Modification récente de certaines politiques de la Bourse des valeurs canadiennes : partie 2
Introduction Le 30 mars 2023, la Bourse des valeurs canadiennes (la « CSE » ou la « Bourse ») a obtenu l’approbation finale requise pour modifier ses politiques (les « modifications »). En vigueur depuis le 3 avril 2023, les modifications remanient de façon importante les politiques de la CSE, […]
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Missed the SEDAR+ onboarding deadline? What you need to know for the updated SEDAR+ launch on July 25, 2023
SEDAR+ Overview The Canadian Securities Administrators (“CSA”) is modernizing the electronic filing and data access systems that underpin Canadian securities regulation. The System for Electronic Data Analysis and Retrieval (“SEDAR”) will officially be replaced with SEDAR+ on July 25, 2023, […]
Modification récente de certaines politiques de la Bourse des valeurs canadiennes : partie 1
Introduction Le 30 mars 2023, la Commission des valeurs mobilières de l’Ontario a donné à la Bourse des valeurs canadiennes (la « CSE » ou la « Bourse ») l’approbation finale requise pour modifier ses politiques (les « modifications »). En vigueur depuis le 3 avril 2023, les modifications remanient […]
Les ACVM renforcent la réglementation des plateformes de négociation de cryptoactifs non inscrites
Le 22 février 2023, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 21-332 du personnel des ACVM: Plateformes de négociation de cryptoactifs : engagements préalables à l’inscription, Changements visant à rehausser la protection des investisseurs canadiens (l’« Avis »). […]
Appel public à commentaires sur la vente à découvert au Canada
Le 8 décembre 2022, les Autorités canadiennes en valeurs mobilières (ACVM) et l’Organisme canadien de réglementation du commerce des valeurs mobilières (OCRCVM) ont publié l’Avis 23-329 du personnel –?La vente à découvert au Canada (l’« avis ») dont l’objectif consiste à présenter […]
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Hey Canadian issuers, your neighbour is up to something: Disclosure of climate-related matters
On March 21, 2022, the United States Securities and Exchange Commission (the “SEC”) published its proposed climate-related disclosure rules – The Enhancement and Standardization of Climate-Related Disclosures for Investors (PDF) (the “SEC Rules”) – which, if adopted, would require public companies and […]
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Canadian Securities Administrators create new prospectus exemption to streamline capital raising for listed issuers
On September 8, 2022, the Canadian Securities Administrators announced the adoption of a new prospectus exemption for reporting issuers listed on a Canadian stock exchange that wish to complete a private placement offering without the application of a four month […]
Le nouveau conseil de normalisation en matières de développement durable (ISSB) réussira-t-il à unifier les règles d’information sur la durabilité?
Normalisation imminente des règles d’information sur la durabilité et les changements climatiques Le 31 mars 2022, l’International Sustainability Standards Board (« ISSB »), le nouveau conseil de normalisation en matière de développement durable récemment créé par l’International Financial Reporting Standards (« IFRS ») Foundation, a publié […]
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Roadmapping your new token: Key considerations in token development
This article assumes the reader has some foundational knowledge regarding blockchain technology and digital assets. Crypto assets have become wildly popular in recent years and they do not give the impression of slowing down. According to a New York Times […]
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10 key recommendations from the Ontario Capital Markets Modernization Taskforce
Proposed revisions to continuous disclosure obligations, Ontario’s short selling regulatory regime and more Overview On January 22, 2021, the Ontario Capital Markets Modernization Taskforce (the “Taskforce”) published its 115-page final report (the “Report”) outlining over 70 recommendations with a view […]
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Updated TSX guidelines for security based compensation disclosure
Overview On January 15, 2021, the Toronto Stock Exchange (the “TSX”) published an updated Guide to Security Based Compensation Arrangements (the “Guide”), which aims to assist listed issuers with preparing meaningful disclosure regarding security based compensation arrangements. For myriad market […]
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Initial Coin and Token Offerings may engage securities laws
With the rise in popularity of cryptocurrency, many small fintech businesses have begun developing their own coins and tokens. This has led to a rise in Initial Coin Offerings (“ICOs”) and Initial Token Offerings (“ITOs”) as a means to raise […]
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Making a splash: Changes to TSXV’s Capital Pool Company program arriving in 2021
Overview On December 1, 2020, the TSX Venture Exchange (the “TSXV”) published a bulletin (PDF) announcing certain amendments to its Capital Pool Company (“CPC”) program (PDF). These amendments (the “Policy Amendments”), which come into effect on January 1, 2021, include […]
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New amendments simplify “at-the-market” distributions in Canada and make them more attractive to issuers
On June 4, 2020, the Canadian Securities Administrators (CSA) amended National Instrument 44-102 Shelf Distributions with respect to at-the-market distributions of equity securities (“ATM Distributions”). These amendments will come into effect on August 31, 2020 and will bring welcomed changes […]
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Offering in confidence: New confidential prospectus pre-file review process
On March 5, 2020, the Canada Securities Administrators (“CSA”) introduced a new harmonized process for the full review of prospectuses on a confidential pre-file basis (the “Confidential Pre-File Review Process”). The Confidential Pre-File Review Process applies to non-investment fund issuers. […]
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COVID-19: Canadian capital markets & securities considerations
Introduction On January 30, 2020, the World Health Organization (“WHO”) declared the COVID-19 strain of coronaviruses (“COVID-19”) a public health emergency. The outbreak was officially classified as a pandemic by the WHO on March 11, 2020. Given the significant impact […]
Bras de fer cryptomonétaire entre Telegram et la SEC
Après avoir montré les dents en portant plainte contre Kik (voir notre article à ce sujet), la Securities and Exchange Commission (« SEC ») poursuit sa démonstration de force dans le secteur de la cryptomonnaie. Le 11 octobre 2019, elle a déposé une plainte […]
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Assessing the impact of COVID-19 on Canadian public M&A deals
The COVID-19 outbreak continues to have a significant impact on public merger and acquisition transactions in Canada. With normal life around the globe coming to a screeching halt, one can only estimate the long-term effects on the M&A market. To […]
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COVID-19: Capital markets and securities update
As the COVID-19 outbreak continues to affect the global economy, Canadian reporting issuers are encouraged to stay mindful of resulting changes to the regulatory landscape. This update canvasses recent developments and provides an update to our last COVID-19 related issue […]
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A real and substantial connection? Saskatchewan Court of Appeal affirms the jurisdictional question for securities regulators
The law has long recognized the geographic limits of governments’ legislative powers. For example, Canada is unable to pass laws which apply in the United States. In Canada, a similar recognition applies amongst Canadian provinces: Saskatchewan does not have the […]
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Court Approval of Plan of Arrangement: The Magna Decision
In August 2010, the Ontario Superior Court of Justice approved a plan of arrangement (« Arrangement« ) which allowed Magna International Inc. (« Magna« ) to eliminate its dual class share structure. A plan of arrangement is a court supervised procedure that requires the […]
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Canada’s First Criminal Conviction for Illegal Insider Trading
Canada’s first criminal conviction for illegal insider trading occurred on November 6, 2009, when Justice Robert Bigelow of the Ontario Court of Justice accepted a guilty plea from Stan Grmovsek. Sentencing was delayed until January 7, 2010 to facilitate the […]
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“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 […]
