Usman Sheikh

Despite the differences in the evolution and form of securities remedies in the United States and Canada, the challenge of proving reliance, the element connecting an investor’s decision to buy or sell a security to a defendant’s misstatement or omission, is common to both countries’ securities class action regimes. What an investor must show to prove reliance, how it may show it, and whether it must be shown at all are answered differently in each jurisdiction. Understanding those differences… Show more

Despite the differences in the evolution and form of securities remedies in the United States and Canada, the challenge of proving reliance, the element connecting an investor’s decision to buy or sell a security to a defendant’s misstatement or omission, is common to both countries’ securities class action regimes. What an investor must show to prove reliance, how it may show it, and whether it must be shown at all are answered differently in each jurisdiction. Understanding those differences might prove particularly useful as the plaintiffs’ securities bar seeks greener pastures north of the border, while the Canadian courts adapt to recent developments arguably designed to mimic the U.S.-securities-based presumption of reliance in securities class actions. Show less

On May 14, 2015, the securities regulators of British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (the Crowdfunding Jurisdictions) announced that they have implemented, or expect to implement, exemptions that will allow Canadian start-ups and early-stage companies to raise capital through crowdfunding. The Ontario Securities Commission (OSC) expects to announce its own crowdfunding rules in the Fall of 2015.

Usman M. Sheikh sits down with Dr. Maila to discuss Lessons Learned from the Global Financial Crisis, How to Manage Systemic Risk, the Role of Securities Regulators in Risk Management, the Need for a National Securities Regulator and More...

US: "... if I can put to you a hypothetical: if Lehman Brothers were still in existence and had collapsed today, how is the global financial system any better prepared?"

MM: "Well, it's a very good question and a tough one to answer at the… Show more

Usman M. Sheikh sits down with Dr. Maila to discuss Lessons Learned from the Global Financial Crisis, How to Manage Systemic Risk, the Role of Securities Regulators in Risk Management, the Need for a National Securities Regulator and More...

US: "... if I can put to you a hypothetical: if Lehman Brothers were still in existence and had collapsed today, how is the global financial system any better prepared?"

MM: "Well, it's a very good question and a tough one to answer at the global level..." Show less

On September 8, 2014, the governments of Canada, British Columbia, Ontario, Saskatchewan and New Brunswick announced the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory System (the Cooperative System), the proposed national securities regulator for Canada. Draft provincial and federal legislation that would implement the Cooperative System has now been released for public comment. The legislation not only seeks to harmonize securities… Show more

On September 8, 2014, the governments of Canada, British Columbia, Ontario, Saskatchewan and New Brunswick announced the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory System (the Cooperative System), the proposed national securities regulator for Canada. Draft provincial and federal legislation that would implement the Cooperative System has now been released for public comment. The legislation not only seeks to harmonize securities regulation but also introduces changes to existing legislation in order to "update and modernize" securities laws. Show less

On July 9, 2014, Canada's Minister of Finance announced that Saskatchewan and New Brunswick have agreed to join the Cooperative Capital Markets Regulatory System that has been proposed by the governments of Canada, British Columbia and Ontario. This announcement marks the first material development towards a Canadian national securities regulator since the framework had been originally proposed in September 2013.

Usman M. Sheikh sits down with Susan Wolburgh Jenah, President and CEO of the Investment Industry Regulatory Organization of Canada (IIROC), to discuss a No Contest Settlement Policy for IIROC, Regulating High Frequency Traders and Dark Pools, Advancing the Role of Women, A Possible IIROC / MFDA Merger, Learning from Market Crises and more.

Susan Wolburgh Jenah serves as the President and CEO of the Investment Industry Regulatory Organization of Canada (IIROC), the national… Show more

Usman M. Sheikh sits down with Susan Wolburgh Jenah, President and CEO of the Investment Industry Regulatory Organization of Canada (IIROC), to discuss a No Contest Settlement Policy for IIROC, Regulating High Frequency Traders and Dark Pools, Advancing the Role of Women, A Possible IIROC / MFDA Merger, Learning from Market Crises and more.

Susan Wolburgh Jenah serves as the President and CEO of the Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. She has held the position since the organization was founded in June 2008. She was appointed President and CEO of the Investment Dealers Association of Canada (IDA) in June 2007 and was responsible for leading the merger of the IDA and Market Regulation Services Inc. (RS) to form IIROC. Before joining the IDA, Ms. Wolburgh Jenah served as Vice Chair of the Ontario Securities Commission from 2004–2007 and as Acting Chair of the Commission from July to November 2005. In April 2014, Ms. Wolburgh Jenah announced her intention to retire from IIROC, effective October 31, 2014. Show less

In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States Securities and Exchange Commission (SEC) and Citigroup Global Markets Inc. The settlement contained no admission of liability by Citigroup to wrongdoing.

