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InterOil and heightened judicial scrutiny of plans of arrangement

A recent decision of the Yukon Court of Appeal (comprised of justices of the British Columbia Court of Appeal) has confirmed the importance for boards of directors to ensure not only that a proposed plan of arrangement is...more

OSC addresses uncertainty on distributions outside Canada

On June 30, 2016, the Ontario Securities Commission (OSC) proposed a new “distributions out” regime that aims to clarify compliance requirements for Ontario issuers selling securities to investors outside Canada....more

Dolly Varden Silver and Hecla Mining - Decision goes in favour of the target in latest regulatory challenge to a private placement...

On July 22, 2016, following a joint hearing of the British Columbia and Ontario securities commissions, the regulators decided not to block a proposed private placement of common shares of Dolly Varden Silver Corporation...more

OSC panel provides guidance on fundamental securities law concepts

On May 4, 2016, an Ontario Securities Commission panel (the Panel) issued its Reasons and Decision In the Matter of Future Solar Developments Inc., containing interpretive guidance on three central concepts in securities...more

Canadian Securities Administrators amend reporting requirements for exempt financings

On April 7, 2016, the Canadian Securities Administrators (the CSA) published final amendments to National Instrument 45-106 Prospectus Exemptions and its Companion Policy. The amendments harmonize the reporting requirements...more

Canadian Securities Administrators amend take-over bid rules

After many months of soliciting and considering comments, on February 25, 2016, the Canadian Securities Administrators announced amendments to the take-over bid rules.1 The new regime makes three principal changes...more

Changes to the Canadian early warning reporting system adopted by securities regulators

On March 13, 2013, the Canadian Securities Administrators (CSA) published for comment proposed changes to the Canadian early warning reporting system and received extensive comments from market participants and industry...more

TSX and TSXV join regulators in accommodating rights offerings

The rights offering exemption has historically been an underutilized means of raising capital for public issuers. This exemption from the requirement to file a prospectus allows issuers a method of financing whereby existing...more

Offering memorandum exemption introduced in Ontario

A new method of raising financing takes effect in Ontario today. As anticipated in a previous alert, Ontario has adopted a prospectus exemption that allows issuers to distribute securities by preparing and delivering an...more

Offering memorandum exemption introduced in Ontario and modified in five other provinces

On October 29, 2015, securities regulators in six provinces announced their intention to adopt or modify a prospectus exemption available to issuers that prepare and deliver an offering memorandum (OM) to investors. Ontario...more

Proposed amendments to report of exempt distribution

On August 13, 2015, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions and its Companion Policy. The proposed amendments seek to...more

Canadian Securities Regulators release results of Continuous Disclosure Review

On July 16, 2015, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-344 summarizing the results of their Continuous Disclosure (CD) Review Program for the fiscal year ended March 31, 2015. The CSA...more

SEC Proposes Executive Compensation Claw-Back Rules

The US Securities and Exchange Commission has proposed rules that would require issuers listed on US stock exchanges to adopt and disclose a policy to recover, or “claw back”, certain incentive-based compensation. Recovery...more

Access to Capital for Small Businesses: SEC Adopts Final Rules to Implement "Regulation A+" Offering Exemption Under the JOBS Act

The new Regulation A offering exemption, which the SEC recently adopted under Title IV of the JOBS Act, has taken effect. The new rules, also known as “Regulation A+,” permit unregistered public offerings of up to US$50...more

Canadian securities regulators reach consensus on more target-friendly take-over bid legislation

The Canadian Securities Administrators (“CSA”) have announced that they intend to publish a new proposal for changes to the regulation of take-over bids, replacing the two alternative proposals published for comment in March...more

Private Placements By Acquisition Targets – Another Regulatory Grey Area

On November 28, 2012, the British Columbia Securities Commission (BCSC) issued the reasons for the decision it had made following a hearing to consider an application made by Inmet Mining Corporation for certain relief in...more

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