Best Lawyers for Securities Law in Canada

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Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Derivatives Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Class Action Litigation Securities Law Director and Officer Liability Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Corporate Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Securities Law Corporate Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Natural Resources Law Securities Law Mining Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mining Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Natural Resources Law Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law Mining Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Corporate Governance Practice Mergers & Acquisitions Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation Director and Officer Liability Practice
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate and Commercial Litigation Securities Law International Arbitration
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Banking and Finance Law Corporate Law Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Director and Officer Liability Practice Class Action Litigation Administrative and Public Law Securities Law Legal Malpractice Law Corporate and Commercial Litigation Bet-the-Company Litigation
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Corporate and Commercial Litigation Securities Law
Lawyer
  • Location:
    Winnipeg, Manitoba
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Ottawa, Ontario
  • Practice Areas:
    Banking and Finance Law Corporate Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation Class Action Litigation Administrative and Public Law Director and Officer Liability Practice Bet-the-Company Litigation
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Mining Law Mergers & Acquisitions Law Securities Law Energy Law Corporate Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Corporate Law Real Estate Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Derivatives Law Securities Law Banking and Finance Law Structured Finance Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Banking and Finance Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation Class Action Litigation Director and Officer Liability Practice
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Natural Resources Law Mining Law Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Corporate and Commercial Litigation Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Corporate Law Energy Law Securities Law Banking and Finance Law Mergers & Acquisitions Law Equipment Finance Law Oil & Gas Law
Lawyer
  • Location:
    Ottawa, Ontario
  • Practice Areas:
    Securities Law Technology Law Corporate Law Corporate Governance Practice
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Mining Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Class Action Litigation Competition / Antitrust Law Corporate Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Natural Resources Law Mergers & Acquisitions Law Corporate Law Securities Law Mining Law
Lawyer
  • Location:
    Edmonton, Alberta
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation Construction Law International Arbitration Director and Officer Liability Practice Bet-the-Company Litigation Insurance Law Product Liability Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
Thomas J. Kormylo was awarded  "Lawyer of the Year" in

Thomas J. Kormylo

Pitblado LLP
  • Location:
    Winnipeg, Manitoba
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Edmonton, Alberta
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Mining Law Securities Law Construction Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Mining Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Defamation and Media Law Securities Law Corporate and Commercial Litigation Legal Malpractice Law Bet-the-Company Litigation Director and Officer Liability Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Administrative and Public Law Legal Malpractice Law Appellate Practice Corporate and Commercial Litigation
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Securities Law Corporate Law Mergers & Acquisitions Law Private Funds Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate Law Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Biotechnology Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law
Lawyer
  • Location:
    Regina, Saskatchewan
  • Practice Areas:
    Franchise Law Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Corporate Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Corporate Law Securities Law Banking and Finance Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Natural Resources Law Mining Law Securities Law Corporate Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Leveraged Buyouts and Private Equity Law Private Funds Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation Class Action Litigation
Lawyer
  • Location:
    Ottawa, Ontario
  • Practice Areas:
    Technology Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Biotechnology Law Technology Law Mergers & Acquisitions Law Corporate Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Alternative Dispute Resolution Appellate Practice Corporate and Commercial Litigation Securities Law Class Action Litigation
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Mining Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Corporate Law Mining Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Corporate Law Mining Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Class Action Litigation Corporate and Commercial Litigation Bet-the-Company Litigation Director and Officer Liability Practice Labour and Employment Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Securities Law Oil & Gas Law Corporate Law Corporate Governance Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Director and Officer Liability Practice Class Action Litigation Legal Malpractice Law Corporate and Commercial Litigation Bet-the-Company Litigation Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Securities Law Mining Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate Law Corporate Governance Practice Mergers & Acquisitions Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Governance Practice Director and Officer Liability Practice Securities Law Corporate Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Saskatoon, Saskatchewan
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Securities Law Leveraged Buyouts and Private Equity Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Venture Capital Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mining Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Mining Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Securities Law Corporate Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Natural Resources Law Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate Governance Practice Mining Law Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Regina, Saskatchewan
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Venture Capital Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Corporate and Commercial Litigation
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Corporate Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Winnipeg, Manitoba
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Corporate and Commercial Litigation Class Action Litigation Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Corporate Law Securities Law Mining Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Construction Law Administrative and Public Law Securities Law Corporate and Commercial Litigation
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Mergers & Acquisitions Law Corporate Law Securities Law Leveraged Buyouts and Private Equity Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Corporate Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Vancouver, British Columbia
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Québec, Quebec
  • Practice Areas:
    Technology Law Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Mergers & Acquisitions Law Project Finance Law Corporate Law
Lawyer
  • Location:
    Ottawa, Ontario
  • Practice Areas:
    Corporate Law Venture Capital Law Securities Law Private Funds Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Securities Law Corporate Law Corporate Governance Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Securities Law Director and Officer Liability Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Leveraged Buyouts and Private Equity Law Securities Law
Lawyer
  • Location:
    Calgary, Alberta
  • Practice Areas:
    Corporate Law Mergers & Acquisitions Law Securities Law Corporate Governance Practice
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Bet-the-Company Litigation International Arbitration Alternative Dispute Resolution Labour and Employment Law Legal Malpractice Law Appellate Practice Defamation and Media Law Securities Law Corporate and Commercial Litigation Class Action Litigation Director and Officer Liability Practice
Lawyer
  • Location:
    Toronto, Ontario
  • Practice Areas:
    Mergers & Acquisitions Law Natural Resources Law Mining Law Securities Law
Lawyer
  • Location:
    Regina, Saskatchewan
  • Practice Areas:
    Corporate Law Securities Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Corporate Law Securities Law Mergers & Acquisitions Law
Lawyer
  • Location:
    Montréal, Quebec
  • Practice Areas:
    Securities Law Leveraged Buyouts and Private Equity Law Private Funds Law

