Rethinking the Rights Offering: Proposed Amendments to the Current Prospectus Exemption
A rights offering is a seldom-used means of raising capital, the current requirements of which make it wholly impractical. Under a rights offering, an issuer distributes rights to an issuer’s existing security holders. The rights entitle holders to purchase additional...
Alberta’s Bill 5, the Securities Amendment Act, 2014, Receives Royal Assent
On December 17, 2014, Alberta’s Bill 5, the Securities Amendment Act, 2014, received Royal Assent. Bill 5 makes both technical and housekeeping amendments to Alberta’s Securities Act and consequential amendments to Alberta’s Cooperatives Act and Business Corporations Act. The notable...
Québec’s Autorité des marchés financiers Amends Regulation 91-507 Dealing with Trade Reporting of Derivatives Transactions
Disponible en français : L’Autorité des marchés financiers modifie le Règlement 91-507 sur les référentiels centraux et la déclaration de données sur les dérivés On October 15, 2014, at the request of the Autorité des marchés financiers (“AMF”), the Québec Minister...
CSA Publishes Significant Amendments to the Dealer and Adviser Registration Rules in National Instrument 31-103
In December 2013, the Canadian Securities Administrators (“CSA”) published for comment proposed changes to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and its companion policy and related instruments. After reviewing the comments received on the...
Certain Canadian Securities Regulators Require Disclosure of Women in Boards and in Senior Management for Non-Venture Issuers
On October 15, 2014, the Canadian Securities Administrators announced that the securities regulatory authorities in Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec and Saskatchewan (collectively, the “Participating Jurisdictions“) will implement amendments to National Instrument...
Update Regarding Proposed Amendments to Canada’s Early Warning Reporting System
On March 13, 2013, the Canadian Securities Administrators (the “CSA”) published a number of proposed amendments to Canada’s early warning reporting system (the “Proposed Amendments”), including, but not limited to, reporting thresholds, triggers and disclosure requirements. The Proposed Amendments were...
Cooperative Capital Markets Regulations – A Step Closer to National Securities Legislation
On September 8, 2014, the Department of Finance announced that the provinces of British Columbia, Ontario, Saskatchewan and New Brunswick as well as the federal government (the “Coalition”) entered into a Memorandum of Agreement that outlines the framework under which...
New Harmonized Bid Amendments Proposal to be Published for Comment
On September 11, 2014, the Canadian Securities Administrators (the “CSA“) announced in CSA Notice 62-306 – Update on Proposed National Instrument 62-105 Security Holder Rights Plans and AMF Consultation Paper An Alternative Approach to Securities Regulators’ Intervention in Defensive Tactics (the...
Emily Cole quoted in Financial Post article
Financial Post, "Sino-Forest execs deny fraud, call OSC allegations a misinterpretation of Chinese business practices"
Canadian regulators laid out a “road map” Tuesday they said will prove Hong Kong-based executives carried out a massive fraud at Sino-Forest Corp., which traded at $6-billion on the Toronto Stock Exchange before its spectacular collapse. But lawyers for the...
New Prospectus Exemption for Distributions to Existing Security Holders
On March 14, 2014, the Canadian Securities Administrators published Multilateral CSA Notice 45-313 – Prospectus Exemption for Distributions to Existing Security Holders (“Notice 45-313″), a new capital raising prospectus exemption that would allow Toronto Stock Exchange (“TSX”), TSX Venture Exchange (“TSXV”)...
