Canadian securities regulation and foreign blocking legislation

Andrew Gray and Graeme Hamilton

International Journal of Business Governance and Ethics, 2010, vol. 5, issue 1/2, 87-97

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.

Keywords: Canada; securities regulation; insider trading; banks; confidentiality; banking secrecy laws; securities secrecy laws; market intermediaries; beneficial ownership; securities regulators; Switzerland; foreign blocking legislation; business governance; business ethics; economic crime prevention. (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbget:v:5:y:2010:i:1/2:p:87-97

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