Canadian Securities Administration

News & Analysis as of

Canadian Securities Regulators implement new requirements to complete phase 2 of the client relationship model

On July 15, 2016, new requirements under the amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and Companion Policy 31-103CP (“31-103CP”) came into...more

CSA Releases Results of Annual Continuous Disclosure Review Program

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Notice), summarizing the results of its members’...more

Canadian Securities Administrators Derivatives Committee Issue Consultation Paper on Margin Requirements for Non-Centrally Cleared...

On July 7, 2016, the Canadian Securities Administrators Derivatives Committee (the “Committee”) published CSA Consultation Paper 95-401 entitled “Margin and Collateral Requirements for Non-Centrally Cleared Derivatives” (the...more

Helpful Amendments to the New Trade Reporting Rules Finalized

On June 30, 2016, the securities regulators of Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon (the "Announcing Jurisdictions")...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

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

TSX Proposes New Website and Equity Compensation Plan Disclosure

On May 26, 2016, the Toronto Stock Exchange (TSX) published for comment proposed amendments to Part IV and Part VI of the TSX Company Manual (Manual). If adopted, the proposed amendments would introduce website disclosure...more

Tips for CRM2 Compliance

The final phase of the Canadian Securities Administrators’ Client Relationship Model Project (CRM2) comes into force on July 15, 2016 when amendments to NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant...more

CSA’s New Consultation Paper Looks to Enhance Registrants’ Obligations

The Canadian Securities Administrators (CSA) recently released Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward their Clients (Consultation Paper), which considers...more

Canadian Securities Administrators Securities Enforcement Trends and What’s Ahead for 2016

Securities enforcement activities in Canada are overseen by several agencies, including the Canadian Securities Administrators, the Investment Industry Regulatory Organization of Canada, the Ontario Securities Commission, the...more

Canadian private placements: new harmonized form means more reporting requirements

On April 7, 2016, the Canadian Securities Administrators (“CSA”) published amendments to National Instrument 45-106 Prospectus Exemptions (“NI 45-106) in an effort to harmonize the exempt distribution report requirements...more

The Financial Report, Volume 5, Number 9

We generally avoid commenting on politics in these pages as it is usually beyond the scope and purpose of this publication. Increasingly, however, we are being asked for our thoughts about how the upcoming general election...more

CSA Proposes Protocols to Improve Proxy Voting Infrastructure and Vote Reconciliation Process

As the next step in its effort to improve the proxy voting infrastructure and vote reconciliation process, the Canadian Securities Administrators (CSA) has published CSA Multilateral Staff Notice 54-304 Final Report on Review...more

Harmonized Reporting for Private Placements (with Increased Disclosure Requirements)

An issuer that distributes securities to the public must either file a prospectus with securities regulatory authorities and deliver such prospectus to prospective purchasers, or rely upon a prospectus exemption available...more

Canadian Securities Administrators amend reporting requirements for exempt financings

On April 7, 2016, the Canadian Securities Administrators (the CSA) published final amendments to National Instrument 45-106 Prospectus Exemptions and its Companion Policy. The amendments harmonize the reporting requirements...more

One Size for All: Increased Private Placement Reporting Begins June 30

Effective June 30, 2016, issuers will have to report prospectus-exempt distributions that settle on or after that date in any Canadian jurisdiction using a new, harmonized Form 45-106F1 (New Form), with significantly...more

The Financial Report - Volume 5, No. 7 - April 2016 (Global)

- United States US indicts Iranian computer specialists for cyberattacks on banks and a dam. The New York Times reported that the Justice Department unsealed an indictment against seven Iranian computer specialists who...more

Canadian Securities Administrators amend take-over bid rules

After many months of soliciting and considering comments, on February 25, 2016, the Canadian Securities Administrators announced amendments to the take-over bid rules.1 The new regime makes three principal changes...more

Changes to the Canadian early warning reporting system adopted by securities regulators

On March 13, 2013, the Canadian Securities Administrators (CSA) published for comment proposed changes to the Canadian early warning reporting system and received extensive comments from market participants and industry...more

"All the time in the world": Canadian securities regulators adopt fundamental changes to take-over bid regime

The Canadian Securities Administrators (CSA) have announced the final adoption of fundamental changes to the take-over bid regime in Canada. These changes are substantially similar to a draft version of the amendments that...more

Amendments to Early Warning Regime

On February 25, 2016, the Canadian Securities Administrators ("CSA") published final amendments to the early warning regime (the "Amendments"). The Amendments are consistent with the revised proposals released by the CSA on...more

Report Early, Report Often: CSA Adopts Final Amendments to Early Warning System

On February 25, 2016, the Canadian Securities Administrators (CSA) published final amendments to the rules governing early warning reporting in Canada (Final Amendments). The Final Amendments were released concurrently with...more

Mandatory OTC Derivatives Clearing Rules Published for Second Round of Comments

On February 24, 2016, the Canadian Securities Administrators (CSA) published a revised Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Proposed Clearing Rule) and a proposed...more

Bridging the Week - February 2016 #5

CFTC Advisory Committee Says There Is No Evidence Justifying Proposed New Position Limits: A report issued by the Energy and Environmental Markets Advisory Committee of the Commodity Futures Trading Commission roundly...more

Canada Implements New Take-Over Bid Rules

The Canadian Securities Administrators Implement New Rules to Strengthen the Ability of Target Issuers and their Shareholders to Respond to Hostile Take-Over Bids Following a lengthy process involving each of the...more

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