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Alberta Securities Commission

Blake, Cassels & Graydon LLP

L’Alberta Securities Commission publie son Corporate Finance Disclosure Report pour 2024

Chaque année, l’Alberta Securities Commission (l’« ASC ») publie son Corporate Finance Disclosure Report, qui contient des renseignements importants sur certains éléments examinés par l’ASC ainsi que des indications pratiques...more

Blake, Cassels & Graydon LLP

Alberta Securities Commission Publishes 2024 Corporate Finance Disclosure Report

Each year, the Alberta Securities Commission (ASC) publishes its Corporate Finance Disclosure Report, which offers important insights into the ASC’s areas of focus and provides practical guidance to reporting issuers in...more

Blake, Cassels & Graydon LLP

Litiges en valeurs mobilières : Enjeux actuels au Canada

Les récentes décisions judiciaires et les nouvelles pratiques réglementaires entraînent des répercussions importantes pour les émetteurs à capital ouvert et d’autres participants aux marchés financiers au Canada. Ces...more

Blake, Cassels & Graydon LLP

Securities Litigation: Developing Issues in Canada

Recent court rulings and emerging regulatory practices have significant implications for public issuers and other capital market participants in Canada. These developments touch a range of issues, from corporate disclosure...more

Blake, Cassels & Graydon LLP

Pilule empoisonnée rétroactive : l’Alberta Securities Commission prononce une interdiction d’opérations

Introduction - Le 6 novembre 2024, l’Alberta Securities Commission (l’« ASC ») a rendu une ordonnance qui établit un précédent important relativement à l’examen des régimes de droits des actionnaires dans le sillage des...more

Blake, Cassels & Graydon LLP

Alberta Securities Commission Cease-Trades Retroactive Poison Pill

Introduction - On November 6, 2024, the Alberta Securities Commission (ASC) issued an order that will serve as an important precedent for the review of shareholder rights plans in the wake of the 2016 amendments to...more

Blake, Cassels & Graydon LLP

Cinq décisions canadiennes notables de 2023 dans le domaine des litiges en valeurs mobilières

Les membres du groupe Litiges en valeurs mobilières de Blakes ont cerné cinq décisions de 2023 particulièrement dignes d’intérêt. Dans le présent bulletin, nous examinons ces décisions, lesquelles ont été rendues par des...more

Blake, Cassels & Graydon LLP

Five Notable Canadian Securities Litigation Decisions from 2023

The Blakes national Securities Litigation team has identified, and examines in this article, five noteworthy cases from 2023. These cases from across Canada span various tribunals, including the Supreme Court of Canada, Court...more

Davies Ward Phillips & Vineberg LLP

The SEC Amends Beneficial Ownership Reporting Rules

On October 10, 2023, the Securities and Exchange Commission (SEC) adopted final amendments to the rules that govern beneficial ownership reporting and provided guidance on the application of those rules. The SEC also...more

Bennett Jones LLP

Alberta Court of Appeal Concludes ASC Administrative Penalty Does Not Survive Bankruptcy

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Regulatory obligations often conflict with bankruptcy law. It has long been considered a necessary benefit that people get a fresh start through bankruptcy. The law provides for exceptions to this principle, on the basis of...more

Bennett Jones LLP

Share Swaps and Break Fees: ASC Decision Provides Guidance on Break Fees and Disclosure of Swaps

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On December 21, 2021, a panel of the Alberta Securities Commission (ASC) published its written decision in Re Bison Acquisition Corp., 2021 ABASC 107. The decision followed a July 2021 hearing and oral ruling on...more

Blake, Cassels & Graydon LLP

Alberta Securities Commission Considers Financing Adequacy and Shareholder Protections in Unique Take-Over Bid

In Re Osum Oil Sands Corp., the Alberta Securities Commission (the Commission) dismissed the application of Osum Oil Sands Corp. (Osum) to cease trade a hostile take-over bid commenced by Waterous Energy Fund (Waterous), an...more

