Recent amendments to the Ontario Securities Act that create a complex new statutory civil liability regime await proclamation, which is expected to occur as soon as related regulations are drafted. Part XXIII.1 Civil Liability for Secondary Market Disclosure was enacted by the Ontario legislature in December 2002 and was amended by legislation enacted in December 2004. The new legislation will give investors trading in the secondary market statutory rights to sue for misrepresentations in non-prospectus disclosure issued by public companies.

type Investment Management Advisory - April 2005