Canadian securities regulation and foreign blocking legislation
by Andrew Gray, Graeme Hamilton
International Journal of Business Governance and Ethics (IJBGE), Vol. 5, No. 1/2, 2010

Abstract: Knowing who benefits financially from a securities trade is necessary for the detection, prosecution and deterrence of illegal securities trading. Foreign jurisdictions with banking or securities secrecy laws are frequently used as a platform for illegal activity to frustrate law enforcement. This paper considers the extent to which Canadian law gives effect to so-called foreign blocking legislation. We conclude that while Canadian law does not generally give effect to foreign blocking legislation, it imposes only limited requirements on market intermediaries to collect beneficial ownership information. Regulators are therefore left with the option of obtaining assistance from their foreign counterparts.

Online publication date: Mon, 30-Nov-2009

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