Category: Capital Markets

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Mandatory OTC Derivatives Clearing Rules Published for Second Round of Comments

February 29, 2016

On February 24, 2016, the Canadian Securities Administrators (CSA) published a revised Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Proposed Clearing Rule) and a proposed companion policy for a 90-day comment period. The Proposed Clearing Rule sets out when certain over-the-counter (OTC) derivatives entered into by certain Canadian local counterparties will need to be submitted for clearing…

Finish Line in Sight: New Take-Over Bid Rules Are Coming

February 26, 2016

On February 25, 2016, the Canadian Securities Administrators published final amendments to the rules governing take‑over bids in Canada that mark the completion of the process to enhance the quality and integrity of Canada’s take-over bid regime and rebalance the current dynamics among offerors and boards of directors and security holders of targets. The final rule amendments substantively track the…

At-the-Market Offerings by Canadian Issuers

February 25, 2016

Recent capital markets conditions have made at-the-market (ATM) offerings an attractive alternative to traditional follow-on equity offerings. ATM offerings reduce execution risk by permitting equity to be sold into the market over an exchange at prevailing market prices. While U.S. issuers have utilized ATM offerings for many years as part of their balance-sheet management strategies, this technology has only relatively…

Legal Trends 2016: Capital Markets

February 19, 2016

ONE | ACQUISITION-FINANCE OPPORTUNITIES We expect economic conditions, including those discussed in our M&A Trends piece​, to continue to create opportunities in the M&A market. As well-positioned issuers pursue these opportunities, some acquirers will access the public markets for financing. Issuers whose equity is not under pressure will be the most favourably positioned to use their shares as acquisition currency. Privately placed…

TSX, TSXV Provide Guidance on New Rights Offering Regime

February 9, 2016

The Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV) issued guidance to issuers following the recent amendments relating to rights offerings adopted by the Canadian Securities Administrators (CSA) on December 8, 2015 (CSA Amendments). Both the TSX and TSXV announced that the Rights Offering Documents (defined below) will still be subject to pre-clearance and the advanced notification period…

Proposed Changes to Quebec Derivatives Regulation Will Impact Dealers, Advisers and Hedgers

February 5, 2016

This Bulletin highlights the impact of proposed amendments to the Quebec Derivatives Regulation (QDR) on dealers and advisers that are not registered in Quebec to trade standardized derivatives, on persons who intend to rely on the trading exemption available for “hedgers” and on individuals subject to certain proficiency requirements under the Quebec Derivatives Act (QDA). As noted in our September…

CSA re: Non-GAAP, TSX NCIB FAQs and Other Acronyms

February 4, 2016

Recently, the CSA (Canadian Securities Administrators) released revised guidelines regarding the disclosure of non-GAAP (generally accepted accounting principles) financial measures and the TSX (Toronto Stock Exchange) published responses to issuer FAQs (frequently asked questions) regarding NCIBs (normal course issuer bids). This bulletin addresses each of these regulatory updates and the enhanced guidance that they provide to participants in Canadian capital…

Derivatives Trade Reporting Rules Introduced in Remaining Canadian Jurisdictions

January 28, 2016

On January 22, 2016, the Canadian securities regulatory authorities in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and the Yukon (Participating Jurisdictions) adopted Multilateral Instrument 91-101 Derivatives: Product Determination (Scope Rule) and Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (TR Rule, and together with the Scope Rule,…

Changes to Ontario Participation Fees for Reporting Issuers

January 20, 2016

AMENDED OSC RULE 13-502 In 2015, the Ontario Securities Commission (OSC) approved the replacement of OSC Rule 13-502 Fees (Ontario Fee Rule) and its companion policy with a new version, which came into force as of April 6, 2015. The new Ontario Fee Rule applies to all reporting issuers when filing annual financial statements after April 6, 2015, including when…

Look Ahead: 2016 Legal Trends

January 8, 2016

  While global markets can be unpredictable, we have assembled some key legal trends that may help you prepare for what lies ahead in 2016.  ​​​​   Anti-Spam   Capital Markets  ​ China    Commercial Real Estate Cybersecurity Employment & Labour Financial Services Regulatory Intellectual Property International Trade   Litigation & Dispute Resolution   Mergers & Acquisitions   Oil &…

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