Category: Capital Markets

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OTC Derivatives in Canada: Getting Ready for the New Regulatory Regime

June 7, 2016

As part of the current global regulatory reform process, the rollout of Canada’s regulatory regime for over-the-counter derivatives is now in full swing.  These new market-based rules will impact how you trade OTC derivatives.  Blakes discusses the practical consequences of these reforms, including the following topics: Understanding how the Canadian reforms fit into the global market context Adapting your compliance…

TSX Proposes New Website and Equity Compensation Plan Disclosure

June 1, 2016

On May 26, 2016, the Toronto Stock Exchange (TSX) published for comment proposed amendments to Part IV and Part VI of the TSX Company Manual (Manual). If adopted, the proposed amendments would introduce website disclosure requirements for all TSX listed issuers (Part IV Amendments), and amend the security-based compensation arrangements disclosure requirements (Part VI Amendments), in particular by introducing a…

CSA’s New Consultation Paper Looks to Enhance Registrants’ Obligations

May 26, 2016

The Canadian Securities Administrators (CSA) recently released Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward their Clients (Consultation Paper), which considers a number of reforms regarding the client-registrant relationship. If implemented, these changes may significantly raise the standard for registrants. The Consultation Paper considers two different issues related to the registrant-client relationship: Amendments to…

Canadian Derivatives Trade Reporting Amendments Impact Dealers and End-Users

May 18, 2016

On May 12, 2016, securities regulators in Ontario, Quebec and Manitoba announced changes to existing derivatives trade reporting requirements that will be of interest to both derivatives dealers and “end-users” of derivatives. The amendments to existing reporting rules (TR Amendments) impose a specific obligation on each transacting party to obtain and maintain a legal entity identifier (LEI); formalize prior relief…

B.C. Court of Appeal Issues Important Guidance on Directors’ Disclosable Interests, Oppression Proceedings

May 11, 2016

The B.C. Court of Appeal last week released a wide-ranging decision on the availability of oppression proceedings under the B.C. Business Corporations Act (BCA), when interests of directors will be disclosable as a consequence of acquisition and reorganization, and the reasonable expectations of shareholders considering takeover bids. The decision has significant implications for corporate governance and securities litigation, especially how…

Commenters Reiterate Concerns about OSC’s Proposed Whistleblower Program

May 10, 2016

In the second round of public comments on the Ontario Securities Commission’s (OSC) proposed whistleblower program (Program), stakeholders expressed continued concerns that the Program, as outlined in OSC Policy 15-601 Whistleblower Program (Policy), would undermine internal reporting mechanisms and also expressed concerns about the amount and structure of the award payment. The proposal to allow certain categories of individuals to…

Amendments to Canada’s Bank Restructuring Legislation: Bail-In and Financial Contract Safe Harbours

May 9, 2016

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act). Among other things, Bill C-15 will give a new authority to the Canada Deposit Insurance Corporation (CDIC) to bail-in certain liabilities of Canada’s…

CSA Proposes Protocols to Improve Proxy Voting Infrastructure and Vote Reconciliation Process

April 29, 2016

As the next step in its effort to improve the proxy voting infrastructure and vote reconciliation process, the Canadian Securities Administrators (CSA) has published CSA Multilateral Staff Notice 54-304 Final Report on Review of the Proxy Voting Infrastructure and Request for Comments on Proposed Meeting Vote Reconciliation Protocols (Final Report). The proposed vote reconciliation protocols (Proposed Protocols) included in the…

One Size for All: Increased Private Placement Reporting Begins June 30

April 22, 2016

Effective June 30, 2016, issuers will have to report prospectus-exempt distributions that settle on or after that date in any Canadian jurisdiction using a new, harmonized Form 45-106F1 (New Form), with significantly increased information requirements. Also effective June 30, 2016, annual exempt distribution trade reporting by investment funds will change from a financial year to a calendar year basis. The…

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