Securities Regulation of Ontario Venture Issuers: Rules or Principles?

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dc.contributor.advisorCondon, Mary G.
dc.creatorAllen, John Pearson
dc.date.accessioned2014-07-11T18:00:15Z
dc.date.available2014-07-11T18:00:15Z
dc.date.copyright2013-12-04
dc.date.issued2014-07-09
dc.date.updated2014-07-09T16:21:04Z
dc.degree.disciplineLaw
dc.degree.levelDoctoral
dc.degree.namePhD - Doctor of Philosophy
dc.description.abstractShould the securities regulation of Ontario venture issuers be based primarily on rules or principles? Advocates for rules argue that detailed rules, with predictable meaning and scope, allow participants to focus on matters other than compliance. Advocates for principles argue that when an activity is complex, such as securities trading, detailed rules can become a confusing web, obscuring core values and discouraging creative solutions. The rules and principles literature is reviewed, along with the topics of risk-based, responsive, outcomes oriented and proportionate regulation. Governance theory is addressed and various compliance theories are discussed. From this, eight factors are gleaned to assess where along the rules/principles continuum a particular area of regulation should lie: (i) Is there a shared understanding of regulatory principles within the community being regulated? (ii) Are the regulated committed to the public interest? (iii) Are the regulated able to find analogous solutions? (iv) Are there institutions or actors which promote regulatory collaboration? (v) Do the regulated see enforcement as fair and effective? (vi) Are regulatory issues predictable? (vii) Should historical transactions be disclosed? and (viii) Should future projections be disclosed? These factors are then explored with a survey of 175 managers of venture issuers, followed by in-depth consultations with six experts in the industry and by a consideration of other matters. The assessment of the eight factors suggests that in some respects, principles could be effective for Ontario venture issuers since they are more flexible and can adapt to the changing complexities of securities regulation. However, principles-based regulation requires a shared understanding of, and commitment to, regulatory principles, and the answers given by many of the respondents to the survey and the discussions with the six experts consulted suggest that more work needs to be done before principles-based regulation could be effective.en_US
dc.identifier.urihttp://hdl.handle.net/10315/27600
dc.language.isoenen_US
dc.rightsAuthor owns copyright, except where explicitly noted. Please contact the author directly with licensing requests.
dc.subjectLawen_US
dc.subjectFinanceen_US
dc.subjectBusinessen_US
dc.subject.keywordsToronto Venture Exchangeen_US
dc.subject.keywordsSecurities regulationen_US
dc.subject.keywordsVentureen_US
dc.subject.keywordsIssuersen_US
dc.subject.keywordsRulesen_US
dc.subject.keywordsPrinciplesen_US
dc.subject.keywordsComplianceen_US
dc.subject.keywordsGovernanceen_US
dc.subject.keywordsToronto Stock Exchangeen_US
dc.titleSecurities Regulation of Ontario Venture Issuers: Rules or Principles?en_US
dc.typeElectronic Thesis or Dissertation

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