Securities Regulation

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This is a three hour course that covers the key requirements of the Ontario Securities Act, with reference to other provincial or international regulation where appropriate, and places these requirements in the context of the policy goals underlying regulation of the capital markets. Included in this coverage are the definitions of key securities regulatory concepts such as “security”, “trade”, and “distribution”; primary and secondary distribution of securities; prospectus disclosure; exemptions and resale rules; continuous and timely disclosure with particular reference to insider trading; mergers and acquisitions with particular reference to takeover bid legislation; primary and secondary market civil liability; enforcement issues and regulation of market intermediaries with a particular attention to the Client Focused Reform. The recommendations contained in the Final Report of the Ontario Task Force on Capital Markets Modernization will be referenced with respect to their impact on regulatory reforms.