Table Of Content

UNIVERSITY OF Tm TORONTO I ^ 1 M FACULTY OF LAW Course Book for: SECURITIES REGULATION Winter 2010 Professors Gleu Johnson and Leslie McCallum University of Toronto Faculty of Law STORAGE KE 1418.5 . J64 2010 c. 1 10136263.1 93300-0006 FACULTY Or LAW UNIVERSITY ORTORONTO Course Book for: SECURITIES REGULATION Winter 2010 Professors Glen Johnson and Leslie McCallum University of Toronto Faculty of Law 10136263.1 93300-0006 Digitized by the Internet Archive in 2018 with funding from University of Toronto https://archive.org/details/coursebookforsecOOjohn 2 - - TABLE OF CONTENTS Topic Source Pages Background and Mark R. Gillen, Securities Regulation in Canada 3rJ ed. (2007) (hereinafter Gillen) 1- 1-70 Fundamental 26, 32-33, 48-52, 53-76, 90-109, 493-501 Concepts Larry P. Schwartz, Objectives, Outcomes and Performance Measures in Securities 71-94 Regulation. A Research Study for the Expert Panel on Securities Regulation in Canada, online (2009) http://www.expertpanel.ca/documents/research- studies/Obiectives,%200utcomes,%20and%20Performance%20Measures%20- %20Schwartz.English.pdf What is a Security? Securities and Exchange Commission v. IV J. Howey Co. et ai, 328 U.S. 293 (1946) 95-100 Pacific Coast Coin Exchange of Canada v. Ontario (Securities Commission), 101-113 [1978] 2 S.C.R. 112 OSC Staff Notice 91-702, Offerings of Contracts for Differences and Foreign 114-119 Exchange Contracts to Investors in Ontario, online: http://www.osc.gov.on.ca/documents/en/Secunties-Categorv9/sn 20091030 91- 702 cdf.pdf Prospectus Offerings Torys LLP, Responsibilities of Directors In Canada, online: (2009) 120-122 and Liability http://www.torvs.com/Publications/Documents/Pubbcahon%20PDFs/Resc>ons\bibbes of Directors 2009.pdf pp. 32-33 Paul Waldie, Criminal past, allegations surface through the art of disclosure; New 123-124 income trust's prospectus reveals founder is a convicted drug dealer. The Globe and Mail (2 July 2004), B3 Dollarama Press Release Dollarama Inc. Files Preliminary> Prospectus for Initial 125-126 Public Offering (September 10, 2009) Dollarama Initial Public Offenng of Common Shares: Preliminary Prospectus 127-236 (September 10, 2009) Torys LLP memo to junior lawyers: Doing Due Diligence in a Prospectus Financing 237-247 (June 2009) Escoa v. BarChris Construction Corporation, 283 F. Supp. 643 (1968) [please n/a access this case online] Re YBM Magnex Internationa Inc., 2003 LNONOSC 337 [please access this case n/a online] Danier Revises Fiscal 1998 Forecast, Business Wire (June 4, 1998) (QL) 248-251 10102875-2 93300-0006 3 - - Kerr v. Dernier Leather Inc., 2007 SCC 44, [2007] 3 S.C.R. 331 252-287 Torys TLP Client Bulletin The Supreme Court of Canada's Decision in Danier 288-289 (October 17, 2007) Cnstin Schmitz, SCC Dampens Shareholder Class Actions, Die Lawyers Weekly 290-293 (October 26, 2007) Gillen 295-298 294-297 Continuous Gillen 179-185 298-304 Disclosure Torys LLP, Responsibilities of Directors In Canada, online: (2009) 305-315 http://www.torvs.com/Publications/Documents/Publication%20PDLs/Responsibilities of Directors 2009.pdf, pp. 34-43 CSA Staff Notice 51-329, Continuous Disclosure Review Program Activities for the 316-322 fiscal year ended March 31, 2009, online: http://www.osc.uov.on.ca/documents/en/Secunties-Categorv5/csa 20090724 51 - 329 cdrpa-fiscal-2009.pdf Torys LLP Client Bulletin Canada to Adopt International Financial Reporting 323-326 Standards: An Update (August 7, 2008) Torys LLP Client Bulletin New Canadian Disclosure Rules in 2008for Earnings 327-328 Guidance and Other Forward-Looking Information (January 28, 2008) In the Matter of AiT Advanced Information Technologies Corporation, Bernard Jude 329-365 Ashe and Deborah Weinstein, OSC Reasons and Decisions (January 14, 2008) Torys LLP Client Bulletin Ontario Securities Commission Provides Guidance on 366-367 Material Changes and M&A Negotiations (January 24, 2008) Mark L. Berenblut, Bradley A. Heys & Svetlana Starykh, “Trends in Canadian 368-387 Securities Class Actions: 1997-2008”, online (2009) http://www.nera.com/image/PUB Recent Trends Canada 0109 Lmal.pdf Corporate Torys LLP Responsibilities of Directors In Canada, online: (2009) 388-401 Governance http://www.torvs.com/Publications/Documents/Publication%20PDFs/Responsibilities 1 of Lhrectors 2009.pdf. pp. 3-15 Prospectus Gillen, 39 and 250-257 402-410 Exemptions Insider Reporting and Gillen, 361-306 and 370-373 411-420 Insider Trading Takeover Bids Gillen, 433-441 421-429 i 10102875.2 i 93300-0006 Torys LLP Takeover Bids in Canada (adapted from a published business law guide on 430-449 takeover bids in Canada and tender oilers in the United States), 200b 1 Enforcement Gillen, 567-578 450-461 In the Matter of the Securities Act and In the Matter of Biovail Corporation, Eugene N 462-501 Melnyk, Brian II. Crombie, John R. Miszuk and Kenneth Cl. Howling, Statement of Allegations of Staff of the Ontario Securities Commission (March 24, 2008) and OSC Oral Ruling and Reasons (February 12, 2009) 1 9 The Future of Expert Panel on Securities Regulation, “Final Report and Recommendations”, online: 502-519 Canada’s Capital (2009) Markets http://www.expertpanel.ca/eim/documents/E.\pert Panel Final Report And Recomme ndations.pdf, pp. 1-15 Jeff Macintosh, “Creation of Federal Regulator Will Unleash Constitutional 520-523 Showdown”, The Lawyers Weekly (February 20, 2009) Jeremy Fraiberg, “Not one regulator but two; Ottawa’s push to form a national 524-525 securities watchdog does not mean Quebec has to give up its own,” The Globe and Mail (October 28,2009), BIO I I 10102875.2 93300-0006