Canada Introduces Securities Disclosure Liability
|Area||Corporate and Commercial, Corporate Finance and Securities|
This article first appeared in the 2006 edition of Euromoney's Guide to the World's Leading Capital Markets Lawyers as the introduction to the Canada section
Excerpt from "Canada Introduces Securities Disclosure Liability":
Canada has finally introduced the controversial, long-debated regime of statutory civil liability for secondary (that is, trading) market disclosure. The new provisions - effected by amendment to Ontario's Securities Act - came into effect on December 31 2005. They will impact all companies (and other entities) listed on The Toronto Stock Exchange (Canada's national securities trading exchange) and most of the stakeholders in Canada's capital markets, including issuers, investors, directors, officers, auditors and professional advisers.
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