On January 25, 2018, the Ontario Court of Appeal upheld the Ontario Securities Commission (OSC’s) Reasons for Decision on the Merits dated March 24, 2015 and its Reasons for Decision on Sanctions and Costs dated August 24, 2015 with respect to Howard Miller and Francis Cheng. The Court’s decision was the first time it considered the interpretation and application of the definition of a “person in a special relationship with an issuer” in relation to insider trading and tipping.
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