Generated by All in One SEO Pro v5.0.0.1, this is an llms.txt file, used by LLMs to index the site.

# BAX Securities Law®

Award winning corporate securities law firm

## Sitemaps

- [XML Sitemap](https://baxsecuritieslaw.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [The Latest Corporate Business Law News](https://baxsecuritieslaw.com/news-updates/) - BAX offers in-depth expertise in the financial services regulation, fintech, capital raising, real estate syndication, securities regulation, investment funds, climate change & emissions trading areas.
- [CIRO Publishes Proposed Crypto Trading Platform Regulation Fee Model for Review and Comment](https://baxsecuritieslaw.com/ciro-publishes-proposed-crypto-trading-platform-regulation-fee-model-for-review-and-comment/) - The Canadian Investment Regulatory Organization (CIRO) has published its Proposed Crypto Trading Platform Regulation Fee Model (the Proposed Crypto Fee Model) for review and comment for a period ending September 28, 2026.
- [CSA Publishes Updated Cybersecurity Findings and Guidance for Registered Firms](https://baxsecuritieslaw.com/csa-publishes-updated-cybersecurity-findings-and-guidance-for-registered-firms/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 33-322 Review of Registered Firms’ Cybersecurity Practices and Additional Guidance (The Staff Notice).
- [CSA Seeks Comment on Modernizing the Regulation of Public Companies](https://baxsecuritieslaw.com/csa-seeks-comment-on-modernizing-the-regulation-of-public-companies/) - The Canadian Securities Administrators (CSA) has published CSA Consultation Paper 51-406 Modernizing the Regulation of Public Companies (the Consultation Paper) for a 120-day comment period ending November 13, 2026.
- [Canadian Securities Administrators Published Amendments to Allow Higher Limits for the Listed Issuer Financing Exemption](https://baxsecuritieslaw.com/canadian-securities-administrators-published-amendments-to-allow-higher-limits-for-the-listed-issuer-financing-exemption/) - The Canadian Securities Administrators (CSA) has published proposed amendments to National Instrument 45-106 Prospectus Exemptions and changes to the Companion Policy 45-106P (the Proposed Amendments), for a 90-day comment period ending October 21, 2026.
- [Whistleblowing in Canada](https://baxsecuritieslaw.com/whistleblowing-in-canada/) - When news of a whistleblowing award becomes public in Canadian financial circles it usually makes news; not only from the size of the award, but also the very fact that someone has felt it necessary to step forward to bring wrongdoing in the markets to light.
- [Canadian Securities Administrators Publish Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Other Instruments and Policies Relating to Principal Distributors](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-amendments-to-national-instrument-81-105-mutual-fund-sales-practices-and-other-instruments-and-policies-relating-to-principal-distributors/) - The Canadian Securities Administrators (CSA) recently announced the publication of final amendments to the principal distributor model (the Final Amendments) in the distribution of mutual fund securities.
- [BCSC Issues its First Whistleblower Award](https://baxsecuritieslaw.com/bcsc-issues-its-first-whistleblower-award/) - The British Columbia Securities Commission (BCSC) has made its first whistleblower award of $25,000 to an individual whose information contributed to an ongoing enforcement action into suspected misconduct.
- [BCSC Publishes Notice of Revised British Columbia Securities Commission Policy Hearings](https://baxsecuritieslaw.com/bcsc-publishes-notice-of-revised-british-columbia-securities-commission-policy-hearings/) - The British Columbia Securities Commission (BCSC) has approved revised procedures for hearings under the Securities Act (the Act), effectively immediately. Those procedures are set out in BCP 15-601 Hearings (the Policy).
- [Canadian Securities Exchange Publishes Proposed Public Interest Rule Amendments – Proposed – Request for Comments](https://baxsecuritieslaw.com/canadian-securities-exchange-publishes-proposed-public-interest-rule-amendments-proposed-request-for-comments/) - CNSX Markets Inc., operator of the Canadian Securities Exchange (CSE) is proposing amendments (the Proposed Amendments) to the CSE Listing Policies (the Policies) and have made then available for comment for a period ending July 6, 2026.
