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CSA Notice of Amendments to National Instrument 33-105 Underwriting Conflicts to Streamline Disclosure Requirements for Private Foreign Securities Offerings to Certain Canadian Investors
On June 25, 2015, the Canadian Securities Administrators (the “CSA”) implemented amendments to National Instrument 33-105 Underwriting Conflicts (“NI 33-105”), which have been made by each member of the CSA (the “Amendments”). The Amendments will come into force on September...
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Make Sure Your Reports of Exempt Distributions comply with National Instrument 45-106 Prospectus Exemptions
Unless a prospectus has been filed and a receipt has been issued by the relevant security regulatory authorities or an exemption exists from the prospectus requirement, securities legislation prohibits issuers and underwriters from distributing securities. National Instrument 45-106 Prospectus Exemptions...
Le financement participatif des entreprises en démarrage à l’ère du 2.0
Le 14 mai 2015, les autorités réglementaires en matière de valeurs mobilières de la Colombie Britannique, de la Saskatchewan, du Manitoba, du Québec, du Nouveau Brunswick et de la Nouvelle-Écosse ont adopté, au moyen de décisions générales locales substantiellement harmonisées,...
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Corporate Governance – International Series
Sweet & Maxwell/Thomson Reuters
Jay Hoffman and James Klotz are authors of the Canada chapter of this publication.
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Start-Up Crowdfunding 2.0
On May 14, 2015, the securities regulatory authorities of British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia adopted, through local blanket decisions, substantially harmonized start-up crowdfunding prospectus and registration exemptions (the “Start-Up Exemption”). The Start-Up Exemption is aimed...
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Proposed Amendments to the CDS Fee Schedule
The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. (collectively, “CDS”) operates the depository and the clearing settlement system for equities and fixed income securities in Canada and is the sole provider of such services of...
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Mining Issuers: Make Sure Your Website Complies with 43-101
Issuers in the mining industry should be aware that the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) apply to all types of disclosure, including disclosure on an issuer’s website. On April 9, 2015, the...
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Prospectus Exemption Proposed for Retail Investors Who Have Received Investment Advice
On April 16, 2015, the Canadian Securities Administrators announced that the securities regulatory authorities in British Columbia, Saskatchewan and New Brunswick are each publishing for comment a proposed prospectus exemption (the « Proposed Exemption« ) that could provide issuers with the ability...
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Proposed Amendments to the Passport System
Amendments to Multilateral Instrument 11-102 Passport System On April 16, 2015, the Canadian Securities Administrators (the « CSA« ), except for the Ontario Securities Commission (the « OSC« ), published for a 60 day comment period proposed amendments (the « Proposed Amendments« ) to Multilateral Instrument...
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The Finkelstein Decision: OSC Provides Clarity on Insider Trading and Tipping Proceedings
On March 24, 2015, a panel (the « Panel« ) of the Ontario Securities Commission (“OSC”) found that former Toronto securities lawyer, Mitchell Finkelstein, and four investment advisers breached the illegal insider trading and tipping provisions of the Securities Act (Ontario) (the...
