Category: Capital Markets

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Possible Participation Fee Relief from OSC

March 5, 2014

  The Ontario Securities Commission (OSC) has published OSC Staff Notice 13-704 indicating that it will consider providing relief on the participation fee charged to certain small registered firms and Class 1 or Class 3C reporting issuers (specified reporting issuers) for 2013.   Class 1 reporting issuers are reporting issuers incorporated or organized under the laws of Canada or a jurisdiction in…

2014 Proxy Advisory Voting Guidelines: Proxy Season Highlights

March 3, 2014

  While the Canadian Securities Administrators formulate a policy based approach to address concerns raised about services provided by proxy advisory firms (see our September 2013 Blakes Bulletin: Canadian Securities Administrators to Address Proxy Advisory Firm Concerns), in preparing for the 2014 proxy season, it remains important to be familiar with the latest Canadian voting guidelines as prepared by two of…

2014 Federal Budget – Selected Tax Measures

February 12, 2014

  There is an evident international theme to many of the tax measures included in the 2014 Federal Budget presented by the Minister of Finance on February 11, 2014 (the 2014 Budget). The 2014 Budget includes proposals to address back-to-back loans in the context of the restrictions on the deductibility of interest under the thin capitalization rules as well as…

Canada’s Securities Regulators’ Securitized Products Reform to Focus Narrowly on ABCP

February 7, 2014

  More than six years after the C$35 billion meltdown of Canada’s non-bank-sponsored asset-backed commercial paper (Non-Bank ABCP) market, the Canadian Securities Administrators (CSA) have proposed certain changes to the rules governing the prospectus-exempt distribution of short-term securitized products (New Proposals). The New Proposals are much less extensive than the comprehensive changes originallyproposed by the CSA in 2011 (2011 Proposals), which would have…

OSC Proposes Disclosure Requirements for Gender Diversity and Director Term Limits

January 31, 2014

  On January 16, 2014, the Ontario Securities Commission (OSC) released proposed amendments to the corporate governance disclosure requirements under Ontario securities legislation regarding the disclosure of the representation of women on boards and in senior management of public companies and the disclosure of director term limits. The Canadian Securities Administrators, the umbrella organization of Canada’s provincial and territorial securities…

Deadline Approaches to Comment on Proposed Prospectus Exemption for TSXV Issuers

January 21, 2014

  On Nov. 21, 2013, Canadian securities regulators in all the provinces and territories, except Ontario and Newfoundland and Labrador, published for comment a substantially harmonized proposed prospectus exemption allowing for distributions of securities by TSXV issuers to their existing securityholders. Multilateral CSA Notice 45-312 Proposed Prospectus Exemption for Distributions to Existing Security Holders (Notice 45-312) addresses the concern that retail investors…

Canadian Clawbacks: Increasing But Still Voluntary

January 16, 2014

  “Clawbacks” are arrangements under which an employee forfeits previously awarded compensation, usually either as a result of a misstatement of the employer’s financial statements, misconduct or “bad behaviour” of the employee or, more commonly, a combination of both. Clawback mechanisms can be used to cancel unvested awards or recoup proceeds from vested awards and can apply to various types…

Regulators Consult on Concerns about Canada’s Proxy Voting Infrastructure

August 23, 2013

  Highlights CSA question whether accurate vote reconciliation occurring within the proxy voting infrastructure Should an end-to-end vote confirmation system be implemented? CSA remind registered firms they are accountable for functions outsourced to service providers   The Canadian Securities Administrators (CSA) have published Consultation Paper 54-401 – Review of the Proxy Voting Infrastructure for a 90-day comment period. The Consultation…

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