Expert Panel on Securities Regulation

Creating an Advantage in Global Capital Markets


Table of Contents

Dr. Philip Anisman
Barrister and Solicitor, Toronto

Philip Anisman, B.A., LL.B. (Toronto), LL.M., J.S.D. (U.C. Berkeley), is one of Canada’s leading securities lawyers and commentators. Before entering law practice, he was a professor of law at Osgoode Hall Law School and the Director of the Corporate Research Branch in the Department of Consumer and Corporate Affairs (Canada). He was the principal author of Proposals for a Securities Market Law for Canada (1979), which contained a draft Canada Securities Market Act and an explanatory Commentary, has advised securities commissions, stock exchanges and self- regulatory organizations in and outside of Canada, has chaired Investment Dealers Association of Canada disciplinary panels and has written extensively on takeovers and mergers, insider trading, protection of minority shareholders, corporate governance, civil liability for securities violations, securities law enforcement, the jurisdiction and accountability of securities commissions, the rulemaking process, bifurcation of the adjudicative and regulatory functions of securities commissions, and corporate, constitutional and administrative law.

Richard J. Balfour
Partner, Torys LLP, Toronto

Richard J. Balfour practises corporate and securities law. He has substantial experience as lead counsel in mergers and acquisitions and corporate finance for both public and private companies. Recent transactions include representing The Thomson Corporation in 2007-08 in its acquisition of Reuters Group PLC, which formed Thomson Reuters under Canada’s first dual listed company structure. His securities regulatory experience includes acting in 1994 as lead counsel for the Daniels Task Force on Securities Regulation, which recommended rule-making powers for the Ontario Securities Commission, and the Ministry of Finance of Ontario on the legislation implementing that recommendation, and the OSC in 1986-87 on the opening of the Canadian securities industry. He is a graduate of Princeton, Oxford, and Harvard universities and a former Assistant Professor of Law at Osgoode Hall Law School of York University.

Patrick Finnerty
Partner, Blakes, Cassels, and Graydon LLP, Calgary

Mr. Finnerty’s practice focuses on commercial and corporate transactions, with an emphasis on public offerings, private placements, joint ventures, and public company mergers and acquisitions (M&A). A graduate of the University of Toronto Law School and with an MBA from the University of Chicago, he has been a member of the Securities Advisory Committee to the Ontario Securities Commission and the Alberta Securities Commission Oil & Gas Securities Task Force, and is a founding member of the Legal Advisory Committee to the Alberta Securities Commission.

Mitchell H. Gropper, Q.C.
Partner, Farris, Vaughn, Wills, and Murphy LLP, Vancouver

Mr. Gropper is a senior corporate and securities partner with an emphasis on corporate finance, reorganizations, M&A, and commercial real estate. He joined Farris in 1998 after spending the majority of the previous 28 years with the Vancouver office of McCarthy Tétrault LLP. Prior to joining that firm, he spent three years as a professor in the Faculty of Law at the University of Western Ontario in London, Ontario. Mr. Gropper is involved in various professional and community organizations including the Securities Law Advisory Committee of the British Columbia Securities Commission and the Solicitors Committee on Legal Opinions in British Columbia, and the Jewish Federation of Greater Vancouver. Mr. Gropper is a member and former chair of the Vancouver Board of Trade Task Force on the Federal Budget. He has an LL.M. from the London School of Economics and Political Science and a law degree from the University of Saskatchewan.

Francis Legault
Partner, Ogilvy Renault LLP, Montreal

Mr. Legault is a senior member of Ogilvy Renault’s Business Law Group and Chair of its Securities practice. He focuses on corporate finance, both private placements and public financings, international financings, mergers and acquisitions, privatizations, and corporate governance. In the area of corporate finance, he has conducted numerous cross-border and international financings for both issuers and underwriters. His extensive experience with mergers and acquisitions involves many large transactions for major North American enterprises. He also has expertise in public income fund vehicles and their privatization. Mr. Legault was a member of the legal advisory committee to the Autorité des marchés financiers (Québec) from 2000 to 2008. He has an LL.B. from Université de Montréal.

Glorianne Stromberg
Securities Lawyer, Toronto

Ms. Stromberg is a securities lawyer and author of three reports on regulatory strategies relating to the provision of financial services and the protection of investors. She is a former Commissioner of the Ontario Securities Commission, serving from 1991 to 1998. Prior to her OSC appointment, she was a partner in the law firm of Cassels, Brock & Blackwell where her practice was primarily in the field of corporate and securities law. She is a frequent speaker and commentator on matters relating to the investment funds industry, the financial services sector, and the protection of investors.


44 The legal advisory committee provided legal advice to the Expert Panel on a number of select issues as to which the committee members were consulted. The legal advisory committee was not otherwise involved in the formulation of the recommendations in the Final Report, or the preparation of the Final Report or the draft Securities Act and accompanying General Commentary.