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Stikeman Elliott LLP

OBSI Joint Regulators Committee Releases 2023 Annual Report

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The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) recently published the Annual Report (“Report”) of the Joint Regulators Committee (“JRC”) of the Ombudsman for...more

Stikeman Elliott LLP

EMDs Can Now Participate in Prospectus Offerings

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The securities regulators in Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan have published a temporary exemption that allows exempt market dealers (“EMDs”) to participate in prospectus...more

Bennett Jones LLP

U.S. Private Fund Adviser Rules Struck Down

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After much anticipation from the private funds market, earlier this week on June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the Court) reached a decision in respect of the litigation challenging the Private...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

Stikeman Elliott LLP

Pleading Breaches of Fiduciary Duties in Class Proceedings: Court of Appeal Keeps the Bar Low in Ontario

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In Boal v International Capital Management Inc.(“Boal”), the Ontario Court of Appeal (the “Court”) considered the pleading requirements for certification of a breach of fiduciary duty cause of action. In holding that it was...more

Stikeman Elliott LLP

OBSI Joint Regulators Committee Releases Annual Report for 2022

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The Canadian Securities Administrators (“CSA”) and the Canadian Investment Regulatory Organization (“CIRO”) recently published the Annual Report (“Report”) of the Joint Regulators Committee (“JRC”) of the Ombudsman for...more

Bennett Jones LLP

Canada's M&A Landscape Q3 2023: Special Edition on Energy

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In this special edition of Bennett Jones' quarterly M&A update, we look at deal activity in Canada's energy sector and what the key takeaways from WPC might tell us about what's to come....more

Bennett Jones LLP

Continuation Funds: ILPA Updated Guidance

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The Institutional Limited Partner Association (ILPA) published new guidance on May 15, 2023, relating to continuation funds. The guidelines build on ILPA's prior (2019) guidance on best practices for GP-led secondary fund...more

Bennett Jones LLP

Investing in Commercial-Stage Healthcare Companies in Canada: A Recap of BBHIC 2023

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The one-and-only Bloom Burton & Co. Healthcare Investor Conference (BBHIC) took place in Toronto last week. Investors and healthcare companies from around the world gathered to discuss the state of the market, meet one-on-one...more

Bennett Jones LLP

Canada's M&A Landscape Q3 2022: It's Not If, It's When

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While Canadian M&A activity slowed in Q3, many companies and investors continue to have the appetite and capital to do M&A transactions, including private equity funds who continue to seek accretive opportunities to deploy...more

Bennett Jones LLP

Government of Canada Issues Policy Statement Impacting Russian Foreign Investment in Canada

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On March 8, 2022, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry issued a policy statement advising non-Canadian investors and Canadian businesses to review their investment plans...more

Bennett Jones LLP

Supreme Court Reaffirms Low Bar for Authorizing Class Actions in Québec

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On October 30, 2020, a six-judge majority of the Supreme Court of Canada confirmed, in Asselin v Desjardins Cabinet de services financiers inc, 2020 SCC 30, that a class action concerning allegedly misleading investment...more

Bennett Jones LLP

A Reprieve From Onerous Corporate Regulations for Private Equity in British Columbia

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Two weeks before implementation, potentially onerous new burdens for private investment funds that use a British Columbia company have been removed. Proposed amendments to the Business Corporation Act (BCA) would have applied...more

Bennett Jones LLP

Will COVID-19 Ignite Private Equity's Dry Powder?

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The COVID-19 pandemic has pushed global financial markets into a prolonged period of volatility and uncertainty (see our article on the impact of COVID-19 on M&A deal flow), reminiscent of the 2007-08 financial crisis. Many...more

Dickinson Wright

Dealing with Your Obligations to Clients During the COVID-19 Pandemic

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While securities regulators on both sides of the border have provided some relief to dealers and advisors, the Canadian Securities Administrators (“CSA”) and the Securities and Exchange Commission (“SEC”) have not extended...more

Bennett Jones LLP

Who Watches the Watchers? SEC Issues Guidance on Proxy Advisory Firms

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The United States Securities and Exchange Commission (SEC) recently issued guidance on the applicability of certain U.S. proxy rules to voting advice given by proxy advisory firms, such as ISS and Glass Lewis. This initiative...more

Blake, Cassels & Graydon LLP

Alberta Court Denies Class Proceedings Against Investment Advisor, Supervisor and Dealer Institution

The Court of Queen’s Bench of Alberta illustrated the individualized view Alberta courts take towards the relationship between investors and investment advisors, supervisors and dealer institutions, in its recent decision of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - April 2019

In this month's Privacy & Cybersecurity Update, we examine several recent U.K.-related cybersecurity developments and the SEC's risk alert reminding investment advisers and broker-dealers to follow through on implementing...more

Bennett Jones LLP

Ontario Court of Appeal Affirms Limits on Auditor Liability

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On September 5, 2018, the Court of Appeal for Ontario released its decision in Lavender v Miller Bernstein LLP,1 overturning a summary judgment ruling that imposed significant liability on an auditor in previously...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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In a closely watched battle over the DOL’s new fiduciary rule for retirement account investment advisers, the Labor Department has scored an early first victory. A DC federal judge ruled late last week that the rule at issue...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings - On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize...more

Blake, Cassels & Graydon LLP

Update: Quebec Derivatives Regulation Amendments Now in Effect

Effective June 5, 2016, changes to the Quebec Derivatives Regulation (QDR) came into force. The changes: - Expand the scope of the standardized derivatives exemption, such that it now affords relief from both the...more

Blake, Cassels & Graydon LLP

Proposed Changes to Quebec Derivatives Regulation Will Impact Dealers, Advisers and Hedgers

This Bulletin highlights the impact of proposed amendments to the Quebec Derivatives Regulation (QDR) on dealers and advisers that are not registered in Quebec to trade standardized derivatives, on persons who intend to rely...more

Blake, Cassels & Graydon LLP

CSA Provides Guidance on Canadian “Robo-Advisers”

The term “robo-adviser” has become synonymous with a provider of automated, low-cost, investment advisory services through user-friendly web-based (and increasingly, mobile) channels. These digital advice platforms are...more

Blake, Cassels & Graydon LLP

Quebec Blanket Decision Affording Relief for Certain Derivatives Activities to be Revoked in June 2016

The Quebec Autorité des marchés financiers (Authority) is revoking a long-standing blanket decision (Blanket Decision) that exempts persons conducting dealer or adviser activities with accredited investors in respect of...more

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