Canadian Securities Regulators Propose Harmonized Approach to Regulating Take-Over Bids

September 23, 2014

  On September 11, 2014, the Canadian Securities Administrators (CSA) announced that they have reached agreement on a harmonized approach to updating the regulation of take-over bids in Canada and will be proposing amendments to the legislation, instruments and rules that make up Canada’s take-over bid regulatory regime to implement such policy.   The stated goal of the CSA’s proposed…

Alert: Proposed Changes to Federal Pension Fund Investment Regulations

September 23, 2014

  On September 19, 2014, the federal Department of Finance released draft regulations that if adopted would amend various provisions in the pension fund investment regulations contained in Schedule III of the regulations under the Pension Benefits Standards Act, 1985 (Federal Investment Regulations).   Given that the Federal Investment Regulations are also incorporated into a number of different pension benefits statutes…

Marcotte: Can the Provinces Regulate Banking in Canada?

September 23, 2014

  On September 19, 2014, the Supreme Court of Canada released its decision in Bank of Montreal v. Marcotte(Marcotte) and two companion cases Marcotte v. Fédération des caisses Desjardins du Québec and Amex Bank of Canada v. Adams.     THE ISSUE   One of the central issues in Marcotte concerned the applicability of certain provisions of the Quebec Consumer…

New Developments in Canadian Competition Law and Foreign Investment

September 18, 2014

  BUREAU’S NEW PRICE MAINTENANCE ENFORCEMENT GUIDELINES   On September 15, 2014, the Competition Bureau (Bureau) published its Price Maintenance Enforcement Guidelines (Guidelines). These Guidelines describe the Bureau’s approach to enforcing section 76 of theCompetition Act (Act), a civil provision focused on conduct that influences the price at which a downstream supplier sells its products and which has an adverse…

Cooperative Capital Markets Regulatory System Agreement and Draft Legislation Released

September 17, 2014

  On September 8, 2014, the Canadian government and the British Columbia, Ontario, Saskatchewan and New Brunswick governments entered into a memorandum of agreement (Agreement) formalizing the terms and conditions of the cooperative capital markets regulatory system (Cooperative System). Consultation drafts of the uniform provincial capital markets legislation (Provincial Capital Markets Act (PCMA)) and complementary federal legislation (Capital Markets Stability…

Competition Bureau Outlines International Merger Priorities and Tribunal Clarifies Third-Party Challenge Rights

September 12, 2014

  SPEECH OUTLINES BUREAU PRIORITIES   On September 10, 2014, Senior Deputy Commissioner of Competition, Mergers, Lisa Campbell outlined the Competition Bureau’s (Bureau) international priorities and announced new initiatives during a speech at the Global Antitrust Enforcement Symposium at Georgetown University Law Center in Washington, D.C.   Collaboration with U.S. Agencies: Earlier this year, the Competition Bureau and the U.S….

Prospectus Offerings: 5 Questions Issuers Need to Consider

September 9, 2014

  Canadian public companies raising capital should consider the following five questions prior to launching a prospectus offering of securities.   1)  WHAT SECURITIES TO OFFER? Whether companies offer shares, debt, hybrid, committed or contingent, convertible or non-convertible securities, a company’s capital needs will be paramount in determining what type of security to issue, while the decision will also be…

Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

Contractors Cannot Lien for Damages: Alberta Master Rules on Proper Subject Matter of Builders’ Lien

September 8, 2014

An Alberta master’s decision examined the burden of proof in an application to reduce the amount of security posted to discharge a builders’ lien, and whether damages – such as losses that may not sufficiently relate to improvements to the land – may also be included in claim for a builders’ lien. In Krupp Canada Inc v. JV Driver Projects…

OSC Adopts Restrained Interpretation of ‘Public Interest’ Jurisdiction in Baffinland Case

September 4, 2014

On August 26, 2014, a panel of the Ontario Securities Commission released its decision in a high-profile enforcement proceeding brought by OSC Staff against Jowdat Waheed and Bruce Walter. Staff had made a series of allegations against Waheed and Walter, including allegations of insider trading and conduct contrary to the “public interest,” arising out of a hostile take-over bid the…