We regularly provide our clients with advice and counselling on legislative developments under the OSA, as well as rules instituted by self-regulatory organizations, such as the Investment Dealers Association of Canada (IDA), Market Regulation Services (RS), and The Toronto Stock Exchange (TSX). We assist our clients in their implementation of policies and procedures necessary for legislative compliance. We work with our clients to obtain necessary approvals and registrations under the OSA, and we provide general preventative advice to reduce exposure to governmental prosecutions and civil liability.

Reporting issuers, investment dealers, brokers, their officers, directors and employees, increasingly find themselves facing potential liability for their professional activities, particularly when complex financial products are at issue. Directors and officers also continue to be the target of statutory and common law actions in relation to their corporate conduct. With the substantial increase in activity as a result of Ontario's Class Proceedings Act, 1992 and new legislative initiatives such as Bill 198, exposure to class actions is a new reality for alleged breaches under the OSA, including allegations of misrepresentations, material non-disclosure and certain types of insider trading. We are able to provide our clients with professional advice as to how they can best avoid civil liability and aggressively represent their interests in all aspects of securities and shareholders litigation on a timely and cost effective basis.

We recognize our clients' needs for innovative solutions to civil litigation, and can offer expertise in the various forms of mediation and alternative dispute resolution when appropriate.

When necessary, the interdisciplinary teams of litigation and securities practitioners are available to provide innovative and pragmatic legal advice to serve our clients' interests.

As one of Canada's leading international law firms, Stikeman Elliott can provide first-class legal representation to serve the increasingly diverse needs of the business and financial communities. With the globalization of securities markets and the increasing coordination of efforts of securities regulators around the world, Stikeman Elliott has the expertise to assist clients in international transactions and multi-jurisdictional regulatory matters.

Successful Appeal Decision on Disclosure of Privileged Documents to Auditors
The Ontario Divisional Court reversed the Ontario Securities Commission in Philip Services Corp. v. OSC holding that an issuer can produce a privileged document to its auditor without waiving privilege over the document, despite earlier Ontario authority to the contrary. David Byers and Bradley Davis of Stikeman Elliott's National Litigation Group successfully acted as counsel for appellant, Receiver of Philip Services Corp. Click here to view the appeal decision.

Partner Quoted in International Financial Law Review Article
Toronto partner Simon Romano is quoted in the June 2005 issue of the International Financial Law Review in an article titled "Canadian lawyers take new look at due diligence."

Partner Co-Authors Article in ABA Business Law eNewsletter
Samantha Horn, a Toronto partner in the M&A/Negotiated Transactions Group, has co-authored a paper entitled Board Observers Beware: A Discussion of Liabilities and Risks Facing Board Observers from a United States, Canadian and Italian Law Perspective appearing in the March 2005 issue of the ABA Business Law eNewsletter: Venture Capital and Private Equity, a publication prepared by the ABA Section of Business Law.

Securities Litigation Bulletin
Members of the Securities Litigation Group at Stikeman Elliott have prepared an update on an upcoming legislation expected to establish Canada's first statutory secondary market civil liability regime in British Columbia. Please click here to view the document.

Going Public in Canada: Issues and Considerations in an IPO
So you want to go public? This publication covers the numerous aspects of making an initial public offering, including the pros and cons of an exchange listing, the prospectus process, compliance requirements, taxation matters and much more. There is also a new section on Income Trusts. Please click here to subscribe.

Stikeman Elliott Prepares Publication to Assist with Corporate Governance Regime.
To help our clients prepare for the legal ramifications proposed in Bill 198, the Securities Litigation Group of Stikeman Elliott has published a guide to Ontario's proposed new statutory secondary market civil liability regime. To request a copy of Litigation Unleashed, click here and provide your full name and address.