Research Paper Number
Canadian; capital; decision; markets; Securities Act; supreme court
My reaction to the Supreme Court's decision is one of surprise and disappointment. The decision was extremely decontextualized, the court failed to appreciate the nature of a "market" and that it is comprised of buyers (investors) in addition to sellers (issuers). This commentary is divided into three parts. First, I critique the decision of the court from a capital markets perspective. Second, I put the decision in context by comparing it to other reference decisions before the Supreme Court over the last 22 years. Third, I discuss options moving forward for national regulation of the Canadian capital markets in light of the Supreme Court's decision.
Puri, Poonam, "The Supreme Court's Securities Act Reference Fails to Demonstrate an Understanding of the Canadian Capital Markets" (2013). Comparative Research in Law & Political Economy. Research Paper No. 35/2013.