Prospectus

News & Analysis as of

New Prospectus Exemption for Investors that Receive Suitability Advice from a Registered Investment Dealer

Securities regulatory authorities in each of British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick recently announced the creation of a new prospectus exemption that will allow certain issuers to distribute...more

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

Prospectus Directive: The Commission’s Proposal for a New Prospectus Regulation

The European Commission, as part of its Capital Markets Union action plan and its commitment to simplify and harmonize EU laws, on November 30, 2015 adopted a proposal for a new prospectus regulation, intended to replace the...more

Prospectus Directive: The Commission’s Proposal for a New Prospectus Regulation

The European Commission, as part of its Capital Markets Union action plan and its commitment to simplify and harmonize EU laws, on November 30, 2015 adopted a proposal for a new prospectus regulation, intended to replace the...more

"European Commission's New Initiative Aims to Promote Access to Capital Markets"

In early 2015, the European Commission (Commission) launched the Capital Markets Union (CMU), one of its flagship initiatives, to address its perception that capital markets-based financing in the European Union could be...more

ESMA updates Prospectuses Q&A

ESMA has updated its Q&A on prospectus-related issues. A new question has been added regarding the level of disclosure which should be included in a prospectus related to securities which may be subject to write-down or...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Other EU Developments – Deal Reached on Benchmark Regulation and Revisions to Prospectus Directive - Benchmark Regulation - The European Commission and the Luxembourg Presidency reached agreement with the...more

Financial Services Weekly News - December 2015 #2

Regulatory Developments - FINRA Proposes to Adopt Capital Acquisition Broker Rules - On Dec. 4 FINRA filed with the SEC a proposal to create a separate rule set that would apply to firms that meet the definition of...more

Securities and Corporate Finance Alert: Offering memorandum exemption coming soon to Ontario

There is big news in Ontario for small and medium sized issuers - for the first time, issuers in Ontario will have access to an offering memorandum prospectus exemption (OM exemption). Prior to this, Ontario was the only...more

European Commission Announces Proposals to Overhaul the EU Prospectus Regime

The European Commission on 30 November 2015 announced proposals to overhaul the prospectus rules to improve access to finance for companies and simplify information for investors. The new prospectus regulation forms part...more

Alberta Securities Commission and Nunavut Securities Office Publish Proposed Start-up Business Exemption

The Alberta Securities Commission (ASC) and Nunavut Securities Office recently published for comment proposed Multilateral Instrument 45-109 Prospectus Exemption for Start-Up Businesses (the Proposed Exemption). The Proposed...more

Offering memorandum exemption introduced in Ontario and modified in five other provinces

On October 29, 2015, securities regulators in six provinces announced their intention to adopt or modify a prospectus exemption available to issuers that prepare and deliver an offering memorandum (OM) to investors. Ontario...more

Commission adopts 2016 work programme

The Commission has adopted its 2016 Work Programme, reaffirming the commitment to the 10 political priorities of its political guidelines. The programme plans to deliver 23 key initiatives and 40 actions under its “REFIT”...more

Inside M&A - October 2015

Overview of SPACs and Latest Trends - A number of recent successful business combination transactions involving special-purpose acquisition companies (SPACs) led by prominent sponsors have driven a resurgence in the SPAC...more

How the Revised Draft Capital Markets Act Affects Registrants, Other Market Participants

The comment period on the recently published revised consultation draft of the uniform provincial and territorial Capital Markets Act (CMA) and draft initial regulations under the CMA (Initial Regulations and, together with...more

Structured Thoughts: News for the financial services community, Volume 6, Issue 6

U.S. Structured Warrant Programs: Introduction - U.S. and non-U.S. banks have offered structured warrants in the U.S. to address the needs of both institutional and high-net worth investors. This article will...more

Blog: A “Public Benefit Corporation” Takes The IPO Plunge

As previously discussed on this blog, , a few companies have gone public as “Certified B Corporations,” but now we apparently have the first company to file for its IPO as an actual Delaware “public benefit corporation”...more

European Commission Publishes Action Plan on Building Capital Markets Union

The CMU is intended to strengthen access to public markets in the European Union, particularly for small- and medium-sized enterprises (SMEs). On 30 September, the European Commission (EC) published its action plan...more

New Rules for Rights Offerings Could be a Game Changer

The Canadian Securities Administrators (the CSA) have announced amendments to the rules governing rights offerings in Canada. The amendments are intended to streamline the conduct of prospectus-exempt rights offerings, and...more

Proposed amendments to report of exempt distribution

On August 13, 2015, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions and its Companion Policy. The proposed amendments seek to...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

New SEC And PCAOB Proposals Related To Audit Committee Disclosure And Audit Quality

OVERVIEW - On July 1, 2015, the US Securities and Exchange Commission (SEC) issued a concept release relating to its audit committee reporting requirements. This release references two Public Company Accounting Oversight...more

A User's Guide to Volcker Rule Complexities

Increasingly, we receive questions from prospective investors in covered bonds on whether an investment is prohibited or limited under the Volcker Rule, which was adopted by the various agencies under section 619 of the...more

Coming to America – A Guide for FPIs

In this Issue: - The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - Chapter 1: Background - Chapter 2: Unregistered Global Offerings – Regulation S, Rule 144A and...more

CSA Announces Amendments to National Instrument (NI) 45-106

On February 19, 2015, the Canadian Securities Administrators (“CSA”) announced the adoption of changes to the accredited investor and minimum amount investment prospectus exemptions, among other changes. The amendments are...more

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