Matthew Merkley at Blake, Cassels & Graydon LLP

CSA Provides Update on Proposed Climate-Related Disclosure Rules

BACKGROUND - As we reported in our October 2021 Blakes Bulletin: CSA Seeks Comments on Climate-Related Disclosure Rules, on October 18, 2021, the Canadian Securities Administrators (the CSA) issued a notice and request for...more

10/25/2022 / Canada , Canadian Securities Administration , Climate Change , Comment Period , Disclosure Requirements , Publicly-Traded Companies

Le saviez-vous? Dix faits amusants liés au droit des valeurs mobilières

Bien que les faits amusants qui suivent concernant le droit des valeurs mobilières ne soient peut-être pas de ceux que l’on serait impatient de raconter (ou d’entendre) lors d’un dîner (vous vous souvenez de ce genre...more

6/1/2022 / Board of Directors , Canada , Corporate Governance , Disclosure Requirements , Diversity , Ontario Securities Commission (OSC)

Did You Know? Ten Securities Law Fun Facts

While these fun facts may not be the ones anyone would look forward to bringing up (or hearing) at a dinner party (remember those?), the following facts about securities law may include some you did not know (or remember)....more

5/27/2022 / Board of Directors , Canada , Corporate Governance , Disclosure Requirements , Diversity , Ontario Securities Commission (OSC)

Les affaires sont les affaires, mais certaines activités comptent plus que d’autres lors d’une acquisition

Bonne nouvelle, les Autorités canadiennes en valeurs mobilières (« ACVM ») ont modifié et harmonisé leur approche en ce qui a trait à l’interprétation des obligations aux termes desquelles un émetteur est tenu d’inclure...more

4/28/2022 / Canada , Canadian Securities Administration , Capital Markets , Initial Public Offering (IPO)

Business Is Business, But Some Acquired Businesses Are More Primary Than Others

In a welcome development, the Canadian Securities Administrators (CSA) has harmonized and updated its approach to interpreting the financial statement requirements in respect of an issuer’s “primary business” (Primary...more

4/22/2022 / Canada , Canadian Securities Administration , Capital Markets , Initial Public Offering (IPO)

Entrée en vigueur des modifications à la LCSA visant l’élection des administrateurs

Le 31 août 2022, certaines modifications (les « modifications ») tant attendues à la Loi canadienne sur les sociétés par actions (la « LCSA ») et à des règlements connexes à l’égard du processus d’élection des administrateurs...more

4/5/2022 / Business Corporation Act , Canada , CBCA , Corporate Governance , Shareholder Proposals , Shareholders

Coming Soon: Changes to CBCA Director Elections – The Sequel

Effective August 31, 2022, certain long-awaited amendments (Amendments) to the Canada Business Corporations Act (CBCA) and related regulations administered by the Department of Industry (Regulations) impacting director...more

3/29/2022 / Business Corporation Act , Canada , CBCA , Corporate Governance , Shareholder Proposals , Shareholders

Représentation des femmes au sein des conseils d’administration : les ACVM notent une lente progression et fournissent de...

Bien que certains progrès se soient réalisés au chapitre de la diversité des genres dans les conseils d’administration et les postes de haute direction de sociétés ouvertes canadiennes, ces progrès s’accomplissent lentement....more

11/23/2021 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Disclosure Requirements , Diversity , Woman Board Members

Représentation féminine dans les conseils d’administration : la pression monte sur les sociétés canadiennes

Les sociétés canadiennes subissent de plus en plus de pression pour augmenter le nombre de femmes dans leur conseil d’administration et leur équipe de haute direction. Il semblerait, en fait, que les sociétés dont le conseil...more

11/18/2021 / Board of Directors , Business Corporation Act , Canada , Corporate Governance , Corporate Social Responsibility , Diversity , Environmental Social & Governance (ESG) , Woman Board Members

CSA Reports Slow but Continuing Progress on Gender Diversity in the Boardroom and Provides New Guidance on Gender Diversity...

While some progress is being made in adding gender diversity to boards and executive officer positions of Canadian public companies, progress remains slow, as found by the Canadian Securities Administrators (CSA) in their...more

11/18/2021 / Board of Directors , Canada , Canadian Securities Administration , Corporate Governance , Disclosure Requirements , Diversity , Woman Board Members

Pressure Building on Canadian Companies to Increase Female Representation on Boards

Canadian companies are facing growing pressure to increase the representation of women on their boards and in executive officer positions. There is evidence that suggests that companies with a greater balance of women on...more

11/11/2021 / Board of Directors , Business Corporation Act , Canada , Corporate Governance , Corporate Social Responsibility , Diversity , Environmental Social & Governance (ESG) , Woman Board Members

Les ACVM lancent une consultation sur les obligations d’information liée au changement climatique

Récemment, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié un avis de consultation à l’égard du projet de Règlement 51-107 sur l’information liée aux questions climatiques (le « projet de règlement...more

11/9/2021 / Canada , Canadian Securities Administration , Climate Change , Comment Period , Disclosure Requirements

