The Ontario Securities Commission (“OSC”) recently published for comment proposed rules and policies that would establish a process to distribute funds that the OSC receives under disgorgement orders to harmed investors. The...more
Dans le cadre de sa mission visant à favoriser la formation de capital et des marchés financiers concurrentiels, la Commission des valeurs mobilières de l’Ontario (la « CVMO ») a récemment lancé des initiatives temporaires...more
In this Edition - How the Ontario Securities Commission (OSC) is improving access to capital for early-stage businesses...more
As part of its mandate to foster capital formation and competitive capital markets, the Ontario Securities Commission (OSC) has recently introduced certain time-limited initiatives to improve access to capital for early-stage...more
In MM Fund v. Excelsior Mining Corp. (MM Fund), the B.C. Court of Appeal upheld a decision striking a plaintiff's certification application because the plaintiff mutual fund was not a resident of British Columbia. Under s....more
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
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
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
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
The Ontario Securities Commission (“OSC”) and the Autorité des marchés financiers (“AMF”, and together with the OSC, the “Regulators”) recently completed a continuous disclosure review (the “CD Review”) related to independent...more
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
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
Dans l’affaire Lochan v. Binance Holdings Limited (l’« affaire Binance »), la Cour supérieure de justice de l’Ontario (la « CSJO ») a rejeté une demande de suspension d’une action collective proposée en faveur de l’arbitrage....more
In a recent decision, Kraft (Re) (Kraft), the Ontario Capital Markets Tribunal (the Tribunal) articulated clear guidance with respect to the application of the necessary course of business (NCOB) exception to the prohibition...more
In Lochan v. Binance Holdings Limited (Binance), the Ontario Superior Court of Justice (Court) dismissed a motion to stay a proposed class action in favour of arbitration. In making its decision, the Court found that the...more
The Ontario Securities Commission (“OSC”) recently published its proposed Statement of Priorities for 2024-2025 (the “Statement”), outlining the initiatives on which the OSC intends to focus its resources and actions over the...more
The Ontario Securities Commission (“OSC”) recently proposed amendments (the “Proposed Amendments”) to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees (together, the “Fee Rules”) that would introduce two...more
On September 21, 2023, the Canada Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 44-102—Shelf Distributions (NI 44-102) and other securities law...more
The Ontario Securities Commission (“OSC”) and Ernst & Young LLP recently published Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario (the “Report”), which examines current artificial intelligence...more
The Investment Funds and Structured Products Branch (“IFSP”) of the Ontario Securities Commission (“OSC”) released its Summary Report for Investment Fund and Structured Product Issuers for the fiscal year ended March 31, 2023...more
The Ontario Securities Commission (“OSC”) recently made proposed OSC Rule 33-509 Exemption from Underwriting Conflicts Disclosure Requirements (the “Rule”) to provide a permanent exemption in Ontario from the underwriting...more
La Commission des valeurs mobilières de l’Ontario (la « CVMO ») a récemment publié l’édition annuelle de son rapport sommaire sur les activités principales de sa direction des fonds d’investissement et produits structurés (le...more
Davies’ Canadian Mergers & Acquisitions guide draws on our substantial cross-border M&A experience to offer guidance on both the legal framework and practical aspects of Canadian mergers and acquisitions, including critical...more
The Ontario Securities Commission (OSC) recently released its annual Summary Report for Investment Fund and Structured Product Issuers (Report), prepared by the Investment Funds and Structured Products Branch (IFSP Branch)...more
Canadian regulators want to ensure that crypto-asset trading platforms (CTPs) know that they will not be able to evade Canadian and Ontario securities law sanctions by withdrawing from the Canadian market. As part of a...more