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Inappropriate Forum Results in Stay of Ontario Securities Class Action

August 18, 2014

In a recent decision that will be of interest to public issuers, the Ontario Court of Appeal in Kaynes v. BP has stayed a potential securities class action against BP, PLC (BP). As a result of the decision, it is likely that Ontario courts will take a more restrained approach to determining whether actions involving foreign issuers whose securities do…

New Cardholder Security Guidance Issued for Third-Party Service Providers

August 18, 2014

On August 7, 2014, the PCI Security Standards Council (PCI SSC) published an information supplement entitled Third-Party Security Assurance (the Guidance), which provides guidance to organizations in relation to their engagement of third-party service providers (TPSPs) with whom cardholder data is shared or that could impact the security of cardholder data. The Guidance assists organizations and TPSPs in understanding how…

Bill Proposes Changes to Ontario’s Lobbying Legislation

August 13, 2014

On July 8, 2014, Ontario’s Deputy Premier Deb Matthews introduced Bill 8, the Public Sector and MPP Accountability and Transparency Act, 2014 (Bill). An identical bill had previously been introduced in March, but died on the order paper when a provincial election was called. The Bill introduces proposed amendments to theLobbyists Registration Act of 1998 (Act), which are outlined in…

Supreme Court of Canada to Hear Securities Class Action Limitation Period Cases

August 8, 2014

The Supreme Court of Canada has granted leave to appeal in three securities class action cases in which the defendants seek to enforce the three-year limitation period for commencing statutory secondary market securities class action claims in Ontario. All three appeals are from a February 2014 decision in which the Court of Appeal for Ontario overturned its own earlier decision…

Issuers Cautiously Adopt Notice-and-Access This Proxy Season

August 7, 2014

The numbers are in and we’ve counted them. The notice-and-access system – under which public issuers may post proxy information circulars online rather than distribute them by mail – was adopted by a total of 319 companies this proxy season. This number, a small fraction of the approximately 3,500 companies currently listed on the Toronto Stock Exchange (TSX) and TSX…

Un-Appealing: Supreme Court of Canada Limits Appeals from Arbitrators

August 6, 2014

  In Sattva Capital Corp. v. Creston Moly Corp., the Supreme Court of Canada has reinforced the finality of domestic arbitration awards by limiting the types of issues that can be considered questions of law.    BACKGROUND   The case involved a dispute about a finder’s fee payable in connection with the acquisition of a mining property in Mexico. Creston,…

Alberta Finalizes First Nation Consultation Guidelines

August 5, 2014

On July 28, 2014, the Government of Alberta released the final version of its Guidelines on Consultation with First Nations on Land and Natural Resource Management (Guidelines). The Guidelines, and the Government of Alberta’s Policy on Consultation with First Nations on Land and Natural Resource Management, 2013 (Policy), replace its former 2005 policy and 2007 guidelines. For industry, the primary…

Alberta’s New Pension Legislation to Take Effect September 1, 2014

July 23, 2014

On July 22, 2014, the Alberta government approved the long-awaited regulations to its new Employment Pension Plans Act (New Act). The New Act was passed in late 2012, but has not yet come into force, pending release of the regulations. The government has indicated that both the New Act and its regulations will now take effect on September 1, 2014….