Barbara Hendrickson quoted in the Canadian Legal Newswire In-house Edition – Incenting Securities Snitches, May 1, 2017
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Mortgage Investment Corporations, April 30, 2017
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…
First Leaside Group Divisional Court Appeal – Fraud, Misrepresentations, Penalties in a Captive Dealer Context April 27, 2017
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…
Canadian Securities Regulators Seeking Input on Proposed Conduct Rules for Derivatives Dealers and Advisors, April 7, 2017
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…
Canadian Securities Administrators Publishes 2016 Enforcement Report
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…
Canadian Securities Administrators Announce Climate Change Disclosure Review Project
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…
Binary Options Fraud, March 13, 2017
On March 2, 2017, the Canadian Securities Administrators (CSA) issued a warning to Canadians about binary options fraud. The CSA had formed the Binary Options Task Force to raise awareness and protect Canadians from binary options scams. It has launched a new resource site, www.BinaryOptionsFraud.ca,…
OSC Highlights Potential Securities Law Requirements for Businesses Using Blockchain Technologies, March 13, 2017
The Ontario Securities Commission (OSC) published a news release on March 8th, 2017 advising businesses that use distributed ledger technologies (“DLT”), such as blockchain, as part of their financial products or service offerings that they may be subject to Ontario securities law requirements. http://www.osc.gov.on.ca/en/NewsEvents_nr_20170308_osc-highlights. The press…
CSA Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers, March 12, 2017
On March 9th, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers (“Staff Notice”). The Staff Notice summarizes the finding of the Alberta, Ontario and Québec securities commissions after a review of the social…
Canadian Securities Administrators (CSA) Staff Notice 54-305 Meeting Vote Reconciliation Protocols, March 4, 2017
On January 26th, 2017, the Canadian Securities Administrators (CSA) published in final form CSA Staff Notice 54-305, Meeting Vote Reconciliation Protocols (Protocols). Meeting vote reconciliation consists of the processes used to tabulate proxy votes for shares held through intermediaries. The Protocols contain: • CSA staff…