Securities Litigation & Enforcement

• Practical implications of the changing strategic landscape for securities enforcement across Canada: Revealing new and recent enforcement priorities and initiatives:
  • Creative new enforcement initiatives being considered by the Ontario Securities Commission: The implications of no-admission settlements and other key initiatives
  • Understanding the recent separation of enforcement and criminal prosecutions at the British Columbia Securities Commission: Expanding the role of the commission into criminal prosecution – will other commissions follow suit?
  • To what extent have Canadian securities commissions been influenced by the U.S. Dodd-Frank Act and other U.S. initiatives?
  • Assessing international securities regulatory priorities and coordinated activity, and considering the impact of international regulatory coordination upon respondents
• Realigning the regulated community’s relationship with the commissions: Analysing the shifting role and scope of securities beyond administrative and public interest proceedings into criminal prosecution
• Uncovering key investigation and enforcement trends and commission targets:
  • What types of regulated community behavior are securities commissions seeing across the country?
  • On which activities are they focusing their eff orts?
  • Examining enforcement activity in traditional “core” enforcement areas vs. new areas of violations and market misconduct: How are the securities commissions dealing with exotic products and new trading strategies?
  • Determining areas of coordinated enforcement activity and priorities among the major commissions across Canada
  • Understanding how regulatory penalties are being set and proposed by Staff : Are uniformity and certainty factors considered by Staff ?
• Update on the latest securities commission cases and decisions

Impact of the Supreme Court of Canada and other Decisions on Securities Enforcement and Litigation across Canada

• Update on the constitutional challenge before the Alberta Court of Appeal, the Quebec Court of Appeal, and the Supreme Court of Canada
• Which issues have been left open by the courts?
• How does the proposed Canadian Securities Act deal with investigations and enforcement powers?
• Determining how the proposed new regime may be run if a national regulator is deemed constitutional by the Supreme Court of Canada

Must-Have Updates on Multiple Markets

• The proposed acquisition of TMX by Maple Group and the situation with Alpha
• Assessing the customer’s views on using the various trading systems and electronic platforms:
  • Pros and cons of the various trading systems and using multiple exchanges

• Understanding the underlying motives of the investigator:
  • What is the regulator trying to achieve by the investigation in a strategic context?
  • Means and deterrence: How securities regulators are putting a damper on rogue activity and improving enforcement activities
  • What types of offences are the regulators targeting and why?
• At what point does a regulator determine that enforcement proceedings are appropriate?
• Clarifying the disconnect on “credit for cooperation” between securities regulators and defence counsel
• Determining how the regulatory and criminal processes are working together to achieve better enforcement results:
  • Examining the relationship between the regulatory side and the criminal arm: How are cases passed from the securities regulator to the criminal side?
  • Examining the track record on initiating and concluding criminal prosecutions
• Defence counsel’s top tips for responding to the manner in which investigators exercise their powers
• Managing an investigation to minimize operational disruption, reduce risk and keep costs down:
  • What are the regulators looking for? What information do they need and when?
  • Identifying the kind of evidence that can be collected by the regulator and at what stage of the investigation
  • Determining actions that can be taken to resolve problems at the heart of an investigation, avoid further proceedings or litigation and get to a settlement
  • Is there a limitation

• Who is being targeted in securities-related civil litigation and regulatory action?
• Current state of litigation and regulatory action impacting brokers, traders, investment bankers and analysts:
  • What types of cases are impacting broker-dealers and investment advisers the most?
  • Which financial industries are most under scrutiny?
  • Is enforcement becoming tougher and more targeted?
  • Review of leading recent broker-dealer cases
• Interplay between regulatory investigations and civil litigation: Determining the impacts of an investigation on the commencement of civil proceedings

Cocktail Reception to follow

Sponsored by:

