News & Analysis as of

Canada Canadian Securities Administration

Court of Appeal looks past unregistered trading in ordering payment to investment finder

by Dentons on

For many junior resource company executives, deciding whether to engage investment “finders” can be like considering whether to breathe air. Such companies tend to have early-stage projects that don’t warrant debt financing...more

Are Directors Independent? It Depends: CSA Revisiting Regime

The Canadian Securities Administrators (CSA) have released CSA Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) and are inviting comments on the current approach to...more

Balancing blockchain technology and Ontario securities laws

by Dentons on

Further to the Canadian Securities Administrator’s (CSA) August 2017 Staff Notice (see our last update here), on October 17, 2017, the Ontario Securities Commission (OSC) granted an exemptive relief application with respect...more

Initial Coin Offerings (ICOs): The Current State of Play

The ICO boom in 2017 brings with it questions of jurisdiction and compliance, and a need for further guidance - The benefits of ICOs in raising capital, as well as in providing a marketing push for a new business model,...more

CSA Reports Another Small Step for Women; Still No Giant Leap for Humankind

The Canadian Securities Administrators (CSA) recently published CSA Multilateral Staff Notice 58-309 Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate...more

What's Moving the Needle? Women on Boards and in Executive Officer Positions

by Bennett Jones LLP on

On October 5, 2017, the Canadian Securities Administrators (CSA) published CSA Multilateral Staff Notice 58-309 – Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of...more

Cybersecurity Risks—Compelling Statistics from the Canadian Securities Administrators

by Bennett Jones LLP on

Cybersecurity threats to registered firms continue to rise but efforts to protect against those threats and to plan for the inevitable attack are not keeping up....more

Ontario Securities Commission Approves Initial Token Offering

by Bennett Jones LLP on

On October 17, 2017, the Ontario Securities Commission (OSC) issued its decision In the Matter of Token Funder Inc. The decision granted exemptive relief from the dealer registration requirement in order to allow Token Funder...more

CSA Comment on Registrants’ Cybersecurity and Social Media Practices

The Canadian Securities Administrators (CSA) have published Staff Notice 33-321 Cyber Security and Social Media (Staff Notice 33-321), which summarizes survey results of registered firms’ cybersecurity and social media...more

New Guidance Provided for Issuers with U.S. Marijuana-Related Activities

by Bennett Jones LLP on

On October 16, 2017, the Canadian Securities Administrators (CSA), the Toronto Stock Exchange (TSX), and the TSX Venture Exchange (TSXV and together with the TSX, the TMX Group), issued long-sought guidance on disclosure...more

CSA Propose Amendments to the Mandatory Derivatives Clearing Rule

On October 12, 2017, the Canadian Securities Administrators (CSA) proposed for comment amendments (Amendments) to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101), in order to...more

Canadian Securities Administrators and stock exchanges provide guidance on reporting issuers with US cannabis activities

by Dentons on

On October 16, 2017, the Canadian Securities Administrators (the CSA) published CSA Staff Notice 51-352 Issuers with Marijuana-Related Activities (the CSA Notice) clarifying the CSA's disclosure expectations for issuers...more

CSA, TSX Address Treatment of Canadian Reporting Issuers with U.S. Cannabis-Related Business Activities

On October 16, 2017, the Canadian Securities Administrators (CSA) and the Toronto Stock Exchange (TSX) released staff notices regarding their respective treatment of issuers with cannabis-related activities in the United...more

Canada Confirms Tokens May Be Securities and Pacific Coin Is the Test

by Morrison & Foerster LLP on

The list of jurisdictions that are silent on the question of whether blockchain tokens may be securities has grown smaller. Less than a month after the U.S. Securities and Exchange Commission (SEC) and the Monetary...more

Canadian Securities Regulators Clear a Path for Bitcoin Funds

The British Columbia and Ontario securities regulators have taken a leap forward in the regulation of bitcoin and other cryptocurrencies with the first registration of a fintech start-up, First Block Capital Inc., which...more

Industry Responds to CSA Guidance on Cryptocurrency Offerings

The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad. Recently, staff of the Canadian Securities...more

Blockchain Week in Review – September 2017 #7

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Canadian Securities Administrators provide new guidance on cryptocurrency offerings and approve exemptive relief for Canadian ICO ...

by DLA Piper on

On August 24, 2017, Staff of the Canadian Securities Administrators (the “CSA”) released CSA Staff Notice 46-307 - Cryptocurrency Offerings1 (“Staff Notice 46-307”). Staff Notice 46-307 follows the report of the Securities...more

Securities regulators provide guidance on cryptocurrency offerings

by Dentons on

In light of the recent interest in cryptocurrency and the increase in the number of cryptocurrency offerings, on August 24, 2017, staff of the Canadian Securities Administrators (Staff) published a notice to help financial...more

Canadian Securities Administrators Issue Staff Notice on Cryptocurrency Offerings

by Bennett Jones LLP on

Was there ever any doubt? On August 24, 2017, the Canadian Securities Administrators (CSA) issued Staff Notice 46-307 – Cryptocurrency Offerings providing guidance on the applicability of Canadian securities laws to...more

Canadian Securities Administrators Provide Guidance on the Review of Material Conflict of Interest Transactions

by Bennett Jones LLP on

Transactions between related parties may create material conflicts of interest between an issuer and its directors, officers and related parties. In particular, material conflicts of interest may arise in the context of...more

Mandatory Clearing of OTC Derivatives Delayed for Certain Entities

The Canadian Securities Administrators (CSA) have taken steps to postpone until August 20, 2018 the phase-in date of the mandatory clearing requirements set out in National Instrument 94-101 Mandatory Central Counterparty...more

Requisitioned meeting breaks deadlock

by Dentons on

A deadlocked board of directors, talk of a “public flogging”, and a court reluctant to intervene. The case of Goldstein v. McGrath is a colourful recent example of a requisitioned public company shareholders’ meeting, with...more

Regulators Shine Spotlight on Material Conflict of Interest Transactions

On July 27, 2017, the Canadian Securities Administrators (CSA) published Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special...more

Making a Bright Line at the Border: CSA and OSC Seek to Clarify How Canadian Securities Laws Apply to Trades Outside Canada

On June 29, 2017, the Ontario Securities Commission (OSC) published a Second Notice and Request for Comment (Second Notice) on an amended Proposed OSC Rule 72-503 Distributions Outside Canada (Rule 72-503) and Proposed...more

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