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Canadian Securities Litigation Outlook 2016: Trends to Watch for Capital Markets Participants

Published: 05/03/2016

By Wendy Berman, Kate Byers, Carly Cohen, Robert B. Cohen, Christopher Horkins, Lara Jackson, Caitlin Russell, Christopher Selby, Lorne Silver, Stephanie Voudouris

In this issue of our Canadian Securities Litigation Outlook, we review recent developments with a view to shaping the trends to watch in 2016 and beyond. Read our full report for a closer look at:

  • Securities Class Action Defence Strategies: The implications of the Supreme Court of Canada’s clarification of the leave threshold and a review successful defence strategies.
  • Gatekeeper Liability: The increased focus on gatekeeper liability through the lens of auditor and underwriter liability in the context of civil, secondary market and securities regulatory liability.
  • Insider Trading Prosecutions: Recent successes highlight the regulator’s ability to successfully prosecute in the absence of a “smoking gun” through effective reliance on circumstantial evidence.
  • Securities Regulatory Enforcement Developments: The OSC’s credit for cooperation initiatives, pilot mediation program and proposed whistleblower policy are all examples of efforts to achieve the efficient and timely resolution of regulatory matters.
  • Short Seller Activity in Canadian Capital Markets: A recent wave of short seller reports hit Canadian issuers with devastating results, we review the one attempt so far by a Canadian securities commission to regulate such activity and the troubling implications from short seller activity.