Significant changes implemented to prospectus pre-marketing and marketing rules
A. Introduction Since 2010, the Canadian Securities Administrators (“CSA”) have been reviewing the existing rules and policies regarding the marketing of prospectus offerings. On August 13, 2013, new rules (as set out in National Instrument 41-101 General Prospectus Requirements (“NI...
“Jointly and in Concert”: Alberta court confirms applicability of early warning system in the context of proxy fight
On September 10, 2013, the Alberta Court of Queen’s Bench released its reasons for judgment in Genesis Land Development Corp. v. Smoothwater Capital Corporation, 2013 ABQB 509 (“Genesis”). In August 2013, Genesis Land Development Corp. (“Genesis”) had applied for an...
Crowdfunding (Canada): Start-up panacea or regulatory quagmire? (Part I)
What is Crowdfunding? Crowdfunding is a novel way of raising funds for a project, business idea or new venture by pooling small, individual contributions of capital from a large number of people through the internet using social media networks or...
Crowdfunding (U.S.): Start-up panacea or regulatory quagmire? (Part II)
What is Crowdfunding? Simply put, crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. The concept of crowdfunding has been around for a...
The leave requirement for secondary market actions: Is there a reasonable chance of success?
In July 2013, the Québec Court of Appeal provided a ruling on the criteria for, and the right to appeal from, a decision granting leave to institute an action for damages related to the acquisition or disposition of securities in...
OSC consultation paper on disclosure regarding women on boards and in senior management
On July 30, 2013, the Ontario Securities Commission (the “OSC”) published Staff Consultation Paper 58-401, Disclosure Requirements Regarding Women on Boards and in Senior Management (the “Consultation Paper”), to seek input on a proposal to require TSX-listed companies and other companies...
Another kick at the can
On September 19, 2013, the Government of Canada, represented by the Minister of Finance of Canada, announced that it entered into an agreement in principle with the provinces of Ontario and British Columbia, and all other provincial and territorial governments...
Bruno Caron cited in International Financial Law Review magazine
International Financial Review, "Poll: will Canada’s new regulator work"
The Canadian federal government along with the governments of Ontario and British Columbia have released a plan to form a cooperative securities regulator. Following the September announcement, IFLR polled industry participants on the merits of this latest attempt to overcome...
Update re. Communication with Beneficial Owners of Securities of a Reporting Issuer
Corporate and securities legislation require reporting issuers to send to their registered holders information and material that allow the holders to exercise their right to vote. National Instrument 54-101 addresses concerns that beneficial owners who hold their securities through intermediaries...
BC Securities Commission Releases 2012 Mining Report
“The BCSC reminds issuers that correcting filings may fix disclosure going forward but does not absolve a company from the original breach. In certain serious cases, the BCSC has warned that it will pursue enforcement action.” The British Columbia Securities...
