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Canada Investment Funds

Stikeman Elliott LLP

CSA Update Guidance on ESG-Related Investment Fund Disclosure

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The Canadian Securities Administrators (“CSA”) have released a revised version of their previous guidance on investment fund disclosure relating to environmental, social and governance (“ESG”) matters (the “Notice”). The...more

Bennett Jones LLP

Investing in R&D-Stage Healthcare Companies: A Recap of BBHIC 2024

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It was another record-breaking year for the annual Bloom Burton & Co. Healthcare Investor Conference (BBHIC) in Toronto. The event brought together premier healthcare companies and investors from Canada and around the world....more

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OSC and AMF Assess Independent Review Committees for Investment Funds

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The Ontario Securities Commission (“OSC”) and the Autorité des marchés financiers (“AMF”, and together with the OSC, the “Regulators”) recently completed a continuous disclosure review (the “CD Review”) related to independent...more

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Countdown to T+1: A Shorter Standard Settlement Cycle is Coming Soon

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The standard settlement cycle for certain securities in Canada and the United States will be shortened from trade date plus two business days (“T+2”) to trade date plus one business day (“T+1”) in May 2024. A shorter...more

Stikeman Elliott LLP

CSA Propose Amendments to Rules for Public Crypto Asset Funds

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The Canadian Securities Administrators (“CSA”) recently published proposed amendments to National Instrument 81-102 Investment Funds (“NI 81-102”) and changes to its companion policy (the “Proposed Amendments”) relating to...more

Bennett Jones LLP

What’s Hot and What’s Not in Canadian Venture Capital Funding

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Key Findings - - U.S. investors show strong and sustained interest - Canadian government-backed funds lead domestic investment - Non-dilutive funding emerges as a dominant force - Majority of investments are in...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

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CSA Propose Binding Dispute Resolution Framework for Retail Client Complaints

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The Canadian Securities Administrators (“CSA”) have proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and changes to its companion policy...more

Dickinson Wright

CSA Adopts “Access Equals Delivery Model” for Reporting Issuer Prospectuses

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On January 11, 2024, the Canadian Securities Administrators (the “CSA”) published final amendments and changes to certain national instruments and companion policies (the “Amendments”). The Amendments provide for an optional...more

Blake, Cassels & Graydon LLP

Blakes upRound™ : Janvier 2024

Bienvenue à l'édition de septembre de l’infolettre Blakes upRound, une publication régulière dans laquelle le groupe Entreprises émergentes et capital de risque (« EÉ&CR ») de Blakes entend faire le point sur les...more

Blake, Cassels & Graydon LLP

Questions et réponses avec Paul Ciriello : Élaborer une stratégie de financement

Paul Ciriello, conseiller stratégique de notre cabinet et de nos clients, a répondu à nos questions détaillées sur le contexte actuel du financement, ainsi que sur ce qu’il faut faire, et ce qu’il faut éviter, en ce qui a...more

Blake, Cassels & Graydon LLP

Blakes upRound™: December 2023

Welcome to the December edition of Blakes upRound, a regular publication from the Blakes Emerging Companies & Venture Capital (EC&VC) group that highlights legal developments relevant to venture investors and emerging...more

Blake, Cassels & Graydon LLP

Q&A With Paul Ciriello: Developing a Fundraising Strategy

Paul Ciriello, Strategic Advisor to Blakes and our clients, answered our in-depth questions about the current fundraising environment, and the dos and don’ts of raising capital as we head into 2024. Paul is the founder...more

Stikeman Elliott LLP

OSC Investment Funds and Structured Products Branch Reports on 2022-2023

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The Investment Funds and Structured Products Branch (“IFSP”) of the Ontario Securities Commission (“OSC”) released its Summary Report for Investment Fund and Structured Product Issuers for the fiscal year ended March 31, 2023...more

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CSA Release Guidance on Public Crypto Asset Funds

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This summer, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers (the “Notice”) concerning funds that seek to invest in crypto...more

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Regulators Announce Repeal of National Instrument 81-104 Alternative Mutual Funds

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On August 31, 2023, the Canadian Securities Administrators ("CSA") announced the repeal of National Instrument 81-104 Alternative Mutual Funds (“NI 81-104”) in all jurisdictions except Québec....more

Stikeman Elliott LLP

OSC Publishes Annual Compliance Report for Dealers, Advisers and Investment Fund Managers for 2022-2023

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The Ontario Securities Commission (“OSC”) recently released its annual Summary Report for Dealers, Advisers and Investment Fund Managers (the “Report”), prepared by the Compliance and Registrant Regulation Branch, for the...more

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Enhanced Total Cost Reporting for Investment Funds and Segregated Funds Coming in 2026

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The Canadian Securities Administrators (“CSA”) and the Canadian Council of Insurance Regulators (“CCIR”) have published enhanced cost disclosure reporting requirements for investment funds, excluding private funds and...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

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Mutual Fund Dealers Association of Canada Announces Amalgamation with Investment Industry Regulatory Organization of Canada

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On September 29, 2022, the members of the Mutual Fund Dealers Association of Canada (MFDA) and of the Investment Industry Regulatory Organization of Canada (IIROC) announced that they have approved the amalgamation of their...more

Dorsey & Whitney LLP

Raising U.S. Funds Under Canada’s New “Listed Issuer Financing Exemption”

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​​​​​​​As many of our readers will have heard, the Canadian Securities Administrators (“CSA”) has announced the adoption of a new prospectus exemption for certain reporting issuers listed on a Canadian stock exchange (the...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

Stikeman Elliott LLP

CSA Provide Disclosure Guidance to Investment Funds Engaged in ESG Investing

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On January 19, 2022, the Canadian Securities Administrators (CSA) published CSA Staff Notice 81-334 (the “Staff Notice”) to provide guidance to investment funds (funds) relating to environmental, social and governance (ESG)...more

Stikeman Elliott LLP

CSA Propose Modernization of Prospectus Filing for Investment Funds

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Proposed modernization of certain investment fund prospectus filing rules would extend lapse date to 24 months. CSA also considering introducing base shelf filing for all investment funds....more

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Provincial Securities Regulators Enter into MOU with Croatian Financial Services Supervisory Agency

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Securities regulators in Ontario, Québec, Alberta and British Columbia recently announced that they had entered into a Memorandum of Understanding (MOU) with the Croatian Financial Services Supervisory Agency. ...more

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