Category: Capital Markets

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Are Directors Independent? It Depends: CSA Revisiting Regime

November 15, 2017

The Canadian Securities Administrators (CSA) have released CSA Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) and are inviting comments on the current approach to director independence determinations and board committee membership. Although the CSA regime has remained largely unchanged since 2004, the views of various governance commentators have evolved over time, with some…

CSA Reports Another Small Step for Women; Still No Giant Leap for Humankind

October 31, 2017

The Canadian Securities Administrators (CSA) recently published CSA Multilateral Staff Notice 58-309 Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate Governance Practices (Notice). The Notice continues the review, for a third year, of “comply or explain” disclosure provided by non-venture public companies concerning the representation of women on boards…

CSA Comment on Registrants’ Cybersecurity and Social Media Practices

October 23, 2017

The Canadian Securities Administrators (CSA) have published Staff Notice 33-321 Cyber Security and Social Media (Staff Notice 33-321), which summarizes survey results of registered firms’ cybersecurity and social media practices, and provides guidance on each of the survey topics, reflecting the CSA’s expectation that registered firms will be vigilant to safeguard themselves and their clients from cyber threats. BACKGROUND Last…

TSX Adopts New Website, Equity Compensation Plan Disclosure Requirements

October 20, 2017

On October 19, 2017, the Toronto Stock Exchange (TSX) announced that it has adopted, and the Ontario Securities Commission has approved, the following amendments to the TSX Company Manual: (i) the introduction of website disclosure requirements for certain TSX listed issuers (Part IV Amendments), which become effective April 1, 2018; and (ii) amendments to the disclosure requirements regarding security based…

CSA Propose Amendments to the Mandatory Derivatives Clearing Rule

October 19, 2017

On October 12, 2017, the Canadian Securities Administrators (CSA) proposed for comment amendments (Amendments) to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101), in order to refine the scope of entities that will become subject to mandatory clearing requirements beginning in August 2018. Clearing members that subscribe for a regulated clearing agency’s clearing services in respect of…

AMF Report Highlights Deficiencies in Disclosure Documents of Quebec Issuers

October 18, 2017

The Corporate Finance Division of Quebec’s Autorité des marchés financiers (AMF) recently released its first Summary of Oversight and Regulatory Activities (Report), which provides general information and reminders about securities regulatory issues and initiatives and identifies gaps in continuous disclosure and financing documents of Quebec issuers. The Report also provides a snapshot of the Quebec capital markets, including a profile…

CSA, TSX Address Treatment of Canadian Reporting Issuers with U.S. Cannabis-Related Business Activities

October 17, 2017

On October 16, 2017, the Canadian Securities Administrators (CSA) and the Toronto Stock Exchange (TSX) released staff notices regarding their respective treatment of issuers with cannabis-related activities in the United States. Canadian reporting issuers with U.S.-related cannabis activities have long been uncertain of their treatment by the CSA and the TSX given the conflict between U.S. federal and certain state…

Highlights from the OSC Corporate Finance Branch’s Annual Report

October 16, 2017

The Corporate Finance Branch of the Ontario Securities Commission (OSC) recently published OSC Staff Notice 51-728 Corporate Finance Branch 2016-2017 Annual Report (Report), which outlines the policy views of, and related guidance from, the OSC on a number of issues that arose during its annual continuous disclosure review program and ongoing review of offering documents and exemptive relief applications. The…

Doing Business in Canada

October 10, 2017

The Blakes Doing Business in Canada guide is an introductory summary of the laws and regulations that affect the conduct of business in Canada.

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

October 10, 2017

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec’s financial sector and strengthen…

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