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Canada Mutual Funds

Stikeman Elliott LLP

CIRO Embarks on Phase 3 of its Rule Consolidation Project and Proposes Integrated Fee Model

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The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 3 of its rule consolidation project (the “Rule Consolidation Project”) as well as a new integrated fee model...more

Davies Ward Phillips & Vineberg LLP

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed...more

Stikeman Elliott LLP

Countdown to T+1: A Shorter Standard Settlement Cycle is Coming Soon

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The standard settlement cycle for certain securities in Canada and the United States will be shortened from trade date plus two business days (“T+2”) to trade date plus one business day (“T+1”) in May 2024. A shorter...more

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Pleading Breaches of Fiduciary Duties in Class Proceedings: Court of Appeal Keeps the Bar Low in Ontario

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In Boal v International Capital Management Inc.(“Boal”), the Ontario Court of Appeal (the “Court”) considered the pleading requirements for certification of a breach of fiduciary duty cause of action. In holding that it was...more

Stikeman Elliott LLP

CIRO Moves Forward with Phase 2 of its Rule Consolidation Project

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The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 2 of its rule consolidation project (the “Rule Consolidation Project”), which is designed to bring together...more

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CSA Propose Amendments to Facilitate Voluntary T+1 Settlement for Mutual Funds

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The Canadian Securities Administrators (“CSA”) have proposed amendments to National Instrument 81-102 Investment Funds (“NI 81-102”) to facilitate voluntary decisions by mutual funds to shorten the settlement cycle for...more

Bennett Jones LLP

Ontario Court Refuses to Certify Class Proceeding Relating to Newly-Prohibited Conduct Without "Some Evidence of Illegality"

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In Frayce v. BMO Investor Line Inc. et al, 2023 ONSC 16 [Frayce], the Ontario Superior of Justice refused to certify a class proceeding brought by aggrieved investors to address the controversial practice of "trailing...more

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Mutual Fund Dealers Association of Canada Announces Amalgamation with Investment Industry Regulatory Organization of Canada

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On September 29, 2022, the members of the Mutual Fund Dealers Association of Canada (MFDA) and of the Investment Industry Regulatory Organization of Canada (IIROC) announced that they have approved the amalgamation of their...more

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CSA Seek Comments on Proposed Consolidated SRO and Investor Protection Funds

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Canadian Securities Administrators (CSA) issue a request for comments on draft documents related to the proposed amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers...more

Stikeman Elliott LLP

CSA Propose “Access Equals Delivery” Model For Prospectuses and Certain Continuous Disclosure Documents

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The Canadian Securities Administrators (CSA) proposal to permit electronic delivery, published on April 7, 2022, is intended to modernize the way documents are made available to investors while also reducing the costs borne...more

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OSC Extends Proficiency Exemption For Alternative Mutual Fund Trading

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The Ontario Securities Commission (OSC) recently announced that it is extending the blanket relief first issued in January 2021 in regards to the proficiency requirements applicable to mutual fund restricted individuals that...more

Bennett Jones LLP

Business Measures in 2019 Federal Budget

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The 2019 Canadian federal budget was released on March 19, 2019 (Budget Day). As many of the proposals are aimed at investing in Canada’s middle class, the Budget was relatively light on proposals affecting businesses....more

Blake, Cassels & Graydon LLP

Risk Classification Methodology — Standard Deviation for Mutual Funds and ETFs

On December 10, 2015, the Canadian Securities Administrators (CSA) published for comment proposed amendments as part of stage 3 of the point of sale disclosure project mandating fund managers to use a standardized risk...more

Blake, Cassels & Graydon LLP

Alberta Increases Access to Private Placements for Institutional Investors

By blanket order granted November 20, 2014, the Alberta Securities Commission (ASC) removed barriers to participation by institutional investors in private placements by foreign issuers by addressing three requirements that...more

Bennett Jones LLP

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

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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

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