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Ontario Securities Commission (OSC)

Stikeman Elliott LLP

OSC Proposes New Rules for Distributing Funds Paid Under Disgorgement Orders

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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

Blake, Cassels & Graydon LLP

La CVMO lance des initiatives afin de soutenir la mobilisation de capitaux par les entreprises en démarrage en Ontario

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

Blake, Cassels & Graydon LLP

Blakes upRound™: June 2024

In this Edition - How the Ontario Securities Commission (OSC) is improving access to capital for early-stage businesses...more

Blake, Cassels & Graydon LLP

OSC Introduces Initiatives to Support Capital Raising for Early-Stage Businesses in Ontario

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

Bennett Jones LLP

Only B.C. Residents Can File Class Actions in British Columbia

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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

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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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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

Stikeman Elliott LLP

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

Stikeman Elliott LLP

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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OSC and AMF Assess Independent Review Committees for Investment Funds

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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

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

Blake, Cassels & Graydon LLP

Un tribunal de l’Ontario statue qu’une convention d’arbitrage est inexécutoire

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

Bennett Jones LLP

OSC Provides Guidance on “Necessary Course of Business” Exception to Prohibition Against Tipping

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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

Blake, Cassels & Graydon LLP

Ontario Court Rejects Crypto Arbitration Agreement as Unenforceable

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

Stikeman Elliott LLP

The OSC’s Statement of Priorities for 2024-2025: Regulating through Economic and Technological Change

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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

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OSC Proposes Fee Increase for Restricted Dealers, Including Crypto Asset Trading Platforms

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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

Bennett Jones LLP

Canadian Securities Regulators Propose Permanent Expedited Well-Known Seasoned Issuer Program

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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

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OSC Explores Use of AI in Capital Markets

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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

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OSC Investment Funds and Structured Products Branch Reports on 2022-2023

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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

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OSC Approves Permanent Exemption from Underwriting Conflicts Disclosure Requirements for Foreign Private Placements

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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

Blake, Cassels & Graydon LLP

Rapport 2023 de la CVMO sur les activités principales de sa direction des fonds d’investissement et

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 Ward Phillips & Vineberg LLP

Canadian Mergers & Acquisitions: A Guide for Investment Banks, Bidders and Boards, 10th edition

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

Blake, Cassels & Graydon LLP

Highlights From the OSC’s 2023 Summary Report for Investment Fund and Structured Product Issuers

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

Bennett Jones LLP

Canadian Regulators Continue Enforcement Efforts Aimed at Offshore Crypto Platforms

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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

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