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Canada Securities Regulation

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OSC Proposes Permanent Exemption for WKSIs Pending Amendments to the Shelf Prospectus Regime

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On September 19, 2024, the Ontario Securities Commission (“OSC”) published proposed OSC Rule 44-503 Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers (the “Rule”). Subject to ministerial approval,...more

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Setting the Stage: CSA Prepare for Canada’s Business Conduct Regime for OTC Derivatives Dealers and Advisers

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The Canadian Securities Administrators (“CSA”) have released a few updates this summer regarding National Instrument 93-101 Derivatives: Business Conduct and its companion policy (collectively, the “Business Conduct Rule”)....more

Skadden, Arps, Slate, Meagher & Flom LLP

New Resource Extraction Payment Disclosures Due September 26, 2024

Securities and Exchange Commission (SEC) reporting companies with fiscal years ending December 31 that engage in the commercial development of oil, natural gas or minerals are required to file a Form SD with the SEC by...more

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CSA Propose Amendments Related to CSE’s Senior Tier, Majority Voting, Escrow Agreements and More

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The Canadian Securities Administrators (“CSA”) recently published for comment proposed amendments and changes to certain national instruments and policies to: (i) address the Canadian Securities Exchange’s (“CSE”) creation of...more

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OBSI Joint Regulators Committee Releases 2023 Annual Report

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The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) recently published the Annual Report (“Report”) of the Joint Regulators Committee (“JRC”) of the Ombudsman for...more

Blake, Cassels & Graydon LLP

New Multilateral Initiative Temporarily Expands the Role of Exempt Market Dealers

On June 20, 2024, the Canadian Securities Administrators (CSA) issued a notice regarding Coordinated Blanket Order 31-930 - Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities...more

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EMDs Can Now Participate in Prospectus Offerings

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The securities regulators in Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan have published a temporary exemption that allows exempt market dealers (“EMDs”) to participate in prospectus...more

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AMF Highlights Key Initiatives in its 2024-2025 Annual Statement of Priorities

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The Autorité des marchés financiers (“AMF”) recently published its 2024-2025 Annual Statement of Priorities, which outlines key initiatives that the Québec securities regulatory authority intends to pursue for the period from...more

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OSC Addresses Use of Cash Collateral for Delayed Basket Securities in ETF Subscriptions

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The Ontario Securities Commission (“OSC”) recently published OSC Staff Notice 81-735 Cash Collateral Use for Delayed Basket Securities in ETF Subscriptions (the “Staff Notice”) regarding the use of cash collateral for ETF...more

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The End of CDOR: June 28, 2024

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On June 6, 2024, the Ontario Securities Commission, Autorité des marchés financiers, British Columbia Securities Commission and Alberta Securities Commission published CSA Multilateral Staff Notice 25-312 Reminder of...more

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CSA Update Guidance on ESG-Related Investment Fund Disclosure

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The Canadian Securities Administrators (“CSA”) have released a revised version of their previous guidance on investment fund disclosure relating to environmental, social and governance (“ESG”) matters (the “Notice”). The...more

Bennett Jones LLP

SEC Final Rules and the Impact on Canadian Advisers

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The Securities and Exchange Commission (the SEC) adopted new and somewhat controversial rules and rule amendments (the Final Rules) under the U.S. Investment Advisers Act of 1940 (the Act) in the fall of 2023 that impact the...more

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Ontario Court Dismisses Cryptocurrency Class Action on Jurisdictional Grounds

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In Shirodkar v Coinbase Global, Inc. et al., 2024 ONSC 1399 (“Coinbase”), the Ontario Superior Court of Justice (the “Court”) stayed a proposed class action against one of the four proposed defendants – Coinbase Canada Inc. –...more

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OSC Announces New Exemptions to Support Capital Raising for Early-Stage Ontario Businesses

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On May 9, 2024, the Ontario Securities Commission (“OSC”) announced three new exemptions designed to support capital raising for early-stage businesses in Ontario through the OSC TestLab program. The initiatives include the...more

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OSC Releases 2024-2030 Strategic Plan

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On May 3, 2024, the Ontario Securities Commission (“OSC”) released its 2024-2030 strategic plan (the “Plan”), which sets out the OSC’s goals and priorities for the next six years. The product of a detailed review process, it...more

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Ten LPs + 85 Investors Over Four Years = Unlicensed Trading Allegation from the OSC

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One of the grey areas for real estate development, private equity and venture capital firms (“sponsors”) that serially launch new funds is how frequently a sponsor can come to market with a new fund offering without hitting...more

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CSA Release First Oversight Reports on CIRO and CIPF

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On March 28, 2024, the Canadian Securities Administrators (“CSA”) published two reports (the “Reports”) relating to their oversight of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor...more

Blake, Cassels & Graydon LLP

Les ACVM publient des indications à l’intention des comités d’examen indépendant

Le 21 mars 2024, la Commission des valeurs mobilières de l’Ontario (la « CVMO ») et l’Autorité des marchés financiers (l’« AMF ») ont publié l’Avis multilatéral 81-337 du personnel des ACVM (l’« Avis »), dans lequel elles...more

Blake, Cassels & Graydon LLP

Securities Regulators Provide Guidance for Independent Review Committees

On March 21, 2024, the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) published CSA Multilateral Staff Notice 81-337 outlining the results of their continuous disclosure review related to...more

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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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CSSB Releases Proposed Canadian Sustainability Disclosure Standards

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On March 13, 2024, the Canadian Sustainability Standards Board (“CSSB”) released proposed Canadian sustainability disclosure standards (the “CSSB Standards”) that are modelled after the sustainability disclosure standards...more

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CSA Update Guidance on Virtual Shareholder Meetings

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The Canadian Securities Administrators (“CSA”) provided initial guidance on virtual shareholder meetings in February 2022 to: (i) assist reporting issuers in fulfilling their obligations under securities legislation; and (ii)...more

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CSA Propose Amendments to Rules for Public Crypto Asset Funds

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The Canadian Securities Administrators (“CSA”) recently published proposed amendments to National Instrument 81-102 Investment Funds (“NI 81-102”) and changes to its companion policy (the “Proposed Amendments”) relating to...more

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Ontario’s Top Court Affirms Evidentiary Principles on Motions for Leave to Commence a Secondary Market Misrepresentation Action

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In Drywall Acoustic Lathing and Insulation (Pension Fund, Local 675) v. Barrick Gold Corporation, 2024 ONCA 105, the Ontario Court of Appeal affirmed the lower court’s decision denying in part the motion for leave to commence...more

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CSA Propose Binding Dispute Resolution Framework for Retail Client Complaints

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The Canadian Securities Administrators (“CSA”) have proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and changes to its companion policy...more

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