- [BAX Securities Law Announces Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-toronto-business-lawyers-association-monthly-meeting/) - Toronto, June 1, 2026: BAX Securities Law is pleased to announce the 10th year anniversary of the Toronto Business Lawyers Association (TBLA).
- [CSA Publishes Proposed Amendments and Changes to Enhance Issuer Bid, Take- Over Bid, and Beneficial Ownership Reporting Regimes](https://baxsecuritieslaw.com/csa-publishes-proposed-amendments-and-changes-to-enhance-issuer-bid-take-over-bid-and-beneficial-ownership-reporting-regimes/) - The Canadian Securities Administrators (CSA) including the Ontario Securities Commission (OSC) recently published CSA Notice and Request for Comment Proposed Amendments and Changes to the Issuer Bid, Take-Over Bid and Beneficial Ownership Reporting Regimes (the Proposed Amendments), which seeks to enhance the Canadian issuer bid, take-over bid, and beneficial ownership reporting regimes.
- [CSA Issues Temporary Exemptions from Collection of Certain Personal Registration Information](https://baxsecuritieslaw.com/csa-issues-temporary-exemptions-from-collection-of-certain-personal-registration-information/) - The Canadian Securities Administrators (CSA) including the Ontario Securities Commission (OSC) has published Coordinated Blanket Order 33-930 Exemptions from Requirements to Submit Certain Personal Information (the Coordinated Blanket Order), which provides temporary exemptions under National Instrument 33-109 Registration Information.
- [BCSC Publishes Update to NI 81-106, Investment Fund Continuous Disclosure](https://baxsecuritieslaw.com/bcsc-publishes-update-to-ni-81-106-investment-fund-continuous-disclosure/) - The Canadian Securities Administrators (CSA) including the Ontario Securities Commission (OSC) has published an update to National Instrument 81-106, Investment Fund Continuous Disclosure (NI 81-106).
- [Canadian Securities Regulators Announce Adoption of Semi-Annual Financial Reporting Pilot](https://baxsecuritieslaw.com/canadian-securities-regulators-announce-adoption-of-semi-annual-financial-reporting-pilot/) - The Canadian Securities Administrators (CSA) including the Ontario Securities Commission (OSC) have adopted a pilot project to allow eligible venture issuers to voluntarily adopt a semi-annual financial reporting framework (the SAR Pilot), subject to the terms and conditions in the Coordinated Blanket Order 51-933 Exemption to Permit Semi-Annual Reporting for Certain Venture Issuers (the Blanket Order).
- [OSC, AMF Québec, And AMF France Agree to Support Cross-Listing of Securities in Canada and France](https://baxsecuritieslaw.com/osc-amf-quebec-and-amf-france-agree-to-support-cross-listing-of-securities-in-canada-and-france/) - Securities regulators in Ontario, Quebec, and France have signed off on the Agreement to facilitate the cross-listing of securities in France and Canada between the Ontario Securities Commission and the Autorité des marchés financiers of Québec and the Autorité des marchés financiers of France (the Agreement) which will permit the initial cross-listing of securities on an exchange, by way of prospectus, in Canada and France.
- [CSA Announces Adoption of Final Amendments to Trading Fee Caps](https://baxsecuritieslaw.com/csa-announces-adoption-of-final-amendments-to-trading-fee-caps/) - Provided all necessary ministerial approvals are obtained, the Canadian Securities Administrators (CSA) advises that final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules (the Final Amendments), will come into force on November 2, 2026.
- [CSA Multilateral Staff Notice 51-347: Disclosure of Cyber Security Risks and Incidents](https://baxsecuritieslaw.com/csa-multilateral-staff-notice-51-347-disclosure-cyber-security-risks-incidents/) - In January 2017, the Canadian Securities Administrators (the “CSA”) published CSA Multilateral Staff Notice 51-347: Disclosure of Cyber Security Risks and Incidents (the “Staff Notice”), the findings of a review of the disclosure provided by the constituents of the S&P/TSX Composite Index regarding cyber security...
- [Two ICO issuers settle with SEC, Agree to Register Tokens as Securities](https://baxsecuritieslaw.com/two-ico-issuers-settle-with-sec-agree-to-register-tokens-as-securities/) - 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...
