Originally from:
International Securities Law and Regulation - 2nd Edition - Looseleaf
International Securities Law and Regulation - 2nd Edition - Electronic
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Canada
Robert T Stuart and Mark A Trachuk
Osler, Hoskin & Harcourt
Toronto, Ontario, Canada
Introduction
Regulatory System
The Canadian securities regulatory regime is designed to regulate the investment of
capital in business enterprises and the resale of securities issued in consideration for
that capital. Through these regulations, the Canadian regime provides safeguards
which protect the investing public and promote confidence in the Canadian capital
markets.
The regulatory framework is based on the securities regulatory model developed in
the United States. Two principal activities are regulated. Firstly, the registration and
control of market participants involved in the trading of securities are regulated
through the imposition of a registration requirement whereby any person who purports
to trade, advise, or underwrite the issue of securities must register unless an
exemption from registration is otherwise available. Secondly, the disclosure of material
information by issuers who propose to distribute securities to the public is
regulated:
• Through the imposition of a prospectus requirement; and
• By imposing an obligation on publicly held companies to provide continuous disclosure
about their activities.
Legal Sources
Canadian securities legislation is the domain of the 10 Canadian provinces and,
accordingly, each province has enacted and administers its own securities
legislation.
Canada
Introduction
Regulatory System
Legal Sources
Authorities
Procedures
Legal Order and Regulatory Interests
Admission
Periodic Disclosure
Trading Rules
Insider Trading and Fraud
Jurisdictional Conflicts
Multilateral Solutions
Bilateral Solutions
Robert T Stuart and Mark A Trachuk, Osler, Hoskin & Harcourt, Toronto, Ontario, Canada
