In Pezim v. British Columbia (Superintendent of Brokers), 1994 CanLII 103 (SCC), [1994] 2 S.C.R. 557, 114 D.L.R. (4th) 385 at para. 63 [Pezim], Iacobucci J. spoke for the court and held that the “primary goal” of securities regulation “is the protection of investors but other goals include capital market efficiency and ensuring public confidence in the system”.
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