- [NextBlock Global Limited and Alex Tapscott Fined by OSC and SEC](https://baxsecuritieslaw.com/nextblock-global-limited-and-alex-tapscott-fined-by-osc-and-sec/) - On May 14, 2019, the Ontario Securities Commission (OSC) and the Securities and Exchange Commission (SEC) concluded separate settlement agreements with Toronto-based NextBlock Global Limited (NextBlock) and its chief promoter, Alex Tapscott over the making of misleading statements. In June of 2017, Tapscott, who served...
- [British Columbia Securities Regulators Publish BC Instrument 33-521, Relief from sections of NI 33-109 Registration Information related to obligations to fill out specific forms](https://baxsecuritieslaw.com/british-columbia-securities-regulators-publish-bc-instrument-33-521-relief-from-sections-of-ni-33-109-registration-information-related-to-obligations-to-fill-out-specific-forms/) - The British Columbia Securities Commission (BCSC) has published BC Instrument 33-521, Relief from sections of NI 33-109 Registration Information related to obligations to fill out specific forms (the Relief Order).
- [BAX Securities Law Announces January Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-january-toronto-business-lawyers-association-monthly-meeting-2/) - Toronto, January 7, 2026: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday, January 22, 2026, at 9:30 am at Chefs Hall, 111 Richmond St. W. in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over
- [Canadian Securities Regulators Announce Updated Derivatives Trade Reporting FAQs](https://baxsecuritieslaw.com/canadian-securities-regulators-announce-updated-derivatives-trade-reporting-faqs/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 96-307 (Revised)Frequently Asked Questions about Derivatives Trade Reporting (the Staff Notice).
- [Canadian Securities Regulators Greenlight Project Samara](https://baxsecuritieslaw.com/canadian-securities-regulators-greenlight-project-samara/) - The Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF) and the Canadian Investment Regulatory Organization (CIRO) (the Canadian Securities Regulators), have granted approval for Project Samara, an experimental tokenization research project conducted by a consortium that includes RBC Dominion Securities Inc., a member of RBC Capital Markets (RBC), RBC Investor Services Trust, the
- [BAX Securities Law Announces May Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-may-toronto-business-lawyers-association-monthly-meeting-4/) - Toronto, May 5, 2026: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday, May 21, 2026, at 9:30 am at Chefs Hall, 111 Richmond St. W. in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over
- [Canadian Securities Regulators Publish CSA Staff Notice 25-303 2021 CSA Annual Activities Report on the Oversight of the Self-Regulatory Organizations (SROs) and Investor Protection Funds (IPFs)](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-csa-staff-notice-25-303-2021-csa-annual-activities-report-on-the-oversight-of-the-self-regulatory-organizations-sros-and-investor-protection-funds-ipfs/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 25-303 2021 CSA Annual Activities Report on the Oversight of the Self-Regulatory Organizations (SROs) and Investor Protection Funds (IPFs) (The Report). The Report summarizes CSA oversight of the SROs and IPFs during the 2021 calendar...
- [Canadian Securities Administrators Publish 2021-2022 Enforcement Report](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-2021-2022-enforcement-report/) - The Canadian Securities Administrators (CSA) today released its fiscal year 2021-2022 Enforcement Report (the Enforcement Report), which outlines the specific actions that CSA members undertook in the past year to detect, disrupt and deter wrongdoing and hold securities law violators accountable. Highlights from the fiscal...
- [Canadian Securities Administrators’ Year in Review Highlights Crypto Regulatory Developments and Enforcement Actions](https://baxsecuritieslaw.com/canadian-securities-administrators-year-in-review-highlights-crypto-regulatory-developments-and-enforcement-actions/) - The Canadian Securities Administrators (CSA) recently published their 2023-2024 Year in Review (The Year in Review), which discussed the emerging cryptocurrency regulatory regime and enforcement actions the regulator undertook in crypto-related matters.
- [CSA’s 2024-2025 Year in Review Highlights Increased Crypto Enforcement Actions](https://baxsecuritieslaw.com/csas-2024-2025-year-in-review-highlights-increased-crypto-enforcement-actions/) - The Canadian Securities Administrators (CSA) recently published their 2024 – 2025 Year in Review (The Year in Review), highlighting the regulator’s activities during the past year, including the issuing of over one thousand investor alerts, with the majority of those relating to crypto assets.
