Necessary Analysis — Unexpected Outcomes

This paper looks at Silver v Imax and Sharma v Timminco where the courts first had to decide novel legal issues in order to resolve disputes. In each case, the ruling settled the matter but raised new questions about the necessity or workability of underlying legislation. In response to the rapidly evolving securities industry, the powers and discretion of regulators have expanded, and courts have generally deferred to regulators. As a result, the line between regulatory and adjudicative roles has arguably blurred. This paper goes on to look at Fischer v IG Investment Management Ltd where the Ontario Court of Appeal has reset the balance between securities regulators and the courts in a way that may have new implications for other regulators in other industries.