Category: Capital Markets

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Will the New Cooperative Securities Regulator Get Off the Ground? Silence from New Government Prompts Doubts

April 19, 2016

In the five months since the federal Liberal government took office, it has remained largely silent on the future of the cooperative capital markets regulatory system (Cooperative System), even as Alberta and Quebec maintain their opposition. The federal government’s silence is increasingly prompting questions about whether it will continue to work with participating provinces and territories to implement the Cooperative…

Your Guide to the 2016 Federal Budget

April 15, 2016

We have summarized key aspects of the Liberal government’s 2016 federal budget that may impact your business. Please see 2016 Federal Budget – Selected Tax Measures for more information. For pension-related matters, see Federal Budget 2016 – Pension Issues. For financial services, see 2016 Federal Budget – Financial Services Highlights. For infrastructure, see Change Orders: Analyzing Proposed New Infrastructure Spending in 2016 Budget. In…

2016 Federal Budget – Selected Tax Measures

March 23, 2016

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015 federal election after nearly a decade with the Conservative party in power. The Liberals were elected on a platform that included promises to provide tax…

Margin Requirements for Non-Centrally Cleared Derivatives Issued in Canada

March 22, 2016

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal regulator of financial institutions, recently issued Guideline E-22 – Margin Requirements for Non-Centrally Cleared Derivatives (Guideline). The Guideline requires the mandatory exchange of margin for non-centrally cleared derivatives transactions (NCCDs). A draft of the Guideline was published by OSFI on October 19, 2015, and the final Guideline reflects many…

Report Early, Report Often: CSA Adopts Final Amendments to Early Warning System

March 15, 2016

On February 25, 2016, the Canadian Securities Administrators (CSA) published final amendments to the rules governing early warning reporting in Canada (Final Amendments). The Final Amendments were released concurrently with the final amendments to Canada’s take-over bid rules, which are discussed in our February 2016 Blakes Bulletin: Finish Line in Sight: New Take-Over Bid Rules are Coming. The Final Amendments…

Opportunities for U.S. Private Equity in Canada’s Energy Sector

March 14, 2016

The Canadian energy sector represents a unique investment opportunity for private equity investors seeking to invest in, or acquire outright, established energy assets at a discount to historical prices. The ability to capitalize on the discounted debt of oil and gas companies in a low-risk jurisdiction like Canada has never been more attractive. One of the many factors that make…

New Capital Markets Regulator: Extent of Consultation and CMA Provisions Remain of Concern

March 9, 2016

Comments on the revised consultation draft of the provincial/territorial Capital Markets Act (CMA) and the draft initial regulations (Initial Regulations and, together with the CMA, the Consultation Drafts) for the proposed Cooperative Capital Markets Regulatory System (Cooperative System), to be administered by the new Capital Markets Authority (Authority), indicate that capital markets stakeholders continue to have major concerns about the…

Mandatory OTC Derivatives Clearing Rules Published for Second Round of Comments

February 29, 2016

On February 24, 2016, the Canadian Securities Administrators (CSA) published a revised Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Proposed Clearing Rule) and a proposed companion policy for a 90-day comment period. The Proposed Clearing Rule sets out when certain over-the-counter (OTC) derivatives entered into by certain Canadian local counterparties will need to be submitted for clearing…

Finish Line in Sight: New Take-Over Bid Rules Are Coming

February 26, 2016

On February 25, 2016, the Canadian Securities Administrators published final amendments to the rules governing take‑over bids in Canada that mark the completion of the process to enhance the quality and integrity of Canada’s take-over bid regime and rebalance the current dynamics among offerors and boards of directors and security holders of targets. The final rule amendments substantively track the…

At-the-Market Offerings by Canadian Issuers

February 25, 2016

Recent capital markets conditions have made at-the-market (ATM) offerings an attractive alternative to traditional follow-on equity offerings. ATM offerings reduce execution risk by permitting equity to be sold into the market over an exchange at prevailing market prices. While U.S. issuers have utilized ATM offerings for many years as part of their balance-sheet management strategies, this technology has only relatively…

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