Norton Rose Fulbright Blog

On February 2, 2024, the Quebec Court of Appeal issued its unanimous decision reducing the fair value of the Fibrek shares by 20% and emphasizing the importance of market prices in determining fair value.

Last month, the Court of Quebec (Criminal and Penal Division) rendered its decision on the culpability of three defendants involved in the initial coin offering of the cryptocurrency known as “PlexCoin”.

In Sharp v. Autorité des marchés financiers, 2023 SCC 29, the Supreme Court of Canada recognized the transnational nature of modern securities regulation in holding there was a “real and substantial connection” between alleged perpetrators of a “pump-and-dump” scheme and Québec. This connection allowed the province’s Financial Markets Administrative Tribunal (FMAT) to assume jurisdiction over the defendants.

In reasons released October 5, 2023, the Capital Markets Tribunal summarily dismissed a motion by OSC Staff to adjourn a 15 day hearing on the merits approximately three weeks before it was scheduled to commence. The adjournment was requested due to the departure of the OSC senior litigation counsel who had had carriage of the matter and the fact that external counsel retained by the Commission was not available on the first 5 days of the hearing.

In Binance Holdings Limited (Re), 2023 ONCMT 27, Ontario’s new Capital Markets Tribunal (the Tribunal) clarified that it does not have the jurisdiction to revoke an investigation order made by the Ontario Securities Commission (OSC). Background In May 2023, the OSC issued an investigation order under s. 11 of the Ontario Securities Act[1](the Act) to investigate the conduct of Binance Holdings Limited, which operates a crypto-asset trading platform. Binance applied to the Tribunalunder s.

Ontario’s Divisional Court has upheld a decision of the new Capital Markets Tribunal, finding an over-the-counter financial instrument to meet the definition of “investment contract” pursuant to the Securities Act. Background The appellants conducted business trading in Contracts for Difference (CFDs), a financial instrument offered through online trading platforms “over the counter” rather than on an exchange basis.

In this blog, litigators from Norton Rose Fulbright offices in both Canada and the United States comment upon domestic developments in securities litigation in both countries and cross border issues. Among other things, we deliver insights on recent securities law decisions, amendments to securities statutes and regulations, securities class actions and cross border developments.

In this decision the Ontario Court of Appeal upheld Justice Belobaba’s dismissal of a securities class action on a motion for summary judgment on the basis that the defendant issuer had not made a misrepresentation by omission. The respondent, Pretium Resources (Pretium) is a mineral exploration company listed on the TSX and NYSE that undertook a mining project in northern B.C.  The project’s feasibility was predicated on a mineral resource estimate.

Representative Plaintiffs Jon-Erik and Nicole Dillon (the Dillons) sought authorization from the Superior Court of Quebec (Court) to bring a class action against Wayland Group Corp (Wayland) under the general civil liability regime in Quebec (Art. 1457 Civil Code of Quebec (CCQ)). Wayland is a federal licensed producer and distributor of cannabis with production facilities in Canada and in Europe.

In this blog, litigators from Norton Rose Fulbright offices in both Canada and the United States comment upon domestic developments in securities litigation in both countries and cross border issues. Among other things, we deliver insights on recent securities law decisions, amendments to securities statutes and regulations, securities class actions and cross border developments.