Canada: SEC Still Trying To Salvage Tipping Cases In The Wake Of Newman

Recent cases, particularly in the U.S., have highlighted the challenges regulators face in pursuing individuals for tipping (disclosing material non-public information to third parties) and trading on the basis of a tip. Securing a criminal conviction or even a civil sanction has proved difficult because of evidentiary difficulties and the stringent test that must be met. Despite these challenges, the SEC in the United States is continuing to pursue tippers and tippees, as illustrated by the most recent in a string of tipping decisions, SEC v. Payton et. al.

As we have noted in previous posts:

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