April 11, 2018
The Canadian Securities Administrators (CSA) announced they will amend National Instrument 45-102 – Resale Restrictions (NI 45-102) and Companion Policy to NI 45-102 (45-102CP) (Amendments) to provide for a new prospectus exemption for the resale of securities (and underlying securities) by a “foreign issuer”, thus making it easier for Canadian investors to participate in prospectus-exempt offerings by foreign issuers. The…
April 6, 2018
The Canadian Securities Administrators (CSA) recently published Staff Notice 51-353 – Update on CSA Consultations Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Notice), which sets out a number of upcoming CSA policy projects intended to reduce the regulatory burden associated with capital raising in public markets (i.e., prospectus-related requirements) and the ongoing costs (i.e., continuous…
April 5, 2018
As part of its 2018 budget (Budget), the Ontario government announced that it plans to propose new tools to enhance and expand the securities enforcement activities of the Ontario Securities Commission (OSC), including in regard to the criminal prosecution of securities fraud. The Budget does not include details of how or when these proposals will be implemented, but the announcements…
March 29, 2018
This paper focuses on 10 important Canadian law considerations that apply to “southbound” securitizations of Canadian assets in the U.S.
March 28, 2018
The Supreme Court of Canada’s recent hearing on the constitutionality of the proposed cooperative capital markets regulatory system (Cooperative System) has thrown a wrench into the implementation of the Cooperative System. The Supreme Court recently heard an appeal from the Quebec Court of Appeal’s ruling last spring that the Cooperative System is unconstitutional in significant respects. For more information please…
March 26, 2018
The Financial and Consumer Affairs Authority of Saskatchewan and Ontario Securities Commission (together, the Commissions) recently released the highly-anticipated reasons for their decision relating to the unsolicited take-over bid (Aurora Offer) by Aurora Cannabis Inc. (Aurora) to acquire CanniMed Therapeutics Inc. (CanniMed). The decision is the first time since the new take-over bid rules were adopted in 2016 that the…
February 28, 2018
On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…
Posted in: Banking, Capital Markets, Corporate & Commercial, Financial Services, Financial Services Regulatory, Oil & Gas, Pensions, Benefits & Executive Compensation, Power, Renewable Energy, Tax
February 27, 2018
The Investment Industry Regulatory Organization of Canada (IIROC) is engaged in a three-year strategic plan to expand its portfolio of enforcement options. As part of this initiative, IIROC has proposed two potential new enforcement options and has invited industry input. The proposal is to introduce a Minor Contravention Program (MCP) and Early Resolution Offers (ERO) into the IIROC enforcement portfolio….
February 16, 2018
Our Canadian Mergers and Acquisitions: FAQs and 2018 Trends answers frequentlyasked questions regarding the regulation of public M&A in Canada and provides anoutlook for what 2018 may hold based on significant developments we observedfrom the Canadian deal environment in 2017.
Posted in: Cannabis, Capital Markets, China, Competition & Antitrust, Corporate & Commercial, Fintech, Foreign Investment, Information Technology, Insurance, Japan, Latin America, Mergers & Acquisitions, Middle East, Mining, Oil & Gas, Pension Funds Investment, Private Equity, United States
February 12, 2018
On February 8, 2018, the Canadian Securities Administrators (CSA) released a highly anticipated notice clarifying the CSA’s position regarding issuers with cannabis-related activities in the United States. The revised staff notice reaffirms the CSA’s disclosure-based approach and sets out additional disclosure expectations for issuers with U.S. cannabis-related activities. The notice follows the CSA’s previously released statement on January 12, 2018,…