The Alberta Court of Queen’s Bench recently released a decision that may be of interest to any Canadian issuer that issues securities into the United States, has US-based investors or could otherwise see their activities scrutinized by American regulators at some point. This is particularly so where we have seen an increased usage of the Alberta Securities Commission’s investigation powers at the request of US agencies like the Securities and Exchange Commission and the Commodities Futures Trading Commission.
On January 22, 2015, the Court of Queen’s Bench of Alberta released its decision in Beaudette v Alberta (Securities Commission), 2015 ABQB 57 (found here). The Applicant, Scott Beaudette, challenged the constitutionality of certain sections of Alberta’s Securities Act. Mr. Beaudette was concerned that information compelled from him by the Alberta Securities Commission (“ASC”) would be shared with US authorities and could result in criminal prosecution and argued that the Canadian Charter of Rights and Freedoms (“Charter”) protected him from providing information to the ASC.
Michael A. Marion and Andrew Pozzobon –Â Borden Ladner Gervais LLP –Â March 13, 2015.
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