December 7, 2004


Ontario Revives Misleading Disclosure Legislation; British Columbia Delays Its Legislation
by: Robert D. Chapman, Tim McCafferty, Rene Sorell

Late last month the Ontario government announced a decision to proceed with the implementation of a civil liability regime in respect of certain documents filed by reporting issuers under the "continuous disclosure" requirements of the Ontario Securities Act (the "Securities Act"). Currently, although secondary market trading constitutes over 90 per cent of all capital markets trading, there is civil liability under the Securities Act only for misrepresentation made in a prospectus, take-over bid circular, directors’ circular or offering memorandum.


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