In its recent decision, Re Coventree Inc., the Ontario Securities Commission (the "Commission") made subtle yet significant changes to securities law jurisprudence. The decision represents a broadening of the term "material change" and it expands the discretion of the Commission to determine when a material change occurred and what constitutes materiality. Given the nature of these changes, counsel will need to keep in mind the Commission's seemingly expansive authority to find violations of the Ontario Securities Act when advising clients. Published in Corporate Liability, vol XVII, No. 2.