That's a very good question. This was the subject matter of a case called McCutcheon and the Ontario Securities Commission, in 1982, where the Supreme Court of Canada recognized that there was some overlap between the CBCA and provincial securities legislation.
The two coexist. I think there is really no other answer: they coexist. Obviously, securities law can cover any type of reporting issue, whereas the CBCA will only cover corporations that are formed under the CBCA. There are some differences, for example, between the criminal element in terms of the options trading. Insiders having options over shares and things like this are a little different under the CBCA from what they are provincially.
But what I'm really talking about, and where I think the most important aspect of this is, is with respect to civil actions against insiders. This is something that's not, in my view, very prevalent in Canadian law. There is not a lot of civil litigation against insiders, and I think there ought to be, because it's clear there is insider trading going on. You can tell that by the fact that there is often a spike in prices before there is favourable news, or the reverse. So somebody is trading. There could be class actions, for example. Treble damages could be awarded. There are ways the civil law could be used.
The CBCA is largely self-enforcing. The genius of this act is that largely the enforcement of the act has been privatized to give private parties the incentive to pursue their remedies. And this is one area where I think that's failed. There has been no case since 1994 that I could find on insider trading liability. There has never been a case under the CBCA with respect to criminal liability, and very few cases at all under the civil liability regime, and none since the 2001 amendments.