In late November, 2018, the U.S. Securities and Exchange Commission (SEC) settled registration charges with two issuers of Initial Coin Offerings (ICOs), CarrierEQ Inc. (Airfox) and Paragon Coin Inc. (Paragon). These were the SEC’s first cases imposing civil penalties solely for ICO securities offering registration…
Over the next few weeks, the Alcohol and Gaming Commission of Ontario (“AGCO”) will be updating its online Cannabis Retail Regulation Guide (“Cannabis Guide”). The Cannabis Guide will be continually updated as information becomes available on the application process for retail cannabis licenses. The new retail scheme will allow stores…
The British Columbia Securities Commission (BCSC) reports that it has found an increased number of deficiencies in compliance among portfolio managers during 2018. The BCSC published these findings in its 2018 BCSC Annual Compliance Report Card (the Report Card). In 2018, the BCSC conducted 23…
On November 14, 2018, the Ontario Government set forth the regime for the licensing and operation of private cannabis stores under Ontario Regulation 468/18 (the Regulation) made under the Cannabis Licence Act, 2018 (the License Act). Generally, the Regulation: establishes a minimum distance of 150…
Earlier this month, the United States Securities and Exchange Commission (SEC) announced settled charges against the founder of a digital token trading platform, EtherDelta, Zachary Coburn with operating an unregistered national securities exchange. This is the SEC’s first enforcement order against such a platform operating…
The Supreme Court of Canada (“SCC”) on November 9, 2018 released its written decision on the Cooperative Capital Markets Regulatory System (“CCMR”) and the proposals of the federal government and the governments of Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island, and Yukon to…
On October 4, 2018, the Canadian Securities Administrators (CSA) published CSA Notice of Amendments, Modernization of Investment Fund Product Regulation – Alternative Mutual Funds (the Amendments). The Amendments establish a comprehensive framework for alternative mutual funds and streamline the regulation of non-redeemable investment funds. The…
The Ontario Securities Commission (OSC) today launched two cryptoasset educational initiatives as part of its activities for Financial Literacy Month. The first, GetSmarterAboutCrypto.ca provides investors with an overview of cryptoasset products and services, the OSC’s role in regulating them, and tips for exercising due diligence…
On October 25, 2018, the Canadian Securities Administrators (CSA) published CSA Notice and Request for Comment Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Custody Related Amendments (The Proposed Custody Amendments). All comments on the Proposed Custody Amendments must…
On October 18, 2018, the Canadian Securities Administrators (CSA) published CSA Staff Notice 11-338, CSA Market Disruption Coordination Plan (The Staff Notice), detailing the CSA’s plans to deal with a disruption in the Canadian capital markets, including one that stems from a large-scale cybersecurity incident….