- [Canadian Securities Regulators Provide Guidance for Social Media Influencers and Content Creators](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-guidance-for-social-media-influencers-and-content-creators/) - The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) (the regulators) have released Joint Canadian Securities Administrators and Canadian Investment Regulatory Organization Staff Notice 31-369 Guidance on the Application of Securities Legislation to Finfluencer Activity (the Staff Notice) which provides guidance for social media financial content creators and influencers (finfluencers).
- [OSC Sets out Expectations for Peer-to-Peer Lending Websites June 19, 2015](https://baxsecuritieslaw.com/2015123osc-sets-out-expectations-for-peer-to-peer-lending-websites-june-19-2015/) - The Ontario Securities Commission (“OSC”) has published a notice to businesses which are seeking to enter the peer-to-peer lending space in Canada. According to the OSC, depending on the structure, underlying facts and circumstances, a loan arrangement entered into on a peer-to-peer lending website may...
- [Canadian Securities Regulation of Online Lending Platforms](https://baxsecuritieslaw.com/2016117canadian-securities-regulation-of-online-lending-platforms/) - BackgroundOn October 24, 2016, the Ontario Securities Commission (“OSC”) announced its new innovation hub “Launchpad” for market participants in the fintech area to “help companies navigate” and possibly “tailor” the securities regulatory framework. The OSC Launchpad, which is said to be a first for Canadian...
- [Ontario Capital Markets Modernization Taskforce Recommends Changes To Allow For Greater Access To Capital For Start-Ups And Entrepreneurs](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-changes-to-allow-for-greater-access-to-capital-for-start-ups-and-entrepreneurs/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [OSC Publishes OSC Staff Notice 52-724 Considerations for Public Accounting Firms in Developing Internal Ethics Policies and Procedures](https://baxsecuritieslaw.com/osc-publishes-osc-staff-notice-52-724-considerations-for-public-accounting-firms-in-developing-internal-ethics-policies-and-procedures/) - The Ontario Securities Commission (OSC) has published a report aimed at guiding public accounting firms to develop and implement robust internal ethical policies and procedures (OSC Staff Notice 52-724, Considerations for Public Accounting Firms in Developing Internal Ethics Policies and Procedures, the Staff Notice). The...
- [OSC Adopts Permanent Exemptions for Federal Financial Institutions](https://baxsecuritieslaw.com/osc-adopts-permanent-exemptions-for-federal-financial-institutions/) - The Ontario Securities Commission (OSC) announced today the adoption of OSC Rule 52-503, Exemption from Disclosure of a Specified Financial Measure (The Rule). This action is intended to make permanent a temporary exemption issued on December 2, 2021, which expired on June 2, 2023. The...
- [OSC Releases Report on Artificial Intelligence in Ontario’s Capital Markets](https://baxsecuritieslaw.com/osc-releases-report-on-artificial-intelligence-in-ontarios-capital-markets/) - The Ontario Securities Commission (OSC) has published a report, Artificial Intelligence in Capital Markets: Exploring the Use Cases in Ontario (the Report), exploring the use of artificial intelligence (AI) in Ontario’s capital markets. The Report highlights current AI use cases, benefits, and challenges. The Report's goal is to...
- [OSC Publishes Notice and Request for Comment: Proposed Amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees](https://baxsecuritieslaw.com/osc-publishes-notice-and-request-for-comment-proposed-amendments-to-osc-rule-13-502-fees-and-osc-rule-13-503-commodity-futures-act-fees/) - The Ontario Securities Commission (OSC) is publishing for a 90-day comment period ending February 7, 2024, proposed amendments (Proposed 13-502 Amendments) to OSC Rule 13-502 Fees (the Fee Rule), published in Annex A; and proposed amendments (the Proposed 13-503 Amendments) to OSC Rule 13-503 (Commodity Futures Act) Fees (CFA...
- [OSC Publishes Final Fee Changes For Restricted Dealers](https://baxsecuritieslaw.com/osc-publishes-final-fee-changes-for-restricted-dealers/) - The Ontario Securities Commission (OSC) has announced the publication of the final amendments to its fee rules for restricted dealers, for firms permitted to carry on business under terms and conditions imposed by the OSC, Amendments to OSC Rule 13-502 Fees, OSC Rule 13-503 (Commodity Futures Act) Fees, Changes to their Companion Policies and Related Consequential Amendments and Changes, (the final amendments).
