Category: Capital Markets

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CSA Announce Policy Projects to Reduce Regulatory Burden for Public Companies

April 6, 2018

The Canadian Securities Administrators (CSA) recently published Staff Notice 51-353 – Update on CSA Consultations Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Notice), which sets out a number of upcoming CSA policy projects intended to reduce the regulatory burden associated with capital raising in public markets (i.e., prospectus-related requirements) and the ongoing costs (i.e., continuous…

2018 Ontario Budget Looks to Enhance Securities Enforcement Activities

April 5, 2018

As part of its 2018 budget (Budget), the Ontario government announced that it plans to propose new tools to enhance and expand the securities enforcement activities of the Ontario Securities Commission (OSC), including in regard to the criminal prosecution of securities fraud. The Budget does not include details of how or when these proposals will be implemented, but the announcements…

Supreme Court Hearing Leaves Cooperative Capital Markets Regulatory System in Limbo

March 28, 2018

The Supreme Court of Canada’s recent hearing on the constitutionality of the proposed cooperative capital markets regulatory system (Cooperative System) has thrown a wrench into the implementation of the Cooperative System. The Supreme Court recently heard an appeal from the Quebec Court of Appeal’s ruling last spring that the Cooperative System is unconstitutional in significant respects. For more information please…

Securities Regulators Tell Aurora and CanniMed to Play by the (New) M&A Rules

March 26, 2018

The Financial and Consumer Affairs Authority of Saskatchewan and Ontario Securities Commission (together, the Commissions) recently released the highly-anticipated reasons for their decision relating to the unsolicited take-over bid (Aurora Offer) by Aurora Cannabis Inc. (Aurora) to acquire CanniMed Therapeutics Inc. (CanniMed). The decision is the first time since the new take-over bid rules were adopted in 2016 that the…

2018 Federal Budget: Selected Tax Measures

February 28, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…

Choose Your Own Adventure: IIROC Requests Input on Enforcement Alternatives

February 27, 2018

The Investment Industry Regulatory Organization of Canada (IIROC) is engaged in a three-year strategic plan to expand its portfolio of enforcement options. As part of this initiative, IIROC has proposed two potential new enforcement options and has invited industry input. The proposal is to introduce a Minor Contravention Program (MCP) and Early Resolution Offers (ERO) into the IIROC enforcement portfolio….

Canadian Mergers and Acquisitions: FAQs and 2018 Trends

February 16, 2018

Our Canadian Mergers and Acquisitions: FAQs and 2018 Trends answers frequentlyasked questions regarding the regulation of public M&A in Canada and provides anoutlook for what 2018 may hold based on significant developments we observedfrom the Canadian deal environment in 2017.

Back in “Sessions”: CSA Reaffirms Disclosure-Based Approach For Canadian Reporting Issuers with U.S. Cannabis-Related Business Activities

February 12, 2018

On February 8, 2018, the Canadian Securities Administrators (CSA) released a highly anticipated notice clarifying the CSA’s position regarding issuers with cannabis-related activities in the United States. The revised staff notice reaffirms the CSA’s disclosure-based approach and sets out additional disclosure expectations for issuers with U.S. cannabis-related activities. The notice follows the CSA’s previously released statement on January 12, 2018,…

IIROC and MFDA Statements of Priorities Show Continued Focus on Conflicts, Transparency and Cybersecurity in 2018

February 1, 2018

The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) have each released statements of priorities for 2018. Taken together, and in conjunction with recently stated priorities of provincial securities regulators such as the Ontario Securities Commission, the statements illustrate that securities regulators will continue to focus closely on issues of conflicts of…

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