Category: Capital Markets

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Alberta Securities Commission Proposes Adoption of Gender Diversity Disclosure Requirements

September 21, 2016

On September 14, 2016, the Alberta Securities Commission (ASC) published for comment proposed amendments to National Instrument 58-101 – Disclosure of Corporate Governance Practices and Form 8-101F1 – Corporate Governance Disclosure that establish disclosure requirements regarding the representation of women on boards of directors and in executive officer positions of non-venture issuers as well as with respect to term limits…

OSC’s Recently Launched Whistleblower Program: A Walkthrough

September 13, 2016

As it officially opened its Office of the Whistleblower, the Ontario Securities Commission (OSC) also unveiled the final version of OSC Policy 15-601 – Whistleblower Program (Policy), which provides the framework for the OSC’s whistleblower program (Program) under which whistleblowers may be able to receive monetary rewards of up to C$5-million for providing information about violations of securities laws to…

Honest Weight: Court of Appeal Affirms Threshold for Leave in Secondary Market Securities Class Action

August 29, 2016

In its recent decision in Mask v. Silvercorp Metals Inc. (Mask), the Court of Appeal for Ontario (Court) dismissed an appeal of the denial of leave and certification to a proposed statutory secondary market securities class action under Part XXIII.1 of the Ontario Securities Act (Act). In so doing, the Court affirmed that it must engage in some weighing of…

Viewpoint: Canadian Securities Laws, Issuer Websites and Social Media: Do The Evolution

August 25, 2016

A lot has changed since the ’90s and change has, for the most part, been a good thing, although I still have a nostalgic yearning to wear plaid flannel and Doc Martens again. Despite the astonishing technological developments over the past 25 years, one thing that hasn’t kept pace has been the Canadian Securities Administrators’ approach to the permitted methods for the initial dissemination…

Thinking at the Margin: Canadian Provincial Regulators Issue Margin Proposals for Non-Cleared Derivatives

August 15, 2016

Regulators of many financial institutions, federally in Canada and internationally, have established rules requiring margin to be exchanged in connection with derivatives that are not cleared through a central counterparty. A parallel set of margin requirements is being proposed by the Canadian Securities Administrators’ Derivatives Committee (Consultation Paper 95-401 – Margin and Collateral Requirements for Non-Centrally Cleared Derivatives (CSA Proposal))….

Proposed OSC Rule 72-503 Aims to Provide Clarity on Distributions from Ontario to Outside Canada

July 20, 2016

On June 30, 2016, the Ontario Securities Commission (OSC) published for comment Proposed OSC Rule 72-503 Distributions Outside of Canada (Rule 72-503) and Proposed Companion Policy 72-503CP (Companion Policy, and together with Rule 72-503, the Proposed Rule). The Proposed Rule aims to provide Ontario issuers and dealers acting for Ontario issuers with certainty regarding the application of Ontario prospectus and…

CSA Releases Results of Annual Continuous Disclosure Review Program

July 19, 2016

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Notice), summarizing the results of its members’ continuous disclosure (CD) review programs for the past year. The Notice includes information about areas where common deficiencies have been identified by the CSA, with examples in certain instances,…

Relief in Quebec Granted to Select Canadian Institutional Investors for Resale of Securities to Outside Canada

July 14, 2016

The Quebec Autorité des marchés financiers (Authority) recently published two general decisions (commonly referred to as blanket orders) granting certain Canadian institutional investors exemptions from the prospectus requirement in connection with the resale of securities outside Canada. The exemptions, which are effective as of June 30, 2016, pertain to offerings in a foreign jurisdiction by both Canadian reporting issuers and…

Ontario, Quebec Securities Regulators Announce Whistleblower Programs Launch

July 6, 2016

Securities regulators in Ontario and Quebec recently announced the launches of separate whistleblower programs in the two jurisdictions. While the Ontario Securities Commission’s (OSC) whistleblower program (OSC Program) provides for the payment of monetary rewards, Quebec’s Autorité des marchés financiers (AMF) has indicated that its whistleblower program (AMF Program) will not include payments to whistleblowers because its analysis of whistleblower…

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