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Author: Bryce Tingle

LL.B. (Alberta), LL.M. (Duke University and Osgoode).
Professor. Member of the Alberta Bar.
N. Edwards Chair in Business Law at the University of Calgary's Faculty of Law.
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A Mugging on Bay Street

By: Bryce C. Tingle KC

Case Commented On: The RRSP Trust of James T. Grenon by its Trustee CIBC Trust Corporation v. Her Majesty the Queen, 2025 FCA 129 (CanLII)

PDF Version: A Mugging on Bay Street

Most corporate lawyers avoid reading tax court decisions. Tax is a pretty specialized practice area, and for non-specialists the entire area of tax law gives off the insalubrious air of a dark alley in an unfamiliar city. Except worse, because in a tax case you know for a fact there is someone down that alley who wants to rob you of your money.

Corporate lawyers should make an exception, however, for the recent decision in The RRSP Trust of James T. Grenon by its Trustee CIBC Trust Corporation v. Her Majesty the Queen (Grenon) by the Federal Court of Appeal. This is because the court finds itself interpreting provincial securities laws in a way that would be very surprising to most non-tax lawyers. In fact, the way the court (i) interprets the term “principal” (found in many private placement exemptions), (ii) the consequences that it suggests follow from imprecise investor representations in subscription agreements, and (iii) the way the court determines what constitutes a “lawful” offering under RRSP rules, all violate long-established securities practice and threaten to destabilize private placements of all kinds.

A ‘Victimless’ Crime Just Lost its Perpetrators

By: Bryce Tingle

PDF Version: A ‘Victimless’ Crime Just Lost its Perpetrators

Case Commented On: Walton v. Alberta (Securities Commission), 2014 ABCA 273

In Walton v. Alberta (Securities Commission), 2014 ABCA 273 (the “Eveready” decision), the Alberta Court of Appeal has just decided the most important insider trading case in recent memory. It may also be the last insider trading case for a long time.

The Quiet Decline of Canada’s IPO Markets

By: Bryce Tingle

PDF Version: The Quiet Decline of Canada’s IPO Markets

The Toronto Stock Exchange’s parent company has been travelling the country raising the profile of its new venture, TSX Private Markets.  At the same time, Canada’s securities commissions are engaged in the most comprehensive overhaul of the private placement regime in more than a decade.  In Ontario, in particular, this would reverse the increasingly restrictive trends of previous reforms and liberalize its private capital markets.

This is a curious state of affairs. The TSX is chipping away at the incentives for a company to go public and the Ontario Securities Commission (OSC) is making it easier for companies to raise money outside of its regulatory “gold standard”: the public company prospectus system.  What is going on?

Empty Voting

PDF version: Empty Voting

Cases Considered: TELUS Corporation v Mason Capital Management LLC, 2012 BCCA 403  and Mason Capital Management LLC v TELUS Corporation, 2012 BCSC 1582

 The most talked about Canadian corporate legal decision this year has been a British Columbia Supreme Court judgment in relation to TELUS’ attempt to convert a class of non-voting shares into voting shares.  It was not even the ruling that had everyone talking, but several paragraphs of obiter near the end of the decision.  The obiter concerned the phenomenon of “empty voting” and it was deemed sufficiently newsworthy to be reported in the national newspapers and discussed in legal blogs and articles on both sides of the border.

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