- [OSC Announces Initiatives To Enhance Access To Capital For Early-Stage Businesses In Ontario](https://baxsecuritieslaw.com/osc-announces-initiatives-to-enhance-access-to-capital-for-early-stage-businesses-in-ontario/) - The Ontario Securities Commission (OSC) has published Notice of General Orders – Ontario Instrument 32-508 Not-For-Profit Angel Investor Group Registration Exemption (Interim Class Order); Ontario Instrument 32-509 Early-Stage Business Registration Exemption (Interim Class Order); Ontario Instrument 45-509 Report of Distributions under the Self Certified Investor Prospectus Exemption (Interim Class Order), (collectively, the Notice of General Orders).
- [Ontario Securities Commission publishes Insights on the OSC Staff’s Approach to Sustainable Finance](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-insights-on-the-osc-staffs-approach-to-sustainable-finance/) - The Ontario Securities Commission (OSC) recently published Insights on the OSC Staff’s Approach to Sustainable Finance (the SF Insights), which builds on the work the regulator has done around sustainable finance and sets its approach for the coming years. The approach is shaped by the...
- [OSC Publishes Compliance Review Findings And Guidance For Crypto Asset Trading Platforms](https://baxsecuritieslaw.com/osc-publishes-compliance-review-findings-and-guidance-for-crypto-asset-trading-platforms/) - The Ontario Securities Commission (OSC) recently published its findings from a focused compliance review of crypto asset trading platforms (CTPs). OSC Staff Notice 33-757 Review of Restricted Dealer Crypto Asset Trading Platforms’ Compliance with the Account Appropriateness, Investment Limits and Client Limits Requirements (the Staff...
- [OSC Approves CIRO’s Integrated Fee Model](https://baxsecuritieslaw.com/osc-approves-ciros-integrated-fee-model/) - The Ontario Securities Commission (OSC) has approved CIRO’s proposed integrated fee model (Fee Model) and related amendments to the Mutual Fund Dealer Rules (Amendments).
- [Ontario Securities Commission announces 2025-26 examination priorities (OSC Staff Notice 33-758)](https://baxsecuritieslaw.com/ontario-securities-commission-announces-2025-26-examination-priorities-osc-staff-notice-33-758/) - The Ontario Securities Commission’s (OSC) Registration, Inspections and Examinations Division (RIE) recently published its 2025-26 Examination Priorities (the Examination Priorities) (OSC Staff Notice 33-758).
- [OSC Adopts New Framework For Distributing Disgorged Funds Collected To Harmed Investors](https://baxsecuritieslaw.com/osc-adopts-new-framework-for-distributing-disgorged-funds-collected-to-harmed-investors/) - The Ontario Securities Commission (OSC) has published a new statutory framework that will facilitate distributing amounts collected by the OSC under disgorgement orders to harmed investors (the Final Rules).
- [OSC Publishes Draft Action Plan For Truth and Reconciliation](https://baxsecuritieslaw.com/osc-publishes-draft-action-plan-for-truth-and-reconciliation/) - Reconciliation (APTR) for engagement and is seeking feedback for a period ending October 31, 2025, from interested or affected parties, including rightsholders in Ontario, Indigenous organizations, market participants, regulators, investors and investor advocates.
- [OSC’s Registration, Inspections And Examinations Division Publishes its 2025 Annual Report](https://baxsecuritieslaw.com/oscs-registration-inspections-and-examinations-division-publishes-its-2025-annual-report/) - The Ontario Securities Commission (OSC)’s Registration, Inspections and Examinations (RIE) Division has published OSC Staff Notice 33-759 − Registration, Inspections and Examinations Division − 2025 Annual Report (the Annual Report).
- [BAX Securities Law’s Barbara Hendrickson to speak at the Ontario Bar Association: Twenty Third Annual OSC, TMX, and CIRO Update](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-to-speak-at-the-ontario-bar-association-twenty-third-annual-osc-tmx-and-ciro-update/) - Barbara Hendrickson will be a speaker at the Ontario Bar Association’s Twenty Third Annual OSC, TMX, and CIRO Update on September 30, 2025.
