News & Analysis as of

Canadian Securities Administration

Securities Regulators Find Gaps in Non-GAAP and Distribution Disclosures by REITs and REOCs

The Canadian Securities Administrators (CSA) recently issued Staff Notice 52-329 Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry (Staff Notice), providing guidance on disclosure...more

Soliciting Dealer Arrangements—CSA Staff Notice 61-303 and Request for Comment

by Bennett Jones LLP on

The Canadian Securities Administrators (CSA) published Staff Notice 61-303 and Request for Comment (the Notice) on April 12, 2018, which outlines issues that the CSA has identified regarding the use of soliciting dealer fee...more

Canadian Derivatives: Registration Regime for Dealers and Advisers Gets Momentum

On April 19, 2018, the Canadian Securities Administrators (CSA) took a major step toward adopting a comprehensive regime for the regulation of those in the business of trading derivatives or advising on derivatives. The CSA...more

Director Independence Regime – Time for a Change?

The Canadian Securities Administrators (CSA) have received formal submissions (Submissions) on Consultation Paper 52-404 – Approach to Director and Audit Committee Member Independence (Consultation Paper) from 27...more

Securities Regulators Anticipate Greater Requirements on Climate Change Disclosure

by Bennett Jones LLP on

On April 5, 2018, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project, which reports the findings of their project to review disclosure by...more

US $2.6-Billion Fraud Judgment Awarded Against Former Sino-Forest CEO

by Bennett Jones LLP on

On March 14, 2018, the Honourable Justice Penny of the Ontario Superior Court (Commercial List Division) released a decision granting a US$2.6-billion judgment to the SFC Litigation Trust for fraud and breach of fiduciary...more

Highlights from CSA’s Report on Climate Change-Related Disclosure Project

The Canadian Securities Administrators (CSA) recently released Staff Notice 51-354 – Report on Climate change-related Disclosure Project (Report), providing the results of their review of climate change-related disclosure...more

No Such Thing as March Break (2018) – Selected Corporate and Securities Law Developments

March was once again a busy month this year for corporate and securities law developments, with the publishing of staff notices by the Toronto Stock Exchange (TSX), the Ontario Securities Commission (OSC) and Canadian...more

Foreign Policy: Canadian Securities Administrators Release New Foreign Issuer Exemption

The Canadian Securities Administrators (CSA) announced they will amend National Instrument 45-102 – Resale Restrictions (NI 45-102) and Companion Policy to NI 45-102 (45-102CP) (Amendments) to provide for a new prospectus...more

CSA Announce Policy Projects to Reduce Regulatory Burden for Public Companies

The Canadian Securities Administrators (CSA) recently published Staff Notice 51-353 – Update on CSA Consultations Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Notice),...more

CSA Issues Revised Staff Notice Issuers with U.S. Marijuana-Related Activities

by Bennett Jones LLP on

On February 8, the Canadian Securities Administrators (CSA) issued an updated Staff Notice on the treatment of issuers with U.S. marijuana-related activities. While Canada works toward a July 2018 deadline for the rollout of...more

Canadian Securities Administrators mandate additional disclosure in response to Sessions Memo

by Dentons on

On February 8, 2018, the Canadian Securities Administrators (the CSA) published revised CSA Staff Notice 51-352 - Issuers with US Marijuana-Related Activities (the Notice), which sets out the CSA staff’s disclosure...more

Back in “Sessions”: CSA Reaffirms Disclosure-Based Approach For Canadian Reporting Issuers with U.S. Cannabis-Related Business...

On February 8, 2018, the Canadian Securities Administrators (CSA) released a highly anticipated notice clarifying the CSA’s position regarding issuers with cannabis-related activities in the United States. The revised staff...more

Double Jeopardy Argument Fails in Ponzi Fraud

by Bennett Jones LLP on

In R. v. Samji, 2017 BCCA 415 [Samji], the B.C. Court of Appeal decided that a $33-million administrative monetary penalty (AMP) assessed by the province’s Securities Commission against a person who had run a massive Ponzi...more

Institutional Investors Call for Increased, Standardized, Climate-Related Disclosures

by Bennett Jones LLP on

On October 26, 2017, 30 Canadian financial institutions representing $1.2 trillion in investment assets (the Signatories), including Desjardins and Vancity, issued a declaration (the Declaration) of commitment to advancing...more

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

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