The Bre-X mining scandal of the 1990s is one of history’s most infamous corporate fraud cases. Bre-X Minerals Ltd., a small Canadian company, falsely reported one of the largest gold deposits ever discovered in Indonesia,...more
The Canadian Securities Administrators (“CSA”) have released a few updates this summer regarding National Instrument 93-101 Derivatives: Business Conduct and its companion policy (collectively, the “Business Conduct Rule”)....more
Le 25 juillet 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié les modifications finales (les « modifications ») aux règles de déclaration des opérations sur dérivés de gré à gré applicables...more
On July 25, 2024, the Canadian Securities Administrators (CSA) published final amendments (Amendments) to the over-the-counter (OTC) derivatives trade reporting rules applicable in each province and territory (including OSC...more
The Canadian Securities Administrators (“CSA”) recently published for comment proposed amendments and changes to certain national instruments and policies to: (i) address the Canadian Securities Exchange’s (“CSE”) creation of...more
Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont récemment fait le point sur diverses initiatives en cours concernant les obligations d’information continue et les dépôts de prospectus des émetteurs...more
The Canadian Securities Administrators (CSA) recently provided updates on various outstanding initiatives concerning continuous disclosure obligations and prospectus filings in respect of non-investment fund reporting...more
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
Canada's Consumer-Driven Banking Act (CDBA) has become law. It was enacted on June 20, 2024, when Bill C-69, the Budget Implementation Act, 2024 received royal assent....more
On June 20, 2024, the Canadian Securities Administrators (CSA) issued a notice regarding Coordinated Blanket Order 31-930 - Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities...more
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
Exempt Market Dealers (EMDs) in several Canadian provinces—British Columbia, Alberta, Saskatchewan, Ontario, Quebec and Nova Scotia—can now, under certain conditions, participate in prospectus offerings as part of a selling...more
The Autorité des marchés financiers (“AMF”) recently published its 2024-2025 Annual Statement of Priorities, which outlines key initiatives that the Québec securities regulatory authority intends to pursue for the period from...more
On June 6, 2024, the Ontario Securities Commission, Autorité des marchés financiers, British Columbia Securities Commission and Alberta Securities Commission published CSA Multilateral Staff Notice 25-312 Reminder of...more
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
The Securities and Exchange Commission (the SEC) adopted new and somewhat controversial rules and rule amendments (the Final Rules) under the U.S. Investment Advisers Act of 1940 (the Act) in the fall of 2023 that impact the...more
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
On March 28, 2024, the Canadian Securities Administrators (“CSA”) published two reports (the “Reports”) relating to their oversight of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor...more
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
As we highlighted in our last quarterly Fintech update in 2023, a new regulatory framework under the Retail Payments Activities Act (RPAA) will soon affect all retail payment service providers (PSPs) doing business in Canada....more
On March 13, 2024, the Canadian Sustainability Standards Board (“CSSB”) released proposed Canadian sustainability disclosure standards (the “CSSB Standards”) that are modelled after the sustainability disclosure standards...more
On March 11, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for dismissing Mithaq Capital Inc.'s (Mithaq) application on December 14, 2023, to cease trade a private placement that Aimia Inc....more
The Canadian Securities Administrators (“CSA”) provided initial guidance on virtual shareholder meetings in February 2022 to: (i) assist reporting issuers in fulfilling their obligations under securities legislation; and (ii)...more
Le 11 janvier 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié la version définitive des modifications au Règlement 41-101 sur les obligations générales relatives au prospectus, au Règlement...more
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