  • Location:
  • Practice Areas:

Practice Area Definition

Securities Law Definition

Securities law encompasses a wide range of areas that includes public and private offerings of securities, stock exchanges and other securities markets, continuous disclosure by public companies, insider trading and tipping, takeover bids, business combinations, corporate governance, investment funds, derivatives, and dealer and adviser registration (equivalent to licensing). In Canada, securities regulation is within provincial jurisdiction and each of the provinces and territories has securities regulatory legislation. Although there are differences in the degree of regulation between jurisdictions, the regulatory regimes are generally similar. Broadly speaking, Canadian securities regulation is comparable to that of the United States.

Generally, in each Canadian jurisdiction, a distribution of securities must be qualified by a prospectus that is filed with and cleared by the relevant securities regulatory authority unless an exemption from this requirement is available. In addition, securities legislation in the various Canadian jurisdictions deems certain trades in securities that were previously acquired under an exemption from the prospectus requirements, called "first trades," to be distributions. Securities of an issuer that is a reporting issuer under Canadian securities laws (that is, an issuer that is subject to periodic reporting requirements) and that were acquired under an exemption from the prospectus requirements are generally freely tradable, depending on the exemption relied upon, after a four-month hold period. The most regularly relied upon exemption from the prospectus requirements is the accredited investor exemption (permits certain qualified investors, including institutional investors and persons or companies that meet income or asset tests, to acquire securities on a prospectus-exempt basis).

Lawyers in this area must have a comprehensive understanding of the provincial securities laws administered by the applicable provincial regulatory authority, as well as the rules and policies of the national securities exchanges and IIROC (Investment Industry Regulatory Organization of Canada, which is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada). An important aspect of the practice is advising issuers and other market participants as to which information about the issuer and the securities being offered is "material" and therefore requires disclosure in offering materials or other disclosure documents.

Torys LLP

Torys LLP logo

Securities law encompasses a wide range of areas that includes public and private offerings of securities, stock exchanges and other securities markets, continuous disclosure by public companies, insider trading and tipping, takeover bids, business combinations, corporate governance, investment funds, derivatives, and dealer and adviser registration (equivalent to licensing). In Canada, securities regulation is within provincial jurisdiction and each of the provinces and territories has securities regulatory legislation. Although there are differences in the degree of regulation between jurisdictions, the regulatory regimes are generally similar. Broadly speaking, Canadian securities regulation is comparable to that of the United States.

Generally, in each Canadian jurisdiction, a distribution of securities must be qualified by a prospectus that is filed with and cleared by the relevant securities regulatory authority unless an exemption from this requirement is available. In addition, securities legislation in the various Canadian jurisdictions deems certain trades in securities that were previously acquired under an exemption from the prospectus requirements, called "first trades," to be distributions. Securities of an issuer that is a reporting issuer under Canadian securities laws (that is, an issuer that is subject to periodic reporting requirements) and that were acquired under an exemption from the prospectus requirements are generally freely tradable, depending on the exemption relied upon, after a four-month hold period. The most regularly relied upon exemption from the prospectus requirements is the accredited investor exemption (permits certain qualified investors, including institutional investors and persons or companies that meet income or asset tests, to acquire securities on a prospectus-exempt basis).

Lawyers in this area must have a comprehensive understanding of the provincial securities laws administered by the applicable provincial regulatory authority, as well as the rules and policies of the national securities exchanges and IIROC (Investment Industry Regulatory Organization of Canada, which is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada). An important aspect of the practice is advising issuers and other market participants as to which information about the issuer and the securities being offered is "material" and therefore requires disclosure in offering materials or other disclosure documents.