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Donnini: The OSC Sends a Message on Insider Trading


Area Corporate Finance and Securities, White Collar Risk Management and Investigations


The Ontario Securities Commission has closed the book, with a resounding slam, on the last chapter of its enforcement proceeding involving Yorkton Securities Inc. and certain of its principals. By imposing a fifteen-year suspension on Piergiorgio Donnini, the former head liability and institutional trader at Yorkton, the Commission has given a clear indication of the severity of the sanctions which it is prepared to impose, which is reflective of the increased vigour of the Commission’s recent enforcement activity. Additionally, in the reasons released in support of its findings in the Donnini matter, the Commission has outlined its perspective on subjects of widespread interest and impact, including the insider trading rules, the identification of “material” information and the use and importance of “Chinese walls” and restricted lists.


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