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Court solidifies insider trading law principles

Thursday, February 16, 2017 @ 7:00 PM | By Janice Wright and Greg Temelini

Between the end of October and early December, the Ontario Divisional Court decided two insider trading appeals from decisions of the Ontario Securities Commission (OSC). In its reasons, the court solidified certain principles in insider trading law and underscored the difficulty appellants face in successfully appealing decisions of the OSC.

The two decisions, Fiorillo v. Ontario (Securities Commission) 2016 ONSC 6559, and Finkelstein v. Ontario (Securities Commission) 2016 ONSC 7508, concerned insider trading and tipping, although the flow of inside information was different in each case....