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Securities law and financial markets

Civil and regulatory disputes in the securities and financial services sectors involve unique business issues as companies and individuals are typically subject to regulation and oversight by securities commissions, self-regulatory organizations, stock exchanges and law enforcement agencies.

 

In addition to having an in-depth understanding of the regulatory environment, our lawyers truly appreciate the importance of taking into account the commercial context in which their clients operate. They can provide guidance in a number of different types of proceedings:

 

■ Securities Regulatory Defence:

 

We assist clients having to face investigations and enforcement proceedings brought by the Autorité des marchés financiers du Québec (AMF), the Chambre de la Sécurité financière, other provincial securities commissions and the Investment Industry Regulatory Organization of Canada (IIROC)). We have significant experience with cross-border investigations involving the Ontario Securities Commission (OSC), the Securities Exchange Commission (SEC) and other U.S. regulators and law enforcement agencies. We also act on suitability reviews and investigations by Canadian stock exchanges, including the Montreal Exchange. Our extensive experience in resolving such issues, combined with our excellent working relationship with the regulators and SROs, makes us uniquely qualified to assist our clients in such matters.

 

■ Securities Class Action Defence:

 

We act for companies, directors, officers, securities dealers, advisors, investment funds, fund managers, traders, insurance brokers and other capital market participants in a wide range of securities class actions, including primary and secondary market liability claims, claims arising out of alleged fraud or claims against investment funds, fund managers and traders arising out of allegedly problematic trading strategies and practices.

 

■ Civil Litigation and Employment Disputes:

 

We act for plaintiffs and defendants in all aspects of corporate and commercial litigation matters, including civil liability and professional negligence. We have particular expertise with investment loss litigation, violation of fiduciary duties, abusive commercial practice, fraud and defamation. Our expertise also extends to employment disputes in the financial market sector.

 

■ Drafting and implementation of manuals and compliance programs:

 

We advise our clients in the drafting, revision and regular update of their compliance manuals, in addition to their implementation within their organization.

■ Representation of the National Bank of Canada in a securities disclosure class action instituted pursuant to the secondary market provisions of Quebec and Ontario securities legislation.

 

■ Representation of several members of IIROC (brokers and representatives of brokers) in the context of investigations and disciplinary proceedings.

 

■ Defence of individuals accused of insider trading and other violations of the Québec Securities Act.

 

■ Representation of Canaccord Capital regarding two claims alleging market manipulation and insider trading following the initial public offering of Jitec Inc.

 

■ Representation of AGF Management, a mutual fund dealer, regarding market timing allegations, both in Quebec and in Ontario.

 

■ Representation of HSBC Securities regarding allegations of market timing in mutual fund management.

 

■ Representation of the Autorité des marchés financiers (AMF), Quebec’s financial markets regulator, in a class action by investors stemming from the Norbourg fraud case (claim of more than $100 million).

■ Representation of Canaccord Genuity in two class actions launched by secondary market investors claiming $140 million on the basis of allegations of market manipulation and insider trading.

 

■ Defence of HSBC Securities (then a securities brokerage firm belonging to HSBC Bank) and AGF (one of the largest independent mutual fund manufacturers and distributors in Canada) in a class action alleging market-timing practices in the management of mutual funds.

 

■ Representation of National Bank Financial in proceedings brought by an investor claiming over $100 million in alleged losses in options trading.

 

 

■ Representation of Visible Gold Mines, a company listed on the Toronto and Frankfurt stock exchanges, in its successful challenge of an unsolicited takeover bid before the Bureau de décision et de révision.

Securities law and financial markets

Civil and regulatory disputes in the securities and financial services sectors involve unique business issues as companies and individuals are typically subject to regulation and oversight by securities commissions, self-regulatory organizations, stock exchanges and law enforcement agencies.

 

In addition to having an in-depth understanding of the regulatory environment, our lawyers truly appreciate the importance of taking into account the commercial context in which their clients operate. They can provide guidance in a number of different types of proceedings:

 

■ Securities Regulatory Defence:

 

We assist clients having to face investigations and enforcement proceedings brought by the Autorité des marchés financiers du Québec (AMF), the Chambre de la Sécurité financière, other provincial securities commissions and the Investment Industry Regulatory Organization of Canada (IIROC)). We have significant experience with cross-border investigations involving the Ontario Securities Commission (OSC), the Securities Exchange Commission (SEC) and other U.S. regulators and law enforcement agencies. We also act on suitability reviews and investigations by Canadian stock exchanges, including the Montreal Exchange. Our extensive experience in resolving such issues, combined with our excellent working relationship with the regulators and SROs, makes us uniquely qualified to assist our clients in such matters.

 

■ Securities Class Action Defence:

 

We act for companies, directors, officers, securities dealers, advisors, investment funds, fund managers, traders, insurance brokers and other capital market participants in a wide range of securities class actions, including primary and secondary market liability claims, claims arising out of alleged fraud or claims against investment funds, fund managers and traders arising out of allegedly problematic trading strategies and practices.

 

■ Civil Litigation and Employment Disputes:

 

We act for plaintiffs and defendants in all aspects of corporate and commercial litigation matters, including civil liability and professional negligence. We have particular expertise with investment loss litigation, violation of fiduciary duties, abusive commercial practice, fraud and defamation. Our expertise also extends to employment disputes in the financial market sector.

 

■ Drafting and implementation of manuals and compliance programs:

 

We advise our clients in the drafting, revision and regular update of their compliance manuals, in addition to their implementation within their organization.

■ Representation of the National Bank of Canada in a securities disclosure class action instituted pursuant to the secondary market provisions of Quebec and Ontario securities legislation.

 

■ Representation of several members of IIROC (brokers and representatives of brokers) in the context of investigations and disciplinary proceedings.

 

■ Defence of individuals accused of insider trading and other violations of the Québec Securities Act.

 

■ Representation of Canaccord Capital regarding two claims alleging market manipulation and insider trading following the initial public offering of Jitec Inc.

 

■ Representation of AGF Management, a mutual fund dealer, regarding market timing allegations, both in Quebec and in Ontario.

 

■ Representation of HSBC Securities regarding allegations of market timing in mutual fund management.

 

■ Representation of the Autorité des marchés financiers (AMF), Quebec’s financial markets regulator, in a class action by investors stemming from the Norbourg fraud case (claim of more than $100 million).

 

■ Representation of Canaccord Genuity in two class actions launched by secondary market investors claiming $140 million on the basis of allegations of market manipulation and insider trading.

 

■ Defence of HSBC Securities (then a securities brokerage firm belonging to HSBC Bank) and AGF (one of the largest independent mutual fund manufacturers and distributors in Canada) in a class action alleging market-timing practices in the management of mutual funds.

 

■ Representation of National Bank Financial in proceedings brought by an investor claiming over $100 million in alleged losses in options trading.

 

■ Representation of Visible Gold Mines, a company listed on the Toronto and Frankfurt stock exchanges, in its successful challenge of an unsolicited takeover bid before the Bureau de décision et de révision.