Category: Capital Markets

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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…

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…

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