CSA Consultation Paper Exploring Statutory Best Interest Duty for Advisors and Dealers
On October 25, 2012, the Canadian Securities Administrators (CSA) published for comment CSA Consultation Paper 33-403, The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail...
Empty Voting – Waiting for a Regulatory Response
Empty Voting in the Spotlight Hedge funds, activist investors, issuers and corporate governance advisors will be paying close attention to the practice of “empty voting” after the decision of the British Columbia Court of Appeal (the “BCCA”) regarding the proxy...
Introducing Point of Sale Stage 2 for Mutual Funds: The Impact on Dealers Selling Mutual Funds
Introduction A careful reading of the pronouncements of the Canadian Securities Administrators (“CSA”) discloses that in all likelihood, Stage 2 of the point of sale (“POS”) initiative will become reality during 2013. POS is, broadly speaking, an investor-focused project intended...
Mutual Funds Point of Sale Stage 2: An Opportunity to Revisit NP 11-201 Electronic Delivery of Documents
Introduction When the Canadian Securities Administrators (“CSA”) released a re-written National Policy 11-201 Electronic Delivery of Documents (“NP 11-201”) in November 2011, the potential impact of the amendments may have slipped by, relatively unnoticed by dealers. The impending implementation of...
CSA Expresses Concerns and a Warning for Issuers using Mass Media to Advertise
Issuers who advertise by way of television, radio, internet, social media and/or print will need to be particularly vigilant that such advertising is in compliance with applicable continuous disclosure requirements and is not misleading to investors. The warning to issuers...
CSA Staff Consultation Note 45–401
Review of Minimum Amount and Accredited Investor Exemptions On November 10, 2011, staff of the Canadian Securities Administrators (“CSA”) published CSA Staff Consultation Note 45-401 (“45-401”). 45-401 advises that the CSA is conducting a review of the minimum amount prospectus...
Executive Compensation Disclosure and Analysis: Amendments to Form 51-102F6 Statement of Executive Compensation
General Issuers should be aware that, beginning October 31, 2011, publicly traded companies will be required to provide enhanced disclosure related to executive compensation, as well as any risks associated with the company’s compensation practices. The amended Form 51-102F6 Statement...
Why the Supreme Court Said No
On December 23, 2011, the Supreme Court of Canada (the “Supreme Court”) issued its decision to reject the federal government’s attempt to create a central body to regulate securities across Canada. Recommendations for national securities regulation in Canada are not...
Incorporation and Shareholders Agreements Checklist
Originally published in 1996 with updates in 2000, 2006 and 2011.
New NI 43-101 Effective June 30, 2011
General The Canadian Securities Administrators has recently adopted amendment to NI 43-101 Standards of Disclosure for Mineral Projects. The changes were released after consultation with market participants and came into force on June 30, 2011. The summary below addresses the...
