29 Nov 2006
SECURITIES COMMISSION V MIDAVIA RAIL INVESTMENTS BVBA AND ORS CA CA252/05
- Citation
- openlaw-866474ed_0c12_4c03_b1f8_bbacfc18faf4.pdf
- Court
- Court of Appeal
A gain made or loss avoided is not an element of the causes of action under ss 7 and 9; the statutory causes of action accrue when the relevant sale or purchase (or tipping conduct where applicable) takes place; the reasonable discoverability doctrine does not apply to defer accrual under Part 1 of the Securities Markets Act; accordingly the Commission's claims for pecuniary penalties against Midavia and Richwhite were time‑barred.