Preface to the third edition
Author | Christopher C. Nicholls |
Profession | Faculty of Law, Western University |
Pages | 23-25 |
xxiii
PREFACE
to the Third Edition
The third edition of this book was written during the COVID-19 pan-
demic that began in March 2020. The many lives lost to t he disease will
continue to be the cruellest legacy of the pandemic. The isolation and
many other genuine and undeniable sacrifices imposed on the general
population by lengthy lockdowns seem modest indeed when weighed
against the pain and loss suered by victims of the most severe infec-
tions and by the families and friends of those victims.
In the face of a worldwide public health crisis, writing a book on
securities regu lation seems decidedly non-urgent. But threats to investor
protection and the robustness and stabil ity of the capital markets did not
halt during the pandem ic, nor did regulatory activ ity. Notable securities
regulatory developments since the second edition include: the stalled
initiatives aimed at trying to create a national cooperative capital mar-
ket regulatory system in Can ada; the impact of the 2021 Capital Markets
Modernization Taskforce Report; changes i ntroduced in Ontario by the
Securities Commission Act, 2021; influential developments in US secur-
ities law and regulat ion; and the ongoing challenges posed by i ncreasing
shareholder activism and technological advances, including the regu-
latory challenges posed by cryptocurrencies and other digital assets.
The same period also w itnessed one of the most significant develop-
ments in the Canad ian securities regulatory regi me in a generation: the
Canadian Securities Administrators’ proposal to consolidate Canada’s
two national securities industry self-regulatory organizations (SROs):
the Investment Industry Regulatory Organization of Canada (IIROC)
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