Catch and Exclude: The Ontario Court of Appeal reaffirms the Canadian approach to defining a “Security”
In late 2018, I wrote a summary of the Ontario Superior Court’s decision in OSC v Tiffin, 2018 ONSC 5419. In that case, a 6 month custodial sentence was imposed on a trader for trading in promissory notes despite being under a trading ban. Justice Charney ruled on whether to import the “family resemblance” test from US case law to determine whether a promissory notes amounted to a securities. Under that test, courts would use a contextual approach to determine if something constitutes a security. Ultimately the “family resemblance” test was not adopted into Canadian law. Instead, courts should rely ... [more] Full article
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