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JD/MBA Student Fellows

In the winter 2020 term the Capital Markets Institute launched a JD/MBA Student Fellow Program. Selected students honed their analytical and legal writing skills in connection with real-time market issues and challenges.

2021/22 JD MBA Student Fellows & Projects

1. Jacob Broz, JD/MBA Candidate 2023
Ryan Riemenschneider, JD/MBA Candidate 2023

An Analysis of Approaches to Regulating Crypto Trading Platforms: Ontario and Singapore Compared

This paper explores the regulation of crypto asset trading platforms in Ontario, Canada’s leading jurisdiction for finance, and compares it with the approach taken by Singapore. Singapore has often been described as a success story for building an innovative market for crypto currency trading that appropriately balances market efficiency and investor protection. Going forward, Ontario’s principal securities regulators, the Ontario Securities Commission (OSC), can consider the approach the Monetary Authority of Singapore (MAS) has taken in constructing innovative crypto currency markets. In each section in this paper, we will compare the approaches that the OSC and MAS take for crypto trading platform regulation. At the end of the paper, we offer policy recommendations for each category we explore and offer guidance for Ontario going forward. read more

2. Will Kosiancic, JD/MBA Candidate 2023
Kathryn McCoy, JD/MBA Candidate 2023

OSC Whistleblower Program Report Card


3. Yousef El Zohiry, JD/MBA Candidate 2023
Alexander Green, JD/MBA Candidate 2022
Angela Gu, JD/MBA Candidate 2
Sydney Palter, JD/MBA Candidate 2023
Adam Strub, J/MBA Candidate 2024
Jimmy Zhou, JD/MBA Candidate 2023

Retrospective and Prospective Evaluation of Canadian Security Class Action Regime



2020/21 JD MBA Student Fellows & Projects

1. Maggie Xing

Maggie is a third-year JD/MBA candidate at the University of Toronto. After completing her undergraduate degree in finance and economics, Maggie worked as a financial analyst at a private equity firm and became a CFA Level III candidate. In 2018, Maggie began her legal education. Equipped with an interdisciplinary skill set, Maggie is actively engaged in topics relating to the intersection of law and finance. Post-graduation, Maggie will be pursuing a legal career in New York.

Well-Known Seasoned Issuers in Canada

Well-Known Seasoned Issuer (WKSI) is a concept adopted by the United States Securities and Exchange Commission (SEC) in 2005. WKSI is a category of issuers that comprises of the largest public companies. The benefit of qualifying as a WKSI is a series of relaxed restrictions on public offerings and the reduction in regulatory burden.

In Canada, market participants have also indicated an interest in adopting a WKSI category. The Capital Markets Modernization Taskforce (“Taskforce”) was formed by the Ontario government in February 2020 with a mandate to review and modernize Ontario’s capital markets. The Report, which followed consultations with market participants, contained 47 proposals. The 12th proposal recommended the creation of a WKSI category. Read more

2. Matthew Auvinen

Taking Stock: Health of Canadian Public Equity Markets

The U.S. listing gap, Doidge, Karolyi & Stulz reported that the number of listed firms in the United States is now lower than expected. This paper considers whether a similar listing gap is present in Canada. Listing data and census data was processed and analysed with three questions in mind: (1) How has the number of firms listed in Canada changed over time? (2) How has the listing propensity for a Canadian firm changed over time? (3) How have annual new listings and de-listings in Canada changed over time? The results indicate that the number of listed firms in Canada has decreased over time, the listing propensity for a Canadian firm has decreased over time, the annual number of new listings in Canada has decreased over time and the annual number of de-listings in Canada has increased over time. Mixed together, Mixed together, these results point to the conclusion that Canada has a listing gap. Read more

Background - The U.S. listing gap (Craig Doidge G. Andrew Karolyi, René M.Stulz)

3. Stephanie Taylor 

Stephanie is a fourth-year JD/MBA candidate at the University of Toronto. She is currently completing her articles at a Toronto law firm. She is currently completing her articles at a New York law firm.

Measuring Corporate Crime In Canada – Project Summary

Financial Crime Project Summary available here