Bennett Jones LLP

Alberta Securities Commission Proposes New Prospectus Exemptions for Small Business: Seeks Comments

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On March 25, 2021, the Alberta Securities Commission (ASC) proposed two new prospectus exemptions to promote investment opportunities for small businesses in Alberta, and is seeking written submissions with respect to the...more

Bennett Jones LLP

Alberta Enacts Measures to Protect Whistleblowers

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On November 19, 2018, as part of the Alberta Securities Commission's (the "ASC") new whistleblower program, the Securities Amendment Act (the "Amendments") came into force and amended the Securities Act (Alberta) (the "Act")....more

Blake, Cassels & Graydon LLP

Alberta Securities Commission Announces New Whistleblower Program

On November 20, 2018, the Alberta Securities Commission (ASC) announced the creation of its whistleblower program (Program) through the adoption of ASC Policy 15-602 Whistleblower Program (Policy) and accompanying amendments...more

Bennett Jones LLP

Don’t Short the Truth

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A recent decision of the Alberta Securities Commission appears to give short-sellers wide latitude to negatively comment on targets, and sets a potentially high burden on ASC Staff when seeking interim orders to address...more

Bennett Jones LLP

Alberta Securities Commission Allows No-Contest Settlement Agreements

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The Alberta Securities Commission (ASC), the regulatory agency responsible for administering provincial securities laws in Alberta, announced last week that it would be following the lead of its Ontario and American...more

Blake, Cassels & Graydon LLP

Alberta Securities Commission Proposes New Rules to Facilitate Cross-Border Offerings

The Alberta Securities Commission (ASC) is proposing to replace its rules and policies governing certain securities distributions to purchasers outside Alberta, with the aim to reduce regulatory red tape and facilitate...more

Bennett Jones LLP

The Alberta Securities Commission’s Credit for Exemplary Cooperation Program

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The Alberta Securities Commission (ASC) announced its new Credit for Exemplary Cooperation in Enforcement Matters Policy (ASC Policy) on October 16, 2017. The ASC Policy sets out the benefits of cooperating with the ASC and...more

Bennett Jones LLP

Self-Incrimination and Settlement Agreements

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Misconduct in the securities industry can give rise to both criminal and regulatory liability. One problem that arises from this overlap is the potential for state-compelled self-incrimination. In the criminal context, an...more

Bennett Jones LLP

Alberta Securities Commission Replaces Key Blanket Order for Over-the-Counter Derivatives

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On January 30th, 2017, the Alberta Securities Commission (the "ASC") announced in its weekly notice that, effective as of February 1st, 2017, it is replacing Blanket Order 91-506 entitled Over-the-Counter Trades in...more

Blake, Cassels & Graydon LLP

Reminder: New Alberta Securities Commission Fees Rule Comes Into Effect on December 1

On May 30, 2016, the Alberta Securities Commission (ASC) announced important changes to ASC Rule 13-501 Fees (Fee Rule) that will come into force on December 1, 2016. The Fee Rule is a significant modernization of the...more

Bennett Jones LLP

ASC Adopts Crowdfunding Prospectus Exemption for Small or Start-up Alberta Businesses

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Effective October 31, 2016, the Alberta Securities Commission (ASC) adopted Multilateral Instrument 45-108 Crowdfunding (MI 45-108) which provides Alberta-based issuers with a crowdfunding prospectus exemption. MI 45-108 is...more

Bennett Jones LLP

New Capital-Raising Initiatives for Alberta-based Start-up Businesses

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On July 26, 2016, the Alberta Securities Commission (ASC) adopted a start-up business exemption (ASC Rule 45-517 Prospectus Exemption for Start-up Businesses), which is designed to be a simpler and less costly capital raising...more

Bennett Jones LLP

Disclosure of Women on Boards and in Executive Officer Positions in Alberta

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On September 14, 2016, the Alberta Securities Commission (ASC) released for comment its proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (PDF). The proposed amendments put forward...more

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