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OSC Sino-Forest ruling rejects ‘different business culture’ defence

Wednesday, September 06, 2017 @ 9:12 AM | By Janice Wright and Greg Temelini

Ontario securities law is paramount for reporting issuers in Ontario, regardless of any business cultural differences that exist in other global markets in which the issuers might operate.

That is a key takeaway from a decision of a panel of the Ontario Securities Commission in Sino-Forest Corporation (Re) 2017 ONSEC 27. The decision, released on July 13, is notable in a number of respects.

Sino-Forest Corporation was a commercial forest plantation operator in the People’s Republic of China. At the end of March 2011, its shares were...