Category: Capital Markets

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Canadian Securities Regulators Clear a Path for Bitcoin Funds

September 19, 2017

The British Columbia and Ontario securities regulators have taken a leap forward in the regulation of bitcoin and other cryptocurrencies with the first registration of a fintech start-up, First Block Capital Inc., which intends to launch a fund that will invest all of its assets in bitcoin. The regulatory backdrop for this landmark registration is provided by the Canadian Securities…

Industry Responds to CSA Guidance on Cryptocurrency Offerings

September 18, 2017

The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad. Recently, staff of the Canadian Securities Administrators (CSA) (other than Saskatchewan) published Staff Notice 46-307 – Cryptocurrency Offerings (Staff Notice), in response to requests from fintech businesses for guidance on the applicability of Canadian securities laws to…

Making a Bright Line at the Border: CSA and OSC Seek to Clarify How Canadian Securities Laws Apply to Trades Outside Canada

July 5, 2017

 On June 29, 2017, the Ontario Securities Commission (OSC) published a Second Notice and Request for Comment (Second Notice) on an amended Proposed OSC Rule 72-503 Distributions Outside Canada (Rule 72-503) and Proposed Companion Policy 72-503CP (72-503CP, and together with Rule 72-503, the Proposed Rule), which aims to provide Ontario issuers and their underwriters with more certainty regarding the application…

Canadian Bail-In Regulations: What You Need to Know

June 27, 2017

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of Canada’s bail-in framework and related total loss absorbency capacity (TLAC) capital standard for Canada’s six domestic systemically important banks (DSIBs). The bail-in regulations are expected to…

CSA Propose Amendments to Reduce Compliance Burden for Private Placement Reports on Form 45-106F1

June 9, 2017

On June 8, 2017, the Canadian Securities Administrators (CSA) published for comment proposed amendments to Form 45-106F1, the form used for private placement reporting in Canada. The proposed amendments are intended to address concerns expressed by non-Canadian dealers and Canadian institutional investors regarding the impact on private offerings into Canada of the June 2016 changes to the Form’s certification and…

OSC Seeks Stakeholder Input on Proposed Derivatives Business Conduct Rule

June 1, 2017

On May 29, 2017, the Ontario Securities Commission (OSC) hosted a half-day roundtable session to discuss the recently published Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). Specific details regarding the Business Conduct Rule are discussed in our April 2017 Blakes Bulletin: Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules.  The roundtable session included…

Canadian Securities Administrators Seek to Reduce Regulatory Burdens for Reporting Issuers

May 16, 2017

As part of their ongoing efforts to balance investor protection through sufficient disclosure with efficiency in the capital markets, the Canadian Securities Administrators (CSA) have identified potential areas of securities legislation applicable to non-investment fund reporting issuers where the regulatory burden may be reduced without compromising investor protections and the integrity of the capital markets, in Consultation Paper 51-404 –…

National Securities Regulator on the Ropes? Quebec Court of Appeal Rules Proposed Cooperative System Unconstitutional

May 15, 2017

On May 10, 2017, the Quebec Court of Appeal ruled that the proposed cooperative capital markets regulatory system (Cooperative System) is in significant respects unconstitutional, although it ruled that the federal government’s proposed Capital Markets Stability Act (CMSA) was, excepting one aspect, within federal jurisdiction. The government of Quebec, which is opposed to the establishment of the Cooperative System and…

Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules

April 24, 2017

On April 4, 2017, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule), which would impose a range of business conduct requirements on Canadian and foreign persons engaged in the business of trading in over-the-counter derivatives (derivatives) with Canadian clients (Derivatives Dealers) or advising Canadian clients in connection with transacting…

Cannabis in Canada: A Changing Legal Landscape

April 19, 2017

The anticipated legalization of recreational cannabis in Canada by July 2018 is multi-faceted. Several areas of law will come into play, potentially impacting many types of businesses. We delve into some of these areas.

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