In the wake of the financial crisis, Credit Rating Agencies (CRAs) have been criticized for having played a significant role in the market turmoil. Numerous reports have identified failures on the part of CRAs that have affected the quality and integrity of the rating process. In light of the...

The credit crisis that started in the American mortgage subprime market in 2007 is having profound social and economic consequences. In this context, lawmakers, regulators, and commentators have questioned the role of rating agencies in the market turmoil. In light of the critiques, a strong...

The recent decision of the Supreme Court of Canada in Theratechnologies Inc. v 121851 Canada Inc. (“Thera”) goes to the heart of the debate on the place of the public and private enforcement methods in the Canadian securities regulation regime. Fundamentally, the case concerns the...

Corporate governance is increasingly attracting attention from Canadian governments and regulators. Although they have been numerous, the proposals put forward in Canada by corporate governance reform committees share two salient characteristics. First, they assume that reform of corporate...

Small and medium-sized enterprises (SMEs) play a vital role in the Canadian economy. While the growth and success of these enterprises do not depend solely on financial support, access to financing is critical for their expansion. In this respect, public equity financing performs a crucial...

This Report prepared for the XIXth International Congress of Comparative Law analyses the protection of minority investors and the compensation of their losses in Canada. Focusing on publicly-traded corporations, it examines more specifically the legal regimes that deal with false and misleading...

Good corporate governance is an enabling factor for the growth, development and success of corporations in this era of globalization and international competition. The corporate scandals of the early 2000s have reinforced the importance of corporate governance; they have stimulated research and...

In Canadian business law, directors have a duty to act in the best interest of the corporation, which includes the duty to assess, fairly and equitably, the impact of the corporation”s actions and decisions on its stakeholders.But which of the stakeholders' expectations should be taken into...

The secondary market statutory liability regime was integrated over fifteen years ago in Canadian securities legislation after a long a winding road that can be traced back to the 1980s. The statutory liability regime has proved elusive. From a doctrinal perspective, the arcane drafting of the...