CSA Seeks Comments on Climate-Related Disclosure Rules

The Canadian Securities Administrators (the CSA) recently issued a notice and request for comment on proposed National Instrument 51-107 – Disclosure of Climate-related Matters (the Proposed Instrument) and its companion...more

10/29/2021 / Canada , Canadian Securities Administration , Climate Change , Comment Period , Disclosure Requirements

Les ACVM révisent leurs attentes relatives à l’information financière concernant l’activité principale

Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié un avis de consultation (l’Avis) dans lequel elles proposent des clarifications quant aux attentes relatives à l’information financière concernant...more

8/25/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Initial Public Offering (IPO) , Ontario Securities Commission (OSC)

CSA Revisits Primary Business Financial Disclosure Expectations

The Canadian Securities Administrators (CSA) has released a notice and request for comment (Notice) proposing clarifications to primary business financial disclosure expectations. The purpose is to harmonize, across CSA...more

8/20/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Initial Public Offering (IPO) , Ontario Securities Commission (OSC)

Mesures financières non conformes aux PCGR et autres mesures financières : les ACVM publient leur règlement définitif

Le 27 mai 2021, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié les versions définitives du Règlement 52-112 sur l’information concernant les mesures financières non conformes aux PCGR et d’autres...more

6/16/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , GAAP

CSA Publishes Final Non-GAAP and Other Financial Measures Rule

On May 27, 2021, the Canadian Securities Administrators (CSA) published the final forms of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and its related companion policy (the...more

6/10/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , GAAP

Les ACVM proposent de réduire le fardeau réglementaire au moyen de réformes des obligations d'information continue

Dans le cadre de son initiative en cours sur la réduction du fardeau réglementaire (consultez notre Bulletin Blakes d’avril 2018 intitulé Les ACVM annoncent des projets afin de réduire le fardeau réglementaire des sociétés...more

6/3/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , Proposed Amendments , Reporting Requirements

So Hard Done By? CSA Proposes to Reduce Burden with Continuous Disclosure Reforms

In furtherance of their ongoing burden reduction initiative (see our April 2018 Blakes Bulletin: CSA Announce Policy Projects to Reduce Regulatory Burden for Public Companies), the Canadian Securities Administrators (CSA)...more

5/27/2021 / Canada , Canadian Securities Administration , Disclosure Requirements , Financial Statements , Proposed Amendments , Reporting Requirements

LCSA : Modifications concernant le vote à la majorité des voix et le vote contre un administrateur

En mai 2018, le projet de loi C-25, Loi modifiant la Loi canadienne sur les sociétés par actions, la Loi canadienne sur les coopératives, la Loi canadienne sur les organisations à but non lucratif et la Loi sur la...more

4/30/2021 / Board of Directors , Business Corporation Act , Canada , CBCA , Corporate Governance , Shareholders

Corporations Canada : Premier rapport annuel sur la divulgation des renseignements sur la diversité

Le 7 avril 2021, Corporations Canada a publié son rapport intitulé Diversité au sein des conseils d’administration et de la haute direction des sociétés ayant fait appel au public de régime fédéral (le « Rapport »). Il s’agit...more

4/27/2021 / Board of Directors , Business Corporation Act , Canada , CBCA , Corporate Governance , Disclosure Requirements , Diversity

Coming Soon to the CBCA: Majority Voting and Voting Against Directors

In May 2018, An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (Bill C-25) received Royal Assent. Certain amendments to the...more

4/27/2021 / Board of Directors , Business Corporation Act , Canada , CBCA , Corporate Governance , Shareholders

Rapport de Dey et Kaplan : Mise au point sur les normes de gouvernance des sociétés canadiennes

Dans un rapport publié récemment et intitulé 360º Governance: Where Are The Directors In A World In Crisis? (en anglais seulement) (le « rapport »), Peter Dey et Sarah Kaplan se penchent sur les pratiques modernes de bonne...more

4/21/2021 / Board of Directors , Business Corporation Act , Canada , Climate Change , Corporate Governance , Diversity , Executive Compensation , Shareholders

Corporation Canada’s Findings from First Annual Diversity Disclosure Review Released

On April 7, 2021, Corporations Canada published Diversity of Boards of Directors and Senior Management of Federal Distributing Corporations (Report). The Report is the first annual review of “comply or explain” disclosure...more

4/20/2021 / Board of Directors , Business Corporation Act , Canada , CBCA , Corporate Governance , Disclosure Requirements , Diversity

Dey-Kaplan Report Aims to Update Canadian Corporate Governance Standards

With the release of a report entitled “360º Governance: Where Are The Directors In A World In Crisis?” (Report), Peter Dey and Sarah Kaplan examine modern good governance from a practical and scholarly standpoint,...more

4/15/2021 / Board of Directors , Business Corporation Act , Canada , Climate Change , Corporate Governance , Diversity , Executive Compensation , Shareholders

Matthew Merkley

Blake, Cassels & Graydon LLP

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