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Canadian Securities Regulatory Monitor News and Insight

Tag Archives: special relationship

Insider Trading Decision Provides Guidance to Assess Tippee’s Knowledge About Tipper’s Source of Information

Posted in Enforcement, Jurisprudence, OSC

In the Finkelstein v. Ontario Securities Commission[1] insider trading case, the Ontario Court of Appeal provided guidance on the interpretation of a “person in a special relationship with an issuer” as it applies to successive tippees who possess material, non-public information (MNPI) about an issuer.

OSC’s 2015 Findings

For a detailed summary of the 2015 decision of the Ontario Securities Commission (OSC), please see here. In brief, the OSC Panel found that, in connection with three separate M&A transactions between 2004 to 2007, a lawyer tipped his friend (Azeff), an investment advisor, … Continue Reading

Another tipping and insider trading case based exclusively on circumstantial evidence

Posted in Enforcement

In the recent Weicker[1] decision which followed a contested hearing, the British Columbia Securities Commission (BCSC) accepted Staff’s insider tipping and trading allegations against a geologist and his wife based on circumstantial evidence that included the “unnaturally timely” trading by the geologist’s wife.

Summary of Facts

BCSC Staff alleged that Robert Weicker, a geologist in a special relationship with Geo Minerals Ltd., informed his wife, Amina Weicker, about Geo’s impending takeover by New Gold Inc. before it was generally disclosed and that Ms. Weicker traded on this material non-public information.

At the relevant time, Geo was a junior mining … Continue Reading