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CSA Proposes Non-GAAP Financial Measures Rule

September 10, 2018

The Canadian Securities Administrators (CSA) recently issued a request for comment on proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (Proposed Instrument), which would provide binding requirements for issuers disclosing non-GAAP and certain other financial measures and replace current CSA staff guidance. This bulletin covers the following aspects of the proposed regime: Background Scope “Primary Financial Statements” and…

Lavender Haze Lifts: Court of Appeal Clarifies Auditor’s Duty of Care

September 6, 2018

On September 5, 2018, in Lavender v. Miller Bernstein LLP (Lavender), the Court of Appeal for Ontario (Court of Appeal) overturned a lower court decision that an auditor had a duty of care to its client’s clients. In doing so, the Court of Appeal applied the principles articulated by the Supreme Court of Canada (SCC) in Deloitte & Touche v….

What B.C.’s New Community Benefits Agreement Means for Infrastructure Projects

August 29, 2018

The Government of British Columbia recently introduced the Community Benefits Agreement (CBA) to govern major, publicly funded infrastructure projects in B.C. Infrastructure projects that are subject to the CBA will require employees on those projects to join specified trade unions. The first infrastructure projects that will be subject to the CBA are the Pattullo Bridge Replacement Project and the Trans-Canada…

Does the Public Have the Right to Know Who the Top Billing Doctors Are?

August 10, 2018

The public has a right to know the names of Ontario’s top billing doctors, the Ontario Court of Appeal (Court) ruled on August 3, 2018 in Ontario Medical Association v. Ontario (Information and Privacy Commissioner). The Court upheld the Information and Privacy Commissioner’s (IPC) decision to release the names of top billing doctors, finding that a person’s gross business or…

Quebec Public Procurement – New Procurement Authority Ramps Up

August 10, 2018

On July 25, 2018, Denis Gallant took office as the first president and chief executive officer of the Autorité des marchés publics (AMP), Quebec’s central public procurement supervisory body, following his appointment by the National Assembly. This entry into office comes almost eight months after the adoption An Act to facilitate oversight of public bodies’ contracts and to establish the…

The Man Who Sold (Around) the World: Ontario Not a Default Jurisdiction for Securities Class Actions

August 9, 2018

In its decision in Yip v. HSBC Holdings PLC, the Ontario Court of Appeal clarified the proper interpretation of “responsible issuer” in the context of a statutory claim for secondary market misrepresentation under Part XXIII.1 of the Ontario Securities Act (OSA) and related common law claims, providing guidance to entities faced with class action claims arising from Canadian trading of…

B.C. Environmental Appeal Board Refuses Expert Opinion from Consultant Who Acted As Agent

August 9, 2018

The British Columbia Environment Appeal Board (Board) recently ruled that a consultant who had acted as agent for one of the parties to an environmental appeal could not testify as an expert witness on behalf of that party. Parties seeking assistance from their technical experts in applications for regulatory permits or subsequent appeals should exercise caution before having them assist…

CSA Highlight Common Deficiencies in Continuous Disclosure

August 7, 2018

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-355 – Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017 (Notice), summarizing the results of its members’ continuous disclosure review programs for the past two years. The Notice includes information about areas where the CSA have identified common deficiencies, with examples…

Pending CFIUS Reform Expands U.S. Foreign Investment Review

August 2, 2018

Recently, the United States House of Representatives passed legislation, which, if also passed by the Senate and signed into law by the president, will significantly expand the jurisdiction to review foreign investments on national security grounds. KEY TAKEAWAYS FOR CANADIAN COMPANIES: Canadian companies looking to make investments in the U.S. could face a longer review period and a substantial filing…

Summer Update: Lobbying and Election Finance Reform in Alberta, Prince Edward Island

July 30, 2018

The provinces of Alberta and Prince Edward Island recently introduced significant changes to their respective lobbying and election finance legislation. ALBERTA The Province of Alberta recently revised its Lobbyists Act and Election Finances and Contributions Disclosure Act. Below is a summary of the key legislative changes. Lobbyists Act Grassroots Lobbying “Lobbying” under the Alberta Lobbyists Act (LA) now includes grass-roots…

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