Ontario Court of Appeal Clarifies Definition of “Promoter”

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In Goldsmith v. National Bank of Canada,[1] the Ontario Court of Appeal clarified the definition of “promoter” in the context of a proposed secondary market class action under Part XXIII.1 of the Ontario Securities Act.[2] The decision provides comfort to financial institutions and others in the capital markets that deliver traditional commercial lending and investment advisory services to public companies. Further, it provides useful guidance for prospectus filing requirements for issuers and others involved in the creation or reorganization of an issuer’s business.

Read more in the original post by our colleagues at McCarthy Tétrault.

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