Category: Capital Markets

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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…

OSC Adopts Restrained Interpretation of ‘Public Interest’ Jurisdiction in Baffinland Case

September 4, 2014

On August 26, 2014, a panel of the Ontario Securities Commission released its decision in a high-profile enforcement proceeding brought by OSC Staff against Jowdat Waheed and Bruce Walter. Staff had made a series of allegations against Waheed and Walter, including allegations of insider trading and conduct contrary to the “public interest,” arising out of a hostile take-over bid the…

Supreme Court of Canada to Hear Securities Class Action Limitation Period Cases

August 8, 2014

The Supreme Court of Canada has granted leave to appeal in three securities class action cases in which the defendants seek to enforce the three-year limitation period for commencing statutory secondary market securities class action claims in Ontario. All three appeals are from a February 2014 decision in which the Court of Appeal for Ontario overturned its own earlier decision…

Is CEO Pay Ratio Disclosure Coming to Canada?

July 23, 2014

INTRODUCTION Last year, the U.S. Securities and Exchange Commission (SEC) approved a proposal that would require U.S. public companies to disclose the ratio of CEO annual compensation to median employee annual compensation. Similarly, the European Commission is proposing the adoption of rules requiring certain publicly traded companies to report CEO pay ratios.   Proposals to use and disclose vertical benchmarking…

Horns Locked Between Investors and Issuers Over Proxy Advisory Firm Regulation

July 14, 2014

In our May 2014 Blakes Bulletin: CSA’s Light Touch Proxy Advisory Firm Proposal May Disappoint Issuers, we predicted that the Canadian Securities Administrators’ (CSA) proposed National Policy 25-201 – Guidance for Proxy Advisory Firms (Proposed Policy) might disappoint Canadian issuers. The proposed guidelines have provoked lively criticism from not only issuers, but also institutional investors and their associations, with both…

Saskatchewan and New Brunswick Join the Cooperative Capital Markets Regulatory System

July 10, 2014

On July 9, 2014, the federal Canadian government and the Saskatchewan and New Brunswick provincial governments entered into an amended agreement in principle (the Agreement) to join the Cooperative Capital Markets Regulatory System (the Cooperative System). This amends the September 19, 2013, agreement in principle among the federal government and the British Columbia and Ontario provincial governments to establish the…

Saskatchewan and New Brunswick Join the Cooperative Capital Markets Regulatory System

July 10, 2014

On July 9, 2014, the federal Canadian government and the Saskatchewan and New Brunswick provincial governments entered into an amended agreement in principle (the Agreement) to join the Cooperative Capital Markets Regulatory System (the Cooperative System). This amends the September 19, 2013, agreement in principle among the federal government and the British Columbia and Ontario provincial governments to establish the…

U.S. Supreme Court Delivers Mixed Result in Halliburton Securities Class Action

June 23, 2014

Today the Supreme Court of the United States released its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc., in which it revisited the “fraud-on-the-market” theory. This theory underlies a rebuttable presumption that investors rely on a defendant’s misrepresentation in deciding to buy or sell a company’s securities, and has been a major contributor to the boom in U.S….

CSA’s Light Touch Proxy Advisory Firm Proposal May Disappoint Issuers

May 6, 2014

To address market participants’ concerns about services provided by proxy advisory firms, the Canadian Securities Administrators (CSA) have published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms (Proposed Policy). The purpose of the Proposed Policy is to set out recommended practices for proxy advisory firms in relation to the services they provide to their clients and their activities.   In…

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