Category: Capital Markets

Derivatives End-Users Granted Interim Relief from Trade Reporting Obligations for Inter-Affiliate Transactions

June 4, 2015

  Trade reporting obligations take effect in Ontario, Quebec and Manitoba (Applicable Provinces) on June 30, 2015 and will require over-the-counter (OTC) derivatives transactions between “End-Users” to be reported if either or both of the parties is a “local counterparty” in any of the Applicable Provinces. The term “End-User” refers to counterparties to OTC derivatives transactions that are not “derivatives…

Broad Reach for Canadian Securities Regulators for Insider Trading

June 3, 2015

In a settlement agreement recently endorsed by the Ontario Securities Commission (OSC), respondent Anand Hariharan agreed to settle insider trading allegations made by OSC enforcement staff (Staff) against him. The settlement is notable in that Mr. Hariharan had not actually contravened the insider trading provisions set out in Ontario’s Securities Act, as the relevant issuer was not a reporting issuer…

2015 Federal Budget – Selected Tax Measures

April 22, 2015

  On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source withholding requirements for some non-resident employers, extension of accelerated tax depreciation rates for machinery and equipment and a phased-in decrease in the small business tax rate. However,…

Whistleblowers to be Rewarded, Protected under OSC Proposal

April 21, 2015

  Staff of the Ontario Securities Commission (OSC) has released for public comment a consultation paper on a proposed whistleblower program (Program), under which whistleblowers would be eligible for a financial reward of up to C$1.5 million.   The Program, outlined in OSC Staff Consultation Paper 15-401 – Proposed Framework for an OSC Whistleblower Program (Consultation Paper), has five major…

First Secondary Market Class Action to Reach SCC Denied Leave

April 20, 2015

  In a decision released on April 17, 2015, the Supreme Court of Canada (SCC) overturned the Québec Court of Appeal’s judgment in Theratechnologies Inc. v. 121851 Canada Inc. (See our July 2013 Blakes Bulletin: Statutory Secondary Market Misrepresentation Claims: Quebec Court of Appeal’s First Decision for more information.)   For the first time, the SCC considered the standard for…

Commenters Don’t Hold Back: Responses to Civil Liability and Enforcement Provisions of Draft Cooperative Capital Markets Legislation

April 6, 2015

INTRODUCTION   The consultation drafts of the proposed uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) propose new, and in some instances unprecedented, civil liability and regulatory and criminal enforcement provisions which, if enacted, will have important implications for capital markets participants.   The PCMA and…

Too Many Changes, More Consultation Required: Comments on Proposed Cooperative Capital Markets Legislation

April 2, 2015

Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) by capital markets stakeholders suggest that additional “robust” consultation is required for the PCMA and CMSA, particularly given the significant changes to securities and capital markets laws that such proposed…

Fundamental Changes to Take-over Bid Regime One Step Closer With Release of Draft Amendments

April 1, 2015

On March 31, 2015, the Canadian Securities Administrators (CSA) released draft amendments to Canada’s take over bid regulatory regime. As previously announced by the CSA in September 2014, the amendments will increase the minimum period that a take-over bid must remain open from 35 days to 120 days—unless the target board consents to a shorter period of not less than…

B.C. Increases Access to Private Placements for Institutional Investors

March 30, 2015

BC INSTRUMENT 51-512 CERTAIN PRIVATE PLACEMENTS   By an instrument effective March 23, 2015, the British Columbia Securities Commission (BCSC) removed barriers to participation by institutional investors in private placements by foreign issuers by addressing two requirements that are unique to Canada.    The BCSC instrument grants an exemption from:   Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter…

New P&C Insurance Demutualization Regulations: Unknown Unknowns

March 11, 2015

  On February 28, 2015, the Department of Finance released draft regulations under the Insurance Companies Act (Act) providing for a framework for the demutualization process applicable to mutual property and casualty insurance companies (P&C insurers). Demutualization is the process through which a mutual company is converted into a corporation with common shares. The Act requires that rules for demutualizing…