regime for short selling and did not propose any regulatory amendments at this time.
CSA and CIRO review comments but come to no conclusion (yet) on short selling regulatory regime
On November 16, 2023, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) jointly published Staff Notice 23-332 [PDF], which summarizes comments and responses to Staff Notice 23-329 [PDF], Short Selling in Canada, published in December 2022. Staff of the CSA and CIRO (Staff) ultimately concluded that there was no consensus on the appropriate regime for short selling and did not propose any regulatory amendments at this time.
Abuse Of Process Revisited? British Columbia Court Of Appeal Grants Leave Application From Ruling Of British Columbia Securities Commission - - Canada
The British Columbia Court of Appeal will hear a case that raises important questions concerning how persons subject to prosecution by administrative bodies will have "abuse of process" allegations adjudicated. In response to a motion brought by certain respondents to an administrative proceeding brought by staff of the British Columbia Securities Commission (the BCSC) in Morabito v.
B.C. Securities Commission Program Offers Monetary Awards For Whistleblowing
The British Columbia Securities Commission (BCSC) has introduced a new Whistleblower Program to incentivize future whistleblowers to come forward by offering monetary rewards. As of November 7, 2023, those who provide the BCSC with helpful information regarding investment fraud or "other serious types of market misconduct" could see payouts ranging from $1,000 to $500,000. This new program comes in the wake of several other whistleblower programs being introduced across the country.
CSA Releases Its First Consolidated 'Year In Review'
On September 7, 2023, the Canadian Securities Administrators (the CSA) released its first consolidated Year in Review [PDF] (the Report), which reviews activities of provincial and federal regulators between July 1, 2022, to June 30, 2023. The Report highlights the CSA's progress towards fulfilling its mandate to improve, coordinate and harmonize regulation of the Canadian capital markets and achieving the strategic goals outlined in their 2022–2025 Business Plan [PDF].
CSA releases its first consolidated ‘Year in Review’
On September 7, 2023, the Canadian Securities Administrators (the CSA) released its first consolidated Year in Review [PDF] (the Report), which reviews activities of provincial and federal regulators between July 1, 2022, to June 30, 2023. The Report highlights the CSA’s progress towards fulfilling its mandate to improve, coordinate and harmonize regulation of the Canadian capital markets and achieving the strategic goals outlined in their 2022–2025 Business Plan [PDF].
CSA releases its first consolidated ‘Year in Review’
On September 7, 2023, the Canadian Securities Administrators (the CSA) released its first consolidated Year in Review [PDF] (the Report), which reviews activities of provincial and federal regulators between July 1, 2022, to June 30, 2023. The Report highlights the CSA’s progress towards fulfilling its mandate to improve, coordinate and harmonize regulation of the Canadian capital markets and achieving the strategic goals outlined in their 2022–2025 Business Plan [PDF].
OSC Publishes Report On AI In The Capital Markets
On October 10, 2023, the Ontario Securities Commission (OSC) and EY published a report titled "Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario" [PDF] (the Report), which examines the current state of artificial intelligence (AI) in capital markets. The purpose of the Report is to understand how market participants are using AI and to consider how the OSC can best support the adoption of AI in Ontario's capital markets through oversight and regulation.
OSC publishes report on AI in the capital markets
On October 10, 2023, the Ontario Securities Commission (OSC) and EY published a report titled “Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario” [PDF] (the Report), which examines the current state of artificial intelligence (AI) in capital markets. The purpose of the Report is to understand how market participants are using AI and to consider how the OSC can best support the adoption of AI in Ontario’s capital markets through oversight and regulation.
California's New 'Climate Accountability Package'
California's legislature recently passed two bills that impose significant mandatory climate-related reporting requirements for large public and private companies doing business in that state. These bills are the first of their kind in the United States and are consistent with the ongoing trend for climate-related disclosure on both sides of the border and internationally.
CIRO Outlines First Steps In Bulletin On Priorities For FY2024
Having closed the transaction which saw the amalgamation of Canada's two self-regulatory organizations effective January 1, 2023, the Canadian Investment Regulatory Organization (CIRO) is open for business and moving to promptly establish a coherent post-amalgamation workplan and vision. In June 2023, the new organization published its .
Streamlining Enforcement Of Minor Infractions: The British Columbia Securities Commission's ‘Traffic Ticket' Style Mechanism
On April 26, 2023, the B.C. Securities Commission (the BCSC) introduced its newest mechanism for levying administrative monetary penalties without a hearing for contraventions of certain regulations or BCSC decisions. This new enforcement tool – called Administrative Penalties Imposed by Notice (APIN) – vests the BCSC with the authority to impose significant monetary penalties for less serious violations of securities rules through issuing notices to alleged contraveners.
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