News & Analysis as of

Canada’s Immigrant Investor Program Ends, Increases U.S. Opportunities

Earlier this month, Canada’s Economic Action Plan 2014 announced that the country would be ending its Immigrant Investor Program (IIP). The Canadian government made the decision to end the program in order to eliminate a...more

Striking Oil?: Court allows secondary market securities class action for shares purchased on a foreign stock exchange

In Kaynes v. BP, 2013 ONSC 5802, Justice Conway determined that a statutory claim for secondary market misrepresentation under the Ontario Securities Act (“OSA”) is a “statutory tort” over which the Ontario Superior Court of...more

Supreme Court of Canada Modifies Preferability Inquiry in Class Proceedings

In a decision that will affect class proceedings throughout Canada, the Supreme Court of Canada today set out a new approach for the certification of class actions. Specifically, the Supreme Court changed the analysis used to...more

Regulatory Proceedings and Class Actions: The Supreme Court of Canada Speaks on Preferable Procedure

On December 12, 2013, the Supreme Court of Canada (SCC) released its fourth major class action decision in two months: AIC Limited et al v Dennis Fischer et al (Fischer). This case concerns whether a class action is the...more

Sino-Forest Update: ONCA rules that institutional investors cannot appeal Ernst & Young settlement under the CPA

In an earlier post, “Not Missing the Sino-Forest for the Trees: ONCA upholds auditor’s $117 million settlement despite objections from institutional investors over opt-out rights”, we reported that the Ontario Court of Appeal...more

Canada Ratifies the ICSID Convention: Enhancing Legal Rights and Protections for Canadian Investments Abroad

Introduction - If the effectiveness of any dispute-settlement process is to be measured by the existence of impartial and well-defined rules, finality of the outcome and enforceability of the decision, Canada’s...more

When Do Canada’s Prospectus Requirements Apply? - The Canadian Way – Your Guide to Canada’s Securities Laws: Volume 1, Number 8 –...

It’s no surprise that the prospectus requirements of Canada’s securities laws – that is, the need to use a Canadian prospectus or rely on a prospectus exemption – apply when a Canadian issuer sells securities to investors in...more

Finally, Membership Will Have its Privileges: Canadian Investors Abroad to Benefit as Canada Joins ICSID

Canada has announced, on November 1, 2013, that it has ratified the ICSID Convention and will at long last become a member of the principal international rule-making and administrative body for disputes between investors and...more

Canadian Government Rejects Accelero–Allstream Deal on National Security Grounds

On October 7, 2013, Minister of Industry James Moore announced that the “Government of Canada has concluded its review of Accelero Capital Holdings’ proposed acquisition of the Allstream division of Manitoba Telecom Services...more

The Financial Report - Volume 2, No. 17 • September 2013

Discussion and Analysis - Even some financial services industry professionals are confused. The 80-year-old prohibition on general solicitation ended on Monday of last week. This means it is now legal for companies to...more

UPDATE: Zungui Class Action Settlements Against Remaining Defendants Approved By Court

On August 27, 2013, Justice Perell released his decision (2013 ONSC 5490) approving three settlements valued at $10.85 million, bringing the class action against Zungui Haixi Corp. (“Zungui”) and others to a close. Under the...more

Implications for Private Equity Investors of Potential Canadian Anti-Treaty-Shopping Rule

On August 12, 2013 Canada’s Department of Finance released a Consultation Paper on Treaty Shopping—The Problem and Possible Solutions....more

What You Need to Know About Soliciting Fund Investors in Canada -- Volume 1, Number 4 - August 6, 2013

Investment funds and their managers need to be aware of special rules in Canada that can require the manager to register as an investment fund manager if there are Canadian investors in a fund that it manages. This...more

Becoming a 10% Shareholder of a Canadian Public Company

Investors in a Canadian public company need to be aware of the consequences of becoming a holder of 10% or more of any class of its voting or equity securities. Canada’s requirements are in some ways very similar to the...more

Easy Steps for Extending a Rights Offering into Canada: Volume 1, Number 1 - June 17, 2013

Allowing Canadian investors to participate in a global rights offering is easier than you think. There are two relatively simple approaches....more

“JOLT” Act Seeks To Lessen U.S. Travel Restrictions For Brazilians, Canadians

While Canadians still comprise the number one group of foreign buyers of real estate statewide in Florida, América Economía is now reporting that Brazilians have surpassed Canadians as the top overseas visitors and property...more

OSC’s Crowdfunding Proposal Receives Favourable Comments

On March 8, 2013, the Ontario Securities Commission (OSC) closed the comment period on its Staff Consultation Paper 45-710: Considerations for New Capital Raising Prospectus Exemptions (the Consultation Paper), which sought...more

Florida Real Estate Market A Hot Spot For Canadian Investors

The Florida real estate market remains a prime target for Canadian investment, with a particular focus on South and South West Florida. These Canadian purchasers are being credited with playing a role in the rebound of the...more

Canadian Securities Regulators Grant Exemptions from Wrapper Requirements

A group of securities dealers has successfully obtained relief from most of the requirements that typically drive the need for a Canadian private placement supplement, or wrapper, for selling securities of non-Canadian...more

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