On May 21, 2017 the Canadian Securities Administrators (“CSA”) released CSA Staff Notice 33-319 Status Report on CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives Toward Their Clients (“Staff Notice”). The goal of the Staff Notice was to provide…
On April 6, 2017 the Canadian Securities Administrators (“CSA”) released CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers. The goal of the paper is to identify and consider areas of securities legislation applicable to non-investment fund reporting issuers that…
On April 20, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 45-323 Update on Use of the Rights Offering Exemption in National Instrument 45-106 Prospectus Exemptions which reviewed the use of the revised right offering exemption which was effective December 8, 2015 (the…
On April 26, 2017, the Canadian Securities Administrators (“CSA”) (other than the British Columbia Securities Commission) published for comments, proposed National Instrument 91-102 Prohibition of Binary Options and proposed Companion Policy 91-102 Prohibition of Binary Options (together, the “Proposed Instrument”), which would prohibit the advertising,…
For the full article, please click here!
Introduction Mortgage investment corporations (“MICs”) are created under section 130.1 of the Income Tax Act which sets out the rules that apply to mortgage investment corporations and their shareholders. MICs primarily invest in mortgages including commercial, industrial, developmental and residential mortgages and are designed to…
The recent Superior Court of Justice, Divisional Court decision in David Charles Phillips and John Russell Wilson v the Ontario Securities Commission 2016 ONSC 7901 (“Appeal Decision”) provides important insights into the application of the test for fraud under section 126.1 of the Ontario Securities Act…
On April 4, 2017, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 93-101 Derivatives: Business Conduct (“Proposed Instrument”) and a related proposed companion policy, 93-101 Derivatives: Business Conduct (“Proposed CP”). The comment period will last 150 days, closing on September 1, 2017, during…
On February 27, 2017, The Canadian Securities Administrators (CSA) published its 2016 Enforcement Report (The Report). The ninth annual report highlights actions taken by the CSA to police the capital markets. The report states that as a result of increased cooperation between the CSA and…
On March 21, 2017, the Canadian Securities Administrators (CSA) announced that they are launching a project to review the disclosure of risks and financial impacts associated with climate change (“Disclosure Review Project”). The project will gather information on the current state of climate change disclosure…