The securities commissions in Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (“Participating Jurisdictions”) are amending National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) in respect of the offering memorandum exemption in section 2.9 of NI 45-106 in those jurisdictions (“New OM Exemption”).The new rules…

The securities commissions in Manitoba, Ontario, Québec, New Brunswick and Nova Scotia (“Participating Jurisdictions”) are publishing in final form Multilateral Instrument 45-108 Crowdfunding (“MI 45-108”), which includes a crowdfunding prospectus exemption and a registration framework for funding portals (the “New Crowdfunding Exemption”).MI 45-108 is expected…

The Business Law Section of the OBA has appointed Barbara as the Co-Chair of the Securities Committee.  The Securities Committee covers all aspects of securities laws and is made up of securities law experts from private practice, in house and government.  This highly active Committee…

On March 31, 2015, the Canadian Securities Administrators (“CSA”) published, for a 90 day comment period, proposed amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (“MI 62-104”) and changes to National Policy 62-203 Take-Over Bids and Issuer Bids (“NP 62-203”) (“Proposed TOB Amendments”).Currently, MI 62-104 governs take-over…

Effective May 5, 2015 the Ontario Securities Commission (“OSC”) introduced a friends and business associates prospectus exemption (“FFBA Exemption”) to allow issuers (other than investment funds) to raise capital from their networks of family, close personal friends and close business associates. The FFBA Exemption is…

The securities commissions in British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (“participating jurisdictions”) have adopted a new registration and prospectus exemption (“start-up crowdfunding exemption”) that allows start-up and early stage companies to raise capital in these jurisdictions, subject to certain conditions. The…

From National Magazine: Legal Insights and Practice Trends – a magazine published by the Canadian Bar Association”Barbara Hendrickson was ahead of the pack when she founded BAX Securities Law in Toronto in 2012 and started offering alternative fee structures from day one.”…Read more: http://www.nationalmagazine.ca/Articles/Mai-2015-Web/Alternative-fee-arrangements.aspx

New Rules on using the Accredited Investor Exemption May 5, 2015On February 19, 2015 the Canadian Securities Administrators (“CSA”) published guidance that clarified how the accredited investor exemption in National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) was to be applied in Canada.  Going forward the CSA…

Prospectors & Developers Association of CanadaInternational Convention Trade Show & Investors Exchange March 3, 2015 Chair Barbara Hendrickson, CEO Securities Partner BAX Securities LawCapital Markets Open Program:  How can we get risk capital back?The Capital Markets Open Program will focus on financing options available for exploration…

The Canadian Securities Administrator’s announced certain changes to the accredited investor exemption on February 19, 2015 (effective May 5, 2015).  The changes require, among other things, that issuers selling under the accredited investor exemption include a new risk acknowledgement form (45-106F9) for most individual accredited…