Insiders of Canadian reporting issuers are required to file public reports when they acquire, buy, or sell securities of that reporting issuer. These public reports must be filed using a prescribed form and must be filed within a specific time frame. Failure to file these public reports or...

This paper examines the pre- and post-tax returns to Canadian and US executives who receive backdated stock options (that appear to be at-the-money options) compared to currently-dated in-the-money options. We begin by comparing the Black-Scholes value of backdated at-the-money options to...

Insiders of Canadian reporting issuers are required to file public reports when they acquire, buy, or sell securities of that reporting issuer. These public reports must be filed using a prescribed form and must be filed within a specific time frame. Failure to file these public reports or...

The explosion of innovative financial instruments and processes that began in the 1970s has forced market participants and regulators carefully to rethink the role of traditional financial institutions and the regulation of those institutions. Following the recent financial crisis, the threats...

The collapse of Lehman Brothers was a pivotal event in the financial crisis that began in the U.S. subprime mortgage market. On January 19, 2009, Judge James Peck of the U.S. Bankruptcy Court issued an order directing the United States Trustee to appoint an Examiner pursuant to section...

In April 2010, new rules governing the reporting of securities trades by insiders of reporting issuers came into effect in Canada. These new rules were embodied in National Instrument 55-104, and in contemporaneous harmonized changes to Ontario’s Securities Act. Under the new regime, the...

"As global markets toppled during the 2008 financial crisis, the Canadian market for non-bank asset-backed commercial paper (ABCP) seemed on the verge of collapsing. Fueled by a top rating from DBRS, ABCP had found its way into the portfolios of some of Canada's most sophisticated investors as...

The purpose of this paper is to assess the framework in which competing views concerning the appropriate approach to the regulation of credit rating agencies, particularly following the collapse of Enron, have emerged. This paper considers four issues that have been raised in the context of...

The current international financial crisis, which began in the U.S. subprime mortgage market, and soon spread more generally through the financial system, has led to urgings from many quarters for increased government funds and increased government regulation. The calls for greater regulatory...