Category: Capital Markets

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Broad Changes to CBCA Proposed: Directors’ Duties, Additional Disclosure and Annual Say-on-Pay

April 11, 2019

Significant amendments to the Canada Business Corporations Act (CBCA) proposed in the federal government’s omnibus budget implementation bill (Bill) would codify into statute some of the principles relating to directors’ duties set out in the landmark Supreme Court of Canada (SCC) 2008 decision BCE Inc. v. 1976 Debentureholders (BCE). The Bill would also require that certain CBCA corporations develop an…

Quebec Court of Appeal Weighs in on Defences Available to Directors in Unpaid Wages Lawsuit

April 11, 2019

The Quebec Court of Appeal (Court of Appeal) recently addressed the timely and important issue of the scope of the defences available to corporate directors being sued under section 119(2) of the Canada Business Corporations Act (CBCA) in relation to unpaid wages. In Desgagné c. Commission des normes, de l’équité, de la santé et de la sécurité du travail (available…

Your Guide to the 2019 Federal Budget

March 22, 2019

On March 19, 2019, the Government of Canada released its 2019 budget (2019 Budget) before the federal election later this year. We’ve summarized the key aspects from the 2019 Budget that may impact your business.  For tax changes, including proposed changes to the excise taxation of cannabis extracts (including oils), cannabis edibles and cannabis topicals, please see 2019 Federal Budget – Selected Tax…

2019 Federal Budget – Selected Tax Measures

March 20, 2019

On March 19, 2019, the Minister of Finance introduced Canada’s 2019 federal budget (2019 Budget). The government had already signalled that the primary focus of the 2019 Budget would not be business concerns as those had been largely addressed in the 2018 Fall Economic Statement. Given that 2019 is an election year, that should not be surprising. Nonetheless, the 2019…

Now’s Your Chance: CSA Seeks Input on Regulation of Crypto Asset Trading Platforms

March 19, 2019

Parties interested in the crypto asset trading industry have been given an opportunity to provide their views on the appropriate regulatory oversight in Canada for crypto asset trading platforms. On March 14, 2019, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC and, together with the CSA, the Regulators) jointly published Consultation Paper 21-402 Proposed…

2019 Proxy Advisory Firm Voting Guidelines: Canadian Highlights

February 11, 2019

In preparation for the upcoming proxy season, issuers should familiarize themselves with the Canadian proxy voting guidelines recently published by Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (Glass Lewis), respectively. This bulletin addresses certain areas of the updated topics covered by the ISS benchmark policy recommendations and Glass Lewis’s proxy guidelines and shareholder initiatives guidelines, in each…

Canadian Mergers and Acquisitions: FAQs and 2019 Trends

February 6, 2019

The Blakes Canadian Mergers and Acquisitions: FAQs and 2019 Trends answers frequently asked questions regarding the regulation of public M&A in Canada and provides an outlook for what 2019 may hold based on significant developments we observed in the Canadian deal environment.

OSC Seeks Public Input on Reducing Regulatory Burdens for Market Participants

January 22, 2019

The Ontario Securities Commission (OSC) recently announced plans to engage in a structured public consultation process as the next step in its efforts to reduce the regulatory burden for market participants. The public consultation, outlined in OSC Staff Notice 11-784: Burden Reduction, will include an opportunity for interested stakeholders to submit comments on key areas of securities regulation and participate…

CSA Warn Against Certain Problematic Promotional Activities

December 12, 2018

On November 29, 2018, the Canadian Securities Administrators (CSA) released CSA Staff Notice 51-356 Problematic promotional activities by issuers (Staff Notice), which cautions companies to avoid disclosure and promotional practices that are manipulative or that may mislead investors. The Staff Notice sets out the CSA’s expectations for issuers in complying with securities law requirements as well as guidance in relation…

AMF Provides Summary of Oversight and Regulatory Activities

December 6, 2018

The Corporate Finance Division of Quebec’s Autorité des marchés financiers (AMF) recently released its annual Summary of Oversight and Regulatory Activities (Report). In addition to providing a snapshot of the Quebec capital markets, the Report identifies a range of deficiencies encountered by the AMF in its ongoing review of various continuous disclosure and financing documents of Quebec issuers and highlights…

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