Lawrence E. Ritchie Lawrence E. Ritchie

Significant insider trading cases on both sides of the border

The first week of December 2016 has proven to be a big one for pursuers of alleged insider traders on both sides of the border. On December 2,...

Plaintiffs drive to overcome Securities Act protections for issuer and underwriter class actions

In 2016, plaintiffs continued their attempts to circumvent the protections offered to defendants under the Ontario Securities Act against secondary...

Securities enforcement: Regulators’ enforcement capabilities continue to grow

With the new tools recently given to securities regulators in Ontario and Québec to help combat capital market abuses, regulators are hoping for...

SEC Agrees to $11.8 Million Settlement with Auditor for Alleged Audit Failures

In October 2016, the U.S. Security and Exchange Commission (“SEC”) announced Ernst & Young LLP agreed to pay $11.8 million...

‘A New Day Has Arrived’: Continued Focus on Individual Wrongdoing

The “Yates Memo,” which instructs United States prosecutors to focus on individual wrongdoers when investigating or prosecuting alleged...

Newly Introduced OSC Whistleblower Program Receives Over 30 Tips Since Coming into Effect

The Ontario Securities Commission (the “OSC”) has now reported that in the month and a half since its rollout, its Office of the...

Canadian government publishes consultation paper for a review of the legislative and regulatory framework of Canada’s financial sector

BackgroundOfficers, Directors of regulated businesses and advisors must keep up with evolving regulatory and other policy priorities as a matter of...

DOJ’s Major Insider Trading Victory: a Blueprint for post-Newman Convictions?

Improper disclosure of confidential information and insider trading remains very much a focal point for regulators and prosecutors on both sides of...

SEC Enters into Two Non-Prosecution Agreements for Alleged FCPA Violations

In June 2016 the US Securities and Exchange Commission (SEC) announced that it had entered into two non-prosecution agreements (NPAs) with two...

SEC Continues to Penalize Companies which Restrict Whistleblowing or Seek Waiver of Payment of Whistleblower Incentive Payments

As whistleblower initiatives build steam in Canada, the United States and throughout the world, executives, and board members face evolving...