- [OSC Provides Update On Initiatives To Support Capital-Raising For Early-Stage Businesses](https://baxsecuritieslaw.com/osc-provides-update-on-initiatives-to-support-capital-raising-for-early-stage-businesses/) - The Ontario Securities Commission (OSC) recently provided an update on OSC TestLab: Early-Stage Capital Raising (Early-Stage Capital Raising), a set of initiatives to support capital-raising for early-stage Ontario businesses announced in May 2024.
- [OSC Publishes List Of Non-Reporting Exempt Market Issuers](https://baxsecuritieslaw.com/osc-publishes-list-of-non-reporting-exempt-market-issuers/) - As part of its drive to for increased transparency and to encourage compliance in the exempt market, the Ontario Securities Commission has published the AFS Non-Delivery List (the AFS List), a list of non-reporting issuers that have relied on the Offering Memorandum exemption (the OM Exemption) in Ontario but have not delivered annual financial statements to the OSC. Delivery of financial statements to the OSC is a condition of the OM exemption.
- [OSC Releases Findings On Digital Engagement Practices In Online Investing](https://baxsecuritieslaw.com/osc-releases-findings-on-digital-engagement-practices-in-online-investing/) - The Ontario Securities Commission (OSC) has published OSC Staff Notice 33-760 Digital Engagement Practices: Focused Compliance Examination of Online Retail Platforms (The Staff Notice).
- [OSC Notice of Amendments to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions relating to Syndicated Mortgages](https://baxsecuritieslaw.com/osc-notice-of-amendments-to-osc-rule-45-501-ontario-prospectus-and-registration-exemptions-relating-to-syndicated-mortgages/) - On December 7, 2020 the Ontario Securities Commission (OSC) announced that they are making amendments to OSC Rule 45- 501 Ontario Prospectus and Registration Exemptions (OSC Rule 45-501) relating to syndicated mortgages (the Amendments). The Amendments were originally published for comment on March 15, 2019...
- [CSA Notice 45-328 - Update on Amendments relating to Syndicated Mortgages](https://baxsecuritieslaw.com/csa-notice-45-328-update-on-amendments-relating-to-syndicated-mortgages/) - On February 25, 2021, the Canadian Securities Administrators (CSA), referring to amendments to certain securities rules affecting the prospectus and registration exemptions for syndicated mortgages that were published on August 6, 2020 (Syndicated Mortgage Amendments), reported in a notice that the Syndicated Mortgage Amendments would...
- [FINTRAC Issues New AML Requirements for Mortgage Administrators, Brokers, and Lenders](https://baxsecuritieslaw.com/fintrac-issues-new-aml-requirements-for-mortgage-administrators-brokers-and-lenders/) - The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued new Anti-Money Laundering Requirements (AML) for Mortgage Administrators, Brokers, and Lenders. The new AML requirements will become effective on October 11, 2024. As of October 11, 2024, the mortgage industry in Canada will become...
- [FSRA’s Enforcement Activities - Syndicated Mortgages](https://baxsecuritieslaw.com/fsras-enforcement-activities-syndicated-mortgages/) - An area of enforcement activity has been in the syndicated mortgage area, Syndicated mortgages continue to be a regulatory minefield for many issuers. A case in point is the story of Hi-Rise Capital, a Toronto-based provider of syndicated mortgages. In May 2023, the mortgage syndicator...
- [New FINTRAC anti-money laundering and anti-terrorism requirements target mortgage sector](https://baxsecuritieslaw.com/new-fintrac-anti-money-laundering-and-anti-terrorism-requirements-target-mortgage-sector/) - The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published new anti-money laundering and anti-terrorism requirements (the new requirements) for the mortgage industry in Canada as stated under the Proceeds of Crime (Money Laundering) and Terrorist Finance Act (PCMLTFA) (the Act) and its associated Regulations.
- [FINTRAC Supports Mortgage Sector Compliance](https://baxsecuritieslaw.com/fintrac-supports-mortgage-sector-compliance/) - The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published a set of resources to support Canadian mortgage industry compliance under the Proceeds of Crime (Money Laundering) and Terrorist Finance Act (PCMLTFA) and its associated Regulations, which became effective October 11, 2024.
