Chris McIvor

Blog Bite: Does the Ontario Securities Act apply to promissory notes?

May 15, 2018

This article posted on our partner site Mondaq.com discusses an Ontario court decision that promissory notes are securities under the Ontario Securities Act, unless they are more akin to the types of notes considered to not be securities, using the ‘family resemblance test’. If the promissory notes are akin to a lien on assets by a small business, the notes are less likely to be characterized as securities.


Written by Chris.