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If a recent Ontario Superior Court decision is any indication, the test for leave to commence a secondary-market securities application as enunciated by the Supreme Court of Canada in December will have real teeth in its practical application.

"The decision of Justice [Helen] Rady [in Bradley v. Eastern Platinum Ltd.] makes it clear that the leave threshold is going to be a meaningful merits test, which is what the leave test was always intended to be," says Alan D'Silva of Stikeman Elliott LLP in Toronto, who represented Eastern.

Lexpert contributor Julius Melnitzer reports at lexpert.ca/globe

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