- [Competition Act Regulates Mergers & Acquisitions by Foreign and Canadian Companies](https://baxsecuritieslaw.com/3226-2/) - *Article available in English and Chinese – The Competition Act is a federal statute administered and enforced by the Canadian Competition Bureau and the Public Prosecutions Service of Canada. The purpose of the Competition Act is to encourage competition in the Canadian marketplace, thereby benefiting...
- [Ontario Capital Markets Modernization Taskforce Recommends The Creation Of An Ontario Regulatory Sandbox](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-the-creation-of-an-ontario-regulatory-sandbox/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Additional Powers For The Characterization Of Digital And Crypto Assets](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-additional-powers-for-the-characterization-of-digital-and-crypto-assets/) - Introduction On January 22, 2021 the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Joint Canadian Securities Administrators/ Investment Regulatory Organization of Canada Staff Notice 21-330 Guidance for Crypto - Trading Platforms: requirements relating to Advertising, Marketing and Social media Use.](https://baxsecuritieslaw.com/joint-canadian-securities-administrators-investment-regulatory-organization-of-canada-staff-notice-21-330-guidance-for-crypto-trading-platforms-requirements-relating-to-advertising-marketing-and/) - On September 23, 2021 the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a staff notice (Notice) concerning certain advertising activities and marketing strategies by platforms that trade crypto assets (Crypto- Trading Platforms, or CTPs) that may breach certain...
- [Latest British Columbia Securities Commission Compliance Report Card Reveals Continuing Problems with Issuer’s Marketing Materials](https://baxsecuritieslaw.com/latest-british-columbia-securities-commission-compliance-report-card-reveals-continuing-problems-with-issuers-marketing-materials/) - The British Columbia Securities Commission (BCSC)’s most recent Compliance Report Card of investment dealers and advisers reflects the past year’s focus on marketing materials these firms use to attract and retain clients. The Report Card highlights several recurring deficiencies in how some B.C.-based portfolio managers, investment...
- [BCSC Publishes Guidance On Misrepresentations And False And Misleading Statements](https://baxsecuritieslaw.com/bcsc-publishes-guidance-on-misrepresentations-and-false-and-misleading-statements/) - The British Columbia Securities Commission (BCSC) has published BC Notice 15-702 Prohibitions against Misrepresentations and False or Misleading Statements (The Staff Notice). The Staff Notice provides guidance about the prohibitions in sections 50(2) and 50(3) of the British Columbia Securities Act (the Act) against misrepresentations...
- [Structuring a Cross-Border Securities Offering: Common U.S. Exemptions for Private Placements](https://baxsecuritieslaw.com/structuring-a-cross-border-securities-offering-common-u-s-exemptions-for-private-placements/) - Canadian companies increasingly look south of the border for growth capital, drawn by deeper U.S. markets and sophisticated investor bases.
- [Securities regulators access model for prospectuses of non-investment fund reporting issuers](https://baxsecuritieslaw.com/securities-regulators-access-model-for-prospectuses-of-non-investment-fund-reporting-issuers/) - The Canadian Securities Administrators (CSA) have published final amendments and changes to several national instruments and companion policies, implementing an access model for prospectuses of non-investment fund reporting issuers (the Access Model). The goal of the Access Model is to modernize the way prospectuses are...
- [Canadian Securities Regulators Publish Proposed Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto Assets for Comment](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-proposed-amendments-to-national-instrument-81-102-investment-funds-pertaining-to-crypto-assets-for-comment/) - The Canadian Securities Administrators (CSA) has published for a 90-day comment period ending April 17, 2024, Proposed Amendments to National Instrument 81-102 Investment Funds Pertaining to Crypto and proposed changes to Companion Policy 81-102CP Investment Funds (81-102CP) (the Proposed Amendments). The Proposed Amendments concern reporting...
- [Canadian Securities Administrators Propose Amendments to Modernize Continuous Disclosure Regime for Investment Funds](https://baxsecuritieslaw.com/canadian-securities-administrators-propose-amendments-to-modernize-continuous-disclosure-regime-for-investment-funds/) - The Canadian Securities Administrators (CSA) have published for review and comment a series of proposed amendments (The Proposed Amendments ), aimed at modernizing the continuous disclosure regime for investment funds for a period ending January 7, 2025. The Proposed Amendments are designed to provide investors...
