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FSCO’s Draft Guideline for Financial Services: 8 Principles for Fair Treatment

April 27, 2018

The Financial Services Commission of Ontario (FSCO) recently requested industry feedback on a proposed Superintendent Guideline, titled Treating Financial Services Consumers Fairly (Proposed Guideline). The purpose of the Proposed Guideline is to ensure there is common understanding between FSCO and the businesses and individuals it regulates (Licensees) as to what it means to treat consumers fairly. To that end, the…

New B.C. Legislation Proposes Multi-Jurisdictional Opt-Out Class Actions

April 27, 2018

INTRODUCTION Recently, the Government of British Columbia introduced Bill 21, 2018 Class Proceedings Amendment Act, to amend the Class Proceedings Act, R.S.B.C. 1996 (amended CPA). The bill received third reading on April 26, 2018. The amended CPA will permit national opt-out classes to be certified by the B.C. courts, which is a significant change from the current requirement that non-resident class…

Canada Looks to Foster Innovation, Business Growth with New IP Strategy

April 27, 2018

On April 26, 2018, the Government of Canada unveiled its long-awaited intellectual property (IP) strategy, through which the government intends to increase IP awareness and foster an ecosystem that supports business growth, innovation and competition.  The government recognized that IP is a valuable business asset and an IP strategy is critical in helping companies and national economies grow and succeed…

Securities Regulators Find Gaps in Non-GAAP and Distribution Disclosures by REITs and REOCs

April 26, 2018

The Canadian Securities Administrators (CSA) recently issued Staff Notice 52-329 Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry (Staff Notice), providing guidance on disclosure expectations relating to non-GAAP financial measures and distributions for real estate investment trusts and real estate operating companies (collectively, Real Estate Reporting Issuers). NON-GAAP FINANCIAL MEASURES                     The CSA is concerned when Real Estate…

Alberta Securities Commission Proposes New Rules to Facilitate Cross-Border Offerings

April 26, 2018

The Alberta Securities Commission (ASC) is proposing to replace its rules and policies governing certain securities distributions to purchasers outside Alberta, with the aim to reduce regulatory red tape and facilitate cross-border offerings. Specifically, the ASC has proposed the repeal ASC Rule 72-501 – Distributions to Purchasers Outside Alberta (Existing Rule), ASC Policy 45-601 – Distributions Outside Alberta (ASC Rule…

Market Correction: B.C. Court Orders Securities Regulator to Revisit Sanctions Regime

April 25, 2018

The British Columbia Court of Appeal (Court) recently released its decision in Davis v. British Columbia (Securities Commission) (Davis), overturning the decision of the B.C. Securities Commission (Commission) to impose a lifetime market ban on an individual for committing fraud pursuant to the B.C. Securities Act. The decision is a strong rebuke of the Commission’s overly formulaic approach to sanctions,…

Canadian Derivatives: Registration Regime for Dealers and Advisers Gets Momentum

April 24, 2018

On April 19, 2018, the Canadian Securities Administrators (CSA) took a major step toward adopting a comprehensive regime for the regulation of those in the business of trading derivatives or advising on derivatives. The CSA published for comment Proposed National Instrument 93-102 Derivatives: Registration (Proposed Registration Rule), along with a proposed Companion Policy. This initiative builds on the CSA’s efforts…

Court Confirms Power of Alberta Aboriginal Consultation Office to Decide Who Gets Consulted

April 23, 2018

The Alberta Court of Queen’s Bench (Court) provided much-needed clarity about the role of the Alberta Aboriginal Consultation Office (ACO) and the duty to consult in Alberta in its decision in Athabasca Chipewyan First Nation v. Alberta (ACFN Decision). The ACFN Decision is one of a series of recent judicial review decisions that stem from questions about the role of…

Director Independence Regime – Time for a Change?

April 23, 2018

The Canadian Securities Administrators (CSA) have received formal submissions (Submissions) on Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) from 27 commentators, ranging from public companies, large investors, governance commentators, professional bodies and practitioners at law firms, among others, with several Submissions representing the collective views of numerous contributing organizations. The Consultation Paper considers…

A Roadmap to Canada’s Rapidly Changing Lobbying Landscape: Q1 Highlights

April 19, 2018

Canada’s lobbying landscape is rapidly changing — a number of amendments have recently come into force or been proposed that revise lobbying, election finance and conflict of interest requirements in Alberta, British Columbia, New Brunswick and Prince Edward Island. Additionally, the cities of Edmonton and Vaughan have also changed their lobbying registration requirements. PROVINCIAL CHANGES Alberta Bill 11, Lobbyists Amendment…