• Interpreting developments in enforcement priorities and activity at IIROC and the MFDA:
  • What the latest enforcement priorities and actions reveal about investment dealer/advisor behavior
  • Key enforcement priorities and market-related issues including high frequency trading and DART pool trading
  • How SROs are treating high-risk new products and the latest product issues
• Practical implications of IIROC’s new consolidated enforcement rules on the regulated community:
  • Principal differences from the previous regime
  • Advising on changing relationship issues and minimizing the risk of enforcement action
• Examining the MFDA’s new penalty guidelines
• Understanding IIROC and MFDA collaboration, cooperation and coordination with other securities regulatory entities:
  • How is information shared between and used by the regulatory bodies in both Canada and the U.S.? What the regulated community and their advisors need to know
• SRO perspectives on accountability and liability of an employer for failing to supervise salespeople

• Examining the latest trends and enforcement action relating to Ponzi schemes, boiler room activities, social networking schemes and other fraudulent activity
• Identifying the level of burden of proof depending on the nature of the allegations
• Assessing recent growing trends and focused eff orts on fraudulent financial schemes against elders and vulnerable adult populations fraud
• Determining changes in remedies for fraud actions
• Following the life of a fraud fi le after it leaves the hearing room
• How regulatory authorities are examining trading patterns in relation to public disclosure and conducting investigations into perceived insider trading
  • Under what circumstances are insider trading cases being dealt with in criminal proceedings under the Criminal Code?
  • Gathering evidence in insider trading cases for successful prosecutions: What kind of evidence do you need? What tools are available to securities regulators?

• Managing issues having multiple implications and consequences: Regulatory implications, civil litigation implications, corporate transactional considerations
• Managing time and costs
• Handling current litigation with concurrent regulatory matters:
  • Key defence considerations and strategies
  • Keeping the issues related to the civil action in mind during the course of an investigation or regulatory proceeding
• Top tips to take a holistic approach to the situation
• Implications of the U.S. Supreme Court decisions on securities claims being brought in Canada by foreign investors and the AIG jurisdiction issue
• Managing issues in cross-border securities actions and evaluating the emerging role of U.S. firms:
• Litigation strategies for cross-border cases: Managing jurisdictional interplay and moving forward on a coordinated basis
• Are Canadian companies with U.S. operations seeing more class action claims moving north?
• Determining linkages between regulatory investigations and enforcement proceedings and class action litigation: Key issues arising out of Fischer v. IG Investment Management Inc.
• Examining securities regulatory collaboration and coordination within Canada and in cross-border and international securities class actions: How regulators are working together to maximize opportunities to return money to the investors

• How do recent securities enforcement and litigation trends impact internal decision-making at the client level?
• Principal in-house counsel risk management considerations and strategies for dealing with regulatory enforcement and litigation
• Defining in-house counsel’s big-picture issues:
  • Managing internal resources and budgets for litigation
  • Understanding concerns around public communications issues
• Advising the Board on new and growing exposures in Canada and cross-border
• What do in-house counsel expect from outside counsel?
• Uncovering employment issues arising from regulatory investigations: Reviewing the latest high-profile cases
• Examining insurance coverage considerations in securities litigation and enforcement:
  • What new products are available? What to look out for, how to read a policy, advising clients
  • Gaining the insurer’s perspectives on insurance coverage for securities enforcement action and litigation
• Impacts on success in regulatory enforcement proceedings of self-representation
• Impact of an investigation, proceeding, or litigation on compliance monitoring: Top tips for fixing existing compliance systems and training staff

• Examining litigation arising out of poison pills and takeovers:
  • Recent case law developments
  • Uncovering the extent to which courts are striking down poison pills
  • Forecasting directions for poison pill litigation in Canada
• Determining the intersection between corporate remedies and securities litigation:
  • Considering choice of remedial actions to maximize shareholder and investor results: Using oppression actions, shareholder activism or litigation and proceedings
  • Proxy fight litigation: Which issues get litigated?
• Impact of Biovale on the continuing disclosure regime
• Is competition law the new foil for deal makers? TSX and Potash
• Impact of the OSC’s decision in CI Financial Corp.