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Kristopher R. Hanc

M&A and Capital Markets Lawyer at Bennett Jones Toronto

Partner

John Lawless

Private Equity, M&A, Corporate and Securities Lawyer at Bennett Jones Calgary

James D. Beeby

Corporate Finance, M&A, Private Equity and Venture Capital Lawyer

The Supreme Court of Canada has released its much-anticipated decision in Lundin Mining Corp. v. Markowich, 2025 SCC 39, clarifying the definition of a "material change" under securities law and providing guidance on when a public company must disclose information to the market. The decision will have broad implications for public companies, their directors, officers, shareholders and other market participants.

Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for Material Changes

Shifting Grounds: Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for "Material Changes"

Robert W. Staley

Commercial, Securities and Class Action Litigation Lawyer at Bennett Jones Toronto

Vice Chair and Partner

Amanda C. McLachlan

Securities Litigation, Regulatory Investigations and Financial Crimes Lawyer at Bennett Jones Toronto

Doug Fenton

Litigation Lawyer at Bennett Jones Toronto

The Ontario Court of Appeal&rsquo;s decision in Binance v. OSC clarifies the limits of the OSC&rsquo;s investigative powers and the Charter protections available in securities investigations. While the Court rejected a constitutional right to challenge a summons before compliance, it found the summons issued to Binance overbroad and unconstitutional. The ruling offers important guidance for market participants on regulatory scrutiny, the scope of document production, and the viability of judicial review.

Court of Appeal Addresses Scope of Charter Review in Securities Investigations

Binance v. OSC: Court of Appeal Addresses Scope of Charter Review in Securities Investigations 

Shaan P. Tolani

Commercial Litigation Lawyer at Bennett Jones Toronto

Associate

In recent years, the OSC and other regulatory bodies began signaling to public markets that regulators intended to crack down on what they termed abusive short-sellers. Against this backdrop, the OSC brought enforcement proceedings before the Ontario Capital Markets Tribunal (CMT) naming Cormark Securities Inc., Saline Investments Ltd., and individuals as respondents. The proceedings focused on an alleged illegal and abusive short selling scheme. At the conclusion of a lengthy hearing on the merits, the CMT dismissed all of the OSC’s allegations.

Short Selling Structure not Abusive Ontario Capital Markets Tribunal Dismisses OSC Allegations

Short-Selling Structure Not Abusive—Ontario Capital Markets Tribunal Dismisses OSC Allegations in High-Profile Enforcement Proceeding

Simon Grant

Banking & Finance Lawyer, Fintech Lawyer at Bennett Jones Toronto

Partner 

William (Will) Gatchell

Commercial Transactions Lawyer at Bennett Jones Toronto

Borrowers and lenders negotiating payment directions on the closing of loan transactions should take heed of the recent decision of the Ontario Court of Appeal in Kemeny v. Callidus Capital Corporation, 2023 ONCA 76.

Ontario Court of Appeal Case Upholds Closing Payment Direction Against Lender

William S. Osler KC

Capital Markets, Securities, M&A and Corporate Governance Lawyer at Bennett Jones Calgary

Denise D. Bright

Public and Private Company Financial Transactions and Securities Lawyer at Bennett Jones Calgary

Olu Akinniyi

Articling Student

Recent amendments to Alberta&rsquo;s Securities Act strengthen the Alberta Securities Commission&rsquo;s ability to address financial misinformation and protect investors. Enacted through the Financial Statutes Amendment Act, 2025 (No. 2), the changes expand the definition of forward-looking information and grant the ASC new authority to temporarily halt trading where misleading or inaccurate information is being disseminated. While aimed at curbing harmful online promotion, including by &ldquo;finfluencers,&rdquo; the amendments also have important implications for reporting issuers and their disclosure practices.

Alberta Expands ASC Powers to Address Financial Misinformation

Laura James

Corporate Lawyer at Bennett Jones Vancouver

Rebecca Burnand

Corporate Lawyer at Bennett Jones Calgary

Madison Sutherland

Newly released market data out of the US shows the demand for beauty products remained strong in 2025 despite pressure on overall consumer spending. Beauty M&amp;A deal volume in the US decreased slightly this year due to tariff and trade concerns, but analysts are optimistic for a busier 2026 on the dealmaking front.

Whats Shaping MA in the Beauty Industry

Glow and Grow: What's Shaping M&A in the Beauty Industry

Ethan Z. Schiff

Maisah Syed

In David v. Loblaw Companies Limited, the Ontario Court of Appeal confirms that a certification denial for failure to plead a cause of action is final and barred by res judicata. Absent narrow exceptions, plaintiffs cannot amend pleadings to relitigate certification and must pursue an appeal.

Ontario Court of Appeal Says that Plaintiffs Cannot Amend Instead of Appeal

Daron K. Naffin

Energy, Environmental/Regulatory and Expropriation Lawyer at Bennett Jones Calgary

Tim Myers

Regulatory, Environmental, Aboriginal and Expropriation Lawyer at Bennett Jones Calgary

Thomas Machell

Regulatory Lawyer at Bennett Jones Calgary

The Alberta Energy Regulator has released new editions of Directive 071 and Manual 026, significantly expanding emergency preparedness and response requirements. This post outlines the key changes, including mandatory Emergency Management Programs, expanded scope across resource sectors, enhanced hazard analysis standards, and what approval holders should do ahead of the February 2, 2026 effective date.

Alberta Energy Regulator Announces New Editions of Directive 071 and Manual 026

David R. McKinnon

Energy & Environmental Litigation, Commercial Disputes, and Health Law at Bennett Jones Calgary

Navdeep Kaur

Commercial Litigation Lawyer at Bennett Jones Calgary

Ellen Forsyth

The Alberta Court of King's Bench stood firm on its commitment to address delays and improve efficiency in Alberta's civil justice system. In Boucher v Bailey, 2025 ABKB 384, the Court dismissed the plaintiffs' request to adjourn a 31-day trial due to its counsel being double booked with another trial in another jurisdiction. The Court held that adjourning the trial as requested would cause prejudice to the justice system, including sub-optimal use of judicial resources and negatively affecting the public's confidence in the administration of justice.

Constitutional, Civil Liberties and Human Rights Law

From the Same Authors