This edition of the Osler Mining Review contains the following articles: (i) a look at the rules TSX resource companies should keep in mind when putting together a board of directors; (ii) an analysis of developments in Canada in the enforcement of cases under Canada’s Corruption of Foreign Public Officials Act and the implications for companies, including mining companies, doing business with foreign governments or foreign government officials; (iii) a review of the mining landscape in Canada in 2011; and (iv) a discussion on the SEC’s final rules governing mining safety disclosure. TSX Venture Exchange Mining Directors – How to Avoid “Interesting Times” Today’s directors, and in particular today’s TSX resource company directors, definitely live in interesting times. Directors of mining companies listed on the TSX Venture Exchange may make things less interesting for themselves by doing a little homework and being aware of the guidelines and recommendations of the TSX and of Canadian Securities Regulators and applying them as appropriate. Pack your Compliance Program with your Passport- Foreign Corruption and Competition Risks for Firms Doing Business Internationally The Niko Resources Ltd. case should serve as notice that Canada is stepping up enforcement under the CFPOA, as should recent RCMP revelations that there are 30 foreign corruption investigations currently under way in Canada. Canadian companies engaged in foreign government contracting or in dealing with government officials in relation to resource exploration and development must take particular care to ensure that effective corporate policies prohibiting bribery are in place and that local staff in foreign jurisdictions are adequately trained. Mining in Canada in 2011 In 2011, the importance of mining and exploration companies to Canadian capital markets was once again reaffirmed. Canada continued to be globally recognized as a world class mining jurisdiction as a result of its sophisticated capital markets, its highly skilled and experienced advisors, the breadth and depth of its institutional and retail base, its strict and sophisticated mining regulatory regime, its flexible and numerous public and private capital raising options and its multiple public company entry points. SEC Adopts Final Rules Governing Mine Safety Disclosure On December 21, 2011, the SEC adopted the final rules to implement Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding certain mine safety disclosure requirements. This article discusses some important amendments, including required disclosure in periodic reports and Form 8-K filing requirements. Please see full newsletter below for more information.
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