Industry committee  Well, with those numbers, it wouldn't make any sense to prosecute a civil action, quite frankly. So it may not be possible to get access to enforce that in the civil system, but at a higher threshold, at some point it would make economic sense for somebody to pursue damages, part

Industry committee  Let me give you an example. If you had an insider who had made a $50,000 excess profit as a result of insider trading and you trebled damages, that's $150,000. If in that same timeframe there have been purchasers who traded a million dollars worth of securities opposite that—if i

Industry committee  It is a solvable problem, I think. You can certainly identify through trading records whether entitlement holders have disposed of shares in a certain timeframe. That can be a question of evidence and proof. You can pick up people in the indirect market—that is, the people sellin

Industry committee  I'm sorry, but we're a little bit at cross purposes on this one, or maybe it's my use of terminology. When I refer to the residency issue of boards, it's to do with our Canadian residency. In other words, it's been a qualification requirement of certain corporate statutes, includ

Industry committee  I believe Quebec will be the first jurisdiction that I'm aware of that will do such a thing. That's why I say it was innovative. I don't know whether it's a good idea or not; I think we'll just have to see. But I think there's a logic to it. Certainly I know that around 2004 th

Industry committee  What I was really addressing was not the criminal side of the equation. Criminal enforcement doesn't really take place under the CBCA. It could be there, or it is there, but I don't know of any case ever being prosecuted under the CBCA provision. We're really talking about the

Industry committee  Mr. Warkentin, I can't answer your question. I'm a lawyer. I don't have the stats at hand, so I can't give you that.

Industry committee  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.

Industry committee  What I'm saying is that I do think this is an area that could be studied. You could align the interests of litigants to try to recover illegal insider trading profits by insiders who are essentially getting more than their fair share at the expense of all other investors. It's no

Industry committee  An example of an incentive would be if you knew that an insider disposed of shares just before some negative information was released about the corporation and the share price therefore went down, there would be a way of calculating the difference. And it's right in the act alrea

Industry committee  I wanted to make a slightly different point from what has been made up to this point on this issue. With the CBCA's corporate framework legislation, what you are really talking about is a matter of securities disclosure law. There's actually been a trend in the other direction,

Industry committee  Thank you very much. I wanted to come here today to encourage the committee and Industry Canada to dig a little deeper with the CBCA and consider some further amendments. A lot of very good work was done in 2001 to bring the CBCA up to speed at that time with developments that h