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CLASS ACTIONS
Amendments to Ontario's Securities Act
After several failed attempts to enact a statutory civil liability regime for secondary market disclosure, recent amendments to Ontario's Securities Act herald a new climate for investor protection in the province. The amendments extend a right of action for misrepresentation to secondary market shareholders and expand the range of potential defendants to these actions. Practically, these reforms seek not only to restore investor confidence, but also to circumvent some of the problematic issues that have arisen under similar legislation in the United States. Robert Russell, Adam Fanaki and David Faye discuss these amendments as well as the safeguards introduced in order to prevent abuse of the judicial system.
INTERNAL CONTROLS
Proposed Multilateral Instrument 52-111
It is well-known that financial reporting scandals had a negative impact on investor confidence in the credibility of financial information. In response, U.S. legislators rolled out the Sarbanes-Oxley Act of 2002. On February 4, 2005, members of the Canadian Securities Administrators, published for comment their proposed Multilateral Instrument 52-111, Reporting on Internal Control Over Financial Reporting (MI 52-111), the Canadian version of Section 404 of the U.S. Sarbanes-Oxley Act of 2002. Stephen Hack provides an overview of the proposed instrument and a discussion on how it will impact internal audit.
CRIMINAL CODE AMENDMENTS
Whistleblowing after Bill C-13
As with the enactment of the Sarbanes-Oxley Act of 2002 in the United States, the federal government has taken steps to protect "whistleblowers." Brian Kenny examines Bill C-13, which amended the Criminal Code to make it a criminal offence for employers to prevent employees from blowing the whistle on unlawful conduct or to retaliate against employees who have already done so.
CRISIS MANAGEMENT
Dealing with Workplace Emergencies
From SARS to power blackouts to the Avian flu: Canadian employers have recently learned the importance of crisis management and preparedness. As outlined by David Côté, employers can reduce negative repercussions by creating emergency-specific contingencies, with communication, training and assessment as key features. |
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Contributors to
this issue
From
Corporate Litigation
Adam F. Fanaki
David J. Faye
Robert S. Russell
Borden Ladner
Gravais LLP
From
Executive Employment
David T.A. Côté
Cassels Brock &
Blackwell LLP
Brian J. Kenny, QC
MacPherson, Leslie
& Tyerman LLP
From
Internal Audit
Stephen Hack
Ernst & Yong LLP |