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Government of Canada Approves Pacific NorthWest LNG Project

On September 27, 2016, the Government of Canada approved the Pacific NorthWest LNG natural gas liquefaction and export facility, sending a strong signal that it is committed to growing Canada's role as a global energy...more

Disclosure of Women on Boards and in Executive Officer Positions in Alberta

On September 14, 2016, the Alberta Securities Commission (ASC) released for comment its proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (PDF). The proposed amendments put forward...more

Ontario Encourages Gender Diversity Targets for Boards

The Ontario Government has announced a target that women comprise at least 40 percent of appointments to provincial boards and agencies by 2019 and is encouraging businesses to set gender diversity targets for their boards of...more

TSX Proposes Mandated Website and Updated Equity Compensation Plan Disclosure Requirements

The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual (Manual). If adopted, the amendments would, among other things, introduce mandated website disclosure for all TSX listed...more

Asset Sale Transactions – Shareholder Approval Requirements

Canadian corporate statutes require approval by a special majority of shareholders (two-thirds) of the “sale, lease or exchange of all or substantially all of the property of a corporation other than in the ordinary course of...more

Considering an Asset Sale Transaction? Be Aware of Shareholder Approval Requirements

In the current economic climate, many companies are seeking alternative means of accessing capital for their businesses, including by selling assets when other means of financing may not be available. When considering an...more

Simplified Rights Offering Rules Announced By Canadian Securities Administrators

The Canadian Securities Administrators (CSA) have announced that a revised rights offering regime for reporting issuers will come into force on December 8, 2015 (the New Rules). The New Rules will benefit reporting issuers...more

Alberta's NDP Government's Flagship Bill Bans Corporate and Union Donations to Political Parties in Alberta

On June 23, 2015, the Alberta legislature unanimously passed the first bill of Alberta's new NDP government. Bill 1, An Act to Renew Democracy in Alberta passed in third reading with the unanimous support of all parties,...more

Canadian Securities Administrators Adopt National Policy 25-201 Guidance for Proxy Advisory Firms

On April 30, 2015, the Canadian Securities Administrators (CSA) adopted National Policy 25-201 Guidance for Proxy Advisory Firms. The Policy may be viewed on the websites of CSA members, including the Alberta Securities...more

Canadian Securities Administrators Publish Comment Letters on Proposed National Policy 25-201 Guidance for Proxy Advisory Firms

On April 24, 2014, the Canadian Securities Administrators (CSA) published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms. Issuers, law firms and other market participants submitted comment...more

Canadian Securities Regulators Propose Significant Changes to the Rights Offering Regime

The Canadian Securities Administrators, or CSA, have published for comment proposed rule changes which would create a streamlined prospectus exemption for rights offerings conducted by reporting issuers other than investment...more

TSX Adopts Extension Amendments Regarding Security-Based Compensation Arrangements and Backdoor Listings

The Toronto Stock Exchange has adopted amendments to the TSX Company Manual, which: - allow listed issuers to adopt security-based compensation arrangements for employees of a target company in the context of an...more

National Securities Regulator Moves Forward; Draft Legislation Published

On September 8, 2014, the governments of Canada, British Columbia, Ontario, Saskatchewan and New Brunswick announced the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory...more

TSX-Listed Companies Face Mandatory Majority Voting for Director Elections

The Toronto Stock Exchange has approved amendments to the TSX Company Manual relating to director elections. Under the amendments, which come into effect on June 30, 2014...more

Securities Regulation: The Supreme Court of Canada Speaks Again

The Supreme Court of Canada recently issued its decision in McLean v British Columbia (Securities Commission). The case is the first by the Court to address inter-provincial cooperation in relation to securities...more

Proposed Prospectus Exemption for Distributions to Existing Security Holders of TSXV Issuers

On November 21, 2013, Canadian securities regulators in all jurisdictions but Ontario and Newfoundland and Labrador published for comment a proposed prospectus exemption for issuers listed on the TSX Venture Exchange (TSXV...more

Federal, Ontario and BC Governments Announce New Securities Regulator

On September 19, 2013, the finance ministers of Canada, Ontario and British Columbia announced an agreement in principle to create a new securities regulator through a "cooperative capital markets regulatory system". ...more

Unsolicited Expressions of Interest may be Material Information Former Daylight CEO and ASC Settle Insider Trading Allegations

The Alberta Securities Commission (ASC) has entered into a settlement agreement with Anthony Lambert, the former CEO of Daylight Energy Ltd., following allegations by the ASC that Mr. Lambert violated provisions of the...more

OSC Proposes Disclosure Requirements Regarding Women on Boards and in Senior Management

On July 30, 2013, the Ontario Securities Commission (OSC), released its proposal to require TSX-listed companies to provide disclosure with respect to women on boards and in senior management as set out in the OSC Staff...more

Changes to Rules for Marketing Activities during a Public Offering

The Canadian Securities Administrators (CSA) have adopted amendments to the rules governing permissible marketing activities in the context of a public offering. The amendments, which will come into force on August 13, 2013,...more

The CSA Proposes a New Framework for Shareholder Rights Plans and Amendments to the Early Warning Reporting Regime

Last week, the Canadian Securities Administrators (CSA) published a proposed new regulatory framework for shareholder rights plans under National Instrument 62-105 Security Holder Rights Plans, and significant changes to...more

Damages Awarded Against Underwriter for Failing to Complete a Bought Deal

The Ontario Superior Court of Justice recently awarded damages of just over $16 million against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) for failing to close on a bought deal private placement...more

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