A three-member panel held that the lower court had "abused its discretion by applying an incorrect legal standard… Show more

In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States Securities and Exchange Commission (SEC) and Citigroup Global Markets Inc. The settlement contained no admission of liability by Citigroup to wrongdoing.

A three-member panel held that the lower court had "abused its discretion by applying an incorrect legal standard in assessing" the settlement and returned the case for reconsideration. The decision has significant implications both in Canada and the United States, which have seen considerable recent developments relating to the acceptance of no-contest settlements by securities regulators. Show less

Usman M. Sheikh sits down with Ms. Schapiro to discuss High Frequency Trading and Michael Lewis' Flash Boys, Madoff's Ponzi Scheme, the SEC's No-Admit No-Deny Policy, a Canadian National Securities Regulator and More. Ms. Schapiro served as the 29th Chairman of the U.S. Securities and Exchange Commission (2009-2012).

"Q. Mr. Lewis specifically claims that your markets are rigged. As the former head of the SEC, CFTC and FINRA, how do you respond to that claim?

A. I don't think… Show more

Usman M. Sheikh sits down with Ms. Schapiro to discuss High Frequency Trading and Michael Lewis' Flash Boys, Madoff's Ponzi Scheme, the SEC's No-Admit No-Deny Policy, a Canadian National Securities Regulator and More. Ms. Schapiro served as the 29th Chairman of the U.S. Securities and Exchange Commission (2009-2012).

"Q. Mr. Lewis specifically claims that your markets are rigged. As the former head of the SEC, CFTC and FINRA, how do you respond to that claim?

A. I don't think the markets are rigged..." Show less

Ontario may soon become the first Canadian jurisdiction to implement a whistleblower program for suspected securities law violations. On February 3, 2015, the Ontario Securities Commission (OSC) issued Staff Consultation Paper 15-401 – Proposed Framework for an OSC Whistleblower Program seeking comment on their proposed whistleblower program. The program, which would offer the potential for substantial financial awards to individuals who come forward with possible breaches of Ontario securities… Show more

Ontario may soon become the first Canadian jurisdiction to implement a whistleblower program for suspected securities law violations. On February 3, 2015, the Ontario Securities Commission (OSC) issued Staff Consultation Paper 15-401 – Proposed Framework for an OSC Whistleblower Program seeking comment on their proposed whistleblower program. The program, which would offer the potential for substantial financial awards to individuals who come forward with possible breaches of Ontario securities law, would be the first of its kind for securities regulators in Canada and has similarities to the widely-publicized whistleblower program adopted by the United States Securities and Exchange Commission (SEC). Show less

The Supreme Court of Canada recently issued its decision in McLean v British Columbia (Securities Commission). The case is the first by the Court to address inter-provincial cooperation in relation to securities regulation since its 2011 decision in the Securities Reference. It is also the first to be rendered by the Court since the announcement in September 2013 by the finance ministers of Canada, Ontario and British Columbia to create a new national cooperative securities regulator.

On September 19, 2013, the finance ministers of Canada, Ontario and British Columbia announced an agreement in principle to create a new securities regulator through a "cooperative capital markets regulatory system".

Harry Markopolos blew the whistle on Bernie Madoff’s Ponzi scheme, considered one of the largest in the world. He has since testified before Congress and has been profiled on 60 Minutes, The Wall Street Journal and in a documentary “Chasing Madoff.” In March 2009, Madoff pled guilty to securities fraud and was sentenced to 150 years in federal prison. Markopolos’ dramatic story on uncovering the Madoff fraud was published in a book, titled “No One Would Listen: A True Financial Thriller.”… Show more

Harry Markopolos blew the whistle on Bernie Madoff’s Ponzi scheme, considered one of the largest in the world. He has since testified before Congress and has been profiled on 60 Minutes, The Wall Street Journal and in a documentary “Chasing Madoff.” In March 2009, Madoff pled guilty to securities fraud and was sentenced to 150 years in federal prison. Markopolos’ dramatic story on uncovering the Madoff fraud was published in a book, titled “No One Would Listen: A True Financial Thriller.” Exclusive interview by Usman Sheikh is published on the Securities Litigation Blog of the Advocates' Society. Show less