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Prospectus Offerings: 5 More Questions Issuers Need to Consider

December 1, 2014

  In our September 2014 Blakes Bulletin: Prospectus Offerings: 5 Questions Issuers Need to Consider (Initial Bulletin), we identified five questions Canadian public companies raising capital should consider. Below, we identify five further questions to be considered prior to launching a prospectus offering of securities.     1) WHAT FORM OF PROSPECTUS TO USE?   Five different forms of prospectus…

CSA Revises Approach to Amending Early Warning Report Regime

November 28, 2014

  The Canadian Securities Administrators (CSA) have provided an update on the status of proposed changes to the regime governing early warning reporting of significant holdings of issuers’ securities. Most notably, the CSA has determined not to reduce the reporting ownership threshold from 10 per cent to five per cent and not to include “equity equivalent derivatives” for the purposes…

Regulation of Derivatives Trading Under the Proposed Canadian Cooperative Capital Markets Regulatory System

November 28, 2014

  The federal government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement in respect of a proposed cooperative capital markets regulatory system (Cooperative System). As part of this Cooperative System, existing provincial securities and derivatives legislation will be replaced in the Participating Provinces with uniform provincial…

Privacy Exceptions for Picketing: Alberta’s Proposed Changes to PIPA

November 24, 2014

  The Alberta government moved forward last week with amendments to the Personal Information Protection Act(PIPA). The proposed amendments seek to respond to constitutional deficiencies in the legislation identified in the November 15, 2013 ruling of the Supreme Court of Canada (SCC) in Alberta (Information and Privacy Commissioner) v. United Food and Commercial Workers, Local 401. For more information see…

Alberta Increases Access to Private Placements for Institutional Investors

November 21, 2014

  BLANKET ORDER 45-514 RE CERTAIN PRIVATE PLACEMENTS   By blanket order granted November 20, 2014, the Alberta Securities Commission (ASC) removed barriers to participation by institutional investors in private placements by foreign issuers by addressing three requirements that are unique to Canada. The order grants:   An exemption from Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets(MI…

New Cooperative Capital Markets Rules Affect Civil Liability for Misrepresentation, Insider Trading

November 20, 2014

  The federal government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement to formalize the terms and conditions of the new proposed cooperative capital markets regulatory system (Cooperative System), which will be administered by a single Capital Markets Regulatory Authority (Authority). For more information on this,…

Alberta Replaces Ministerial Order on Aboriginal Consultation

November 19, 2014

  On October 31, 2014, Alberta’s Minister of Energy and Minister of Environment and Sustainable Resource Development issued Energy Ministerial Order 105/2014, the Aboriginal Consultation Direction (Second Direction). This order repeals Ministerial Order 141/2013 and replaces the previous Aboriginal Consultation Direction issued on November 26, 2013 (First Direction).   From an industry perspective, the significance of the Second Direction is…

Alberta Court Sheds Light on Gross Negligence Standard Required of Oil & Gas Operators

November 19, 2014

  The Alberta Court of Queen’s Bench recently addressed whether an operator of oil wells was grossly negligent in its development of a well, and in so doing added clarity to that term.   BACKGROUND In Bernum Petroleum Ltd v. Birch Lake Energy Inc, (Bernum), Bernum Petroleum Ltd. (Bernum), the operator, sought to recover the share of drilling costs of…

Happy New Year? AODA Requirements Coming into Force on January 1, 2015

November 17, 2014

  As described in previous Blakes Bulletins, the Accessibility for Ontarians with Disabilities Act, 2005 (AODA) requires public and private organizations in Ontario to take proactive steps to eliminate barriers to the participation of individuals with disabilities in Ontario society. The Integrated Accessibility Standards Regulation (IASR) enacted under AODA creates obligations in various areas, including information and communications, employment, transportation…

Let’s Be Honest: SCC Finds All Contracting Parties Owe Each Other a Duty of Honesty

November 17, 2014

  The Supreme Court of Canada (SCC) has just released its decision in Bhasin v. Hrynew, which recognizes for the first time in common law Canada that every party to a contract has a legal duty to perform its contractual obligations honestly and with regard to the legitimate interests of the other party. This duty cannot even be avoided by…

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