Category: Capital Markets

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Regulation of Derivatives Trading Under the Proposed Canadian Cooperative Capital Markets Regulatory System

November 28, 2014

  The federal government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement in respect of a proposed cooperative capital markets regulatory system (Cooperative System). As part of this Cooperative System, existing provincial securities and derivatives legislation will be replaced in the Participating Provinces with uniform provincial…

Alberta Increases Access to Private Placements for Institutional Investors

November 21, 2014

  BLANKET ORDER 45-514 RE CERTAIN PRIVATE PLACEMENTS   By blanket order granted November 20, 2014, the Alberta Securities Commission (ASC) removed barriers to participation by institutional investors in private placements by foreign issuers by addressing three requirements that are unique to Canada. The order grants:   An exemption from Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets(MI…

New Cooperative Capital Markets Rules Affect Civil Liability for Misrepresentation, Insider Trading

November 20, 2014

  The federal government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement to formalize the terms and conditions of the new proposed cooperative capital markets regulatory system (Cooperative System), which will be administered by a single Capital Markets Regulatory Authority (Authority). For more information on this,…

New Proposed Provincial Capital Markets Legislation: What It Means for Registrants and Other Market Participants

November 3, 2014

  The Canadian government and the British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan governments have signed a memorandum of agreement to formalize the terms and conditions of the new proposed cooperative capital markets regulatory system (Cooperative System). For more information on this, please see our September 2014 Blakes Bulletin: Cooperative Capital Markets Regulatory System Agreement and Draft…

Recent Amendments to TSX Company Manual

October 27, 2014

  The Toronto Stock Exchange (TSX) has adopted – and the Ontario Securities Commission has approved – public interest rule amendments to the TSX Company Manual (Manual), which (i) provide an expanded exemption to security holder approval requirements for certain security-based compensation arrangements adopted in the context of an acquisition and (ii) broaden the scope of transactions that may be…

New Cooperative Capital Markets Regulator: How It Works (And Some Unresolved Issues)

October 23, 2014

  On September 8, 2014, the Canadian government and the British Columbia, Ontario, Saskatchewan and New Brunswick governments entered into a memorandum of agreement (Agreement) formalizing the terms and conditions of the cooperative capital markets regulatory system (Cooperative System). For more information on this please see our September 2014 Blakes Bulletin: Cooperative Capital Markets Regulatory System Agreement and Draft Legislation…

Just in Time for 2015 Proxy Season: Disclosure Requirements for Gender Diversity, Director Tenure

October 21, 2014

  On October 15, 2014, the securities regulatory authorities of Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec and Saskatchewan (participating jurisdictions) finalized amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure, requiring disclosure relating to gender diversity on boards and in senior management and director tenure.  …

Cooperative Capital Markets Regulatory System Agreement and Draft Legislation Released

September 17, 2014

  On September 8, 2014, the Canadian government and the British Columbia, Ontario, Saskatchewan and New Brunswick governments entered into a memorandum of agreement (Agreement) formalizing the terms and conditions of the cooperative capital markets regulatory system (Cooperative System). Consultation drafts of the uniform provincial capital markets legislation (Provincial Capital Markets Act (PCMA)) and complementary federal legislation (Capital Markets Stability…

Prospectus Offerings: 5 Questions Issuers Need to Consider

September 9, 2014

  Canadian public companies raising capital should consider the following five questions prior to launching a prospectus offering of securities.   1)  WHAT SECURITIES TO OFFER? Whether companies offer shares, debt, hybrid, committed or contingent, convertible or non-convertible securities, a company’s capital needs will be paramount in determining what type of security to issue, while the decision will also be…

Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

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