In the line of fire

For the first time in Canadian capital markets history, the distressing threat of being personally sued for misleading secondary market investors is a day-to-day reality for directors, certain officers and spokespeople – including IROs. The new amendments to the Ontario Securities Act, effective from December 31, 2005, are supposed to foster confidence in the market by giving investors a statutory right to sue for damages when disclosure is false, insufficient or late. Companies not aligned