Pacific Coast Coin Exchange v. Ontario Securities Commission (1977), 80 DLR (3d) 529, [1978] 2 SCR 112 -- summary under Paragraph 108(2)(b)

The appellant offered bags of silver coin for sale on margin (with 85% of all margin account purchasers closing out their account without taking delivery) and hedged its obligations through transactions in the futures markets. The "commodity account agreements" which the appellant entered into with purchasers were found to be "investment contracts" for purposes of the Securities Act (Ontario), with the result that the appellant was in breach of the requirement to file a prospectus. De Grandpré J. applied the test developed in the U.S. jurisprudence that there is an investment contract where individuals are led to invest money in a common enterprise with the expectation that they will earn a profit primarily through the efforts of the promoter or of someone other than themselves.