Reasonable Limitation: Supreme Court defers to BC Securities Commission
A recent Supreme Court decision showed the power of provincial securities commissions. In McLean v. British Columbia (Securities Commission) (2013 SCC 67, available here), McLean challenged the BC Securities Commission’s 2010 decision to temporarily ban her from trading securities (with exceptions) or being a director or officer of a BC public company. In 2008, McLean accepted the same restrictions in a settlement with the Ontario Securities Commission (the “OSC”) based on her involvement in events that ended in 2001. In 2010, the BC Securities Commission (the “Commission”) informed her that it intended to impose its own restrictions, but the general limitation period in the BC Securities Act requires that process to start within 6 years after the events that motivated the proceedings. The ... [more]
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Plaintiff class action lawyers were unable to convince the Divisional Court to grant leave to appeal an earlier decision of the Superior Court of Justice in which Justice van Rensberg significantly reduced the size of the plaintiff class in Silver v. IMAX. [more]
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