- [CSA Publishes Amendments To Modernize The Prospectus Filing Model For Certain Investment Funds](https://baxsecuritieslaw.com/csa-publishes-amendments-to-modernize-the-prospectus-filing-model-for-certain-investment-funds/) - The Canadian Securities Administrators (CSA) are adopting amendments to National Instrument 41-101 General Prospectus Requirements (NI 41-101), National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101), related consequential amendments to NI 41- 101, NI 81-101 and National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-...
- [CSA Announces Exemptions for Investment Funds to Facilitate Access to The Bank Of Canada’s Contingent Term Repo Facility](https://baxsecuritieslaw.com/csa-announces-exemptions-for-investment-funds-to-facilitate-access-to-the-bank-of-canadas-contingent-term-repo-facility/) - The Canadian Securities Administrators (CSA) recently published CSA Notice 81-930 - Exemptions from Certain Repurchase Transactions Requirements for Investment Funds, a coordinated series of blanket orders granting exemptive relief to facilitate access to the Bank of Canada’s (the Bank) Contingent Term Repo Facility (CTRF) for eligible investment funds.
- [CSA Reduces Regulatory Burden for Continuous Disclosure for Investment Funds](https://baxsecuritieslaw.com/csa-reduces-regulatory-burden-for-continuous-disclosure-for-investment-funds/) - The Canadian Securities Administrators (CSA) have published a series of Final Amendments are designed to reduce the regulatory burden on investment fund managers while maintaining the quality and timeliness of disclosure for investors.
- [FSRA Discusses its Plans for Principles Based Regulation](https://baxsecuritieslaw.com/fsra-discusses-its-plans-for-principles-based-regulation/) - As part of the Financial Services Regulatory Authority (FSRA) of Ontario’s mandate was the new regulator’s introduction of Principles Based Regulation (PBR), representing a marked shift from previous provincial regulatory regimes. The PBR approach integrates the current legislative scheme for the mortgage, insurance and financial...
- [FSRA Sets Out its New Standard Guidance Approach](https://baxsecuritieslaw.com/fsra-sets-out-its-new-standard-guidance-approach/) - The newly-created Financial Services Regulatory Authority of Ontario (FSRA), has announced a standardized approach to guidance (the New Approach), replacing the legacy systems it had inherited from its predecessor regulatory bodies. This change had come in response to stakeholder requests for clarification. The regulator has...
- [FSRA to Toughen Rules for Financial Planner, Financial Advisor Definitions](https://baxsecuritieslaw.com/fsra-to-toughen-rules-for-financial-planner-financial-advisor-definitions/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"] The Financial Services Regulatory Authority (FSRA) of Ontario has taken its first steps in bringing financial planners and financial advisors (planners and advisors) under its aegis, by opening with discussions with stakeholders regarding a plan that would firm...
- [FSRA Statement of Business Continuity in light of COVID-19](https://baxsecuritieslaw.com/fsra-statement-of-business-continuity-in-light-of-covid-19/) - On March 6, 2020 the Financial Services Regulatory Authority of Ontario (FSRA) published a press release reminding FSRA regulated entities about their business continuity plans in light of the COVID – 19 disruption. FSRA suggested that entities regulated by FSRA should self-assess what core functions...
- [FSRA Update on Syndicated Mortgages](https://baxsecuritieslaw.com/fsra-update-on-syndicated-mortgages/) - On October 8, 2020 the Financial Services Regulatory Authority (FSRA) published a summary of their activities to update the regulation of syndicated mortgages to assess risks and build frameworks and resources to deter ‘deceptive and fraudulent financial services practices and protect consumers’ including the following:...
- [FSRA Enhances Protections for Investors of High-risk Offerings by Co-operative Corporations](https://baxsecuritieslaw.com/fsra-enhances-protections-for-investors-of-high-risk-offerings-by-co-operative-corporations/) - On October 5, 2020 the Financial Services Regulatory Authority of Ontario (FSRA) announced that it is developing proposed guidance - Interpretation and Approach guidance that identifies higher risk offerings and sets out enhanced disclosures by co-operative corporations (co-ops) that are raising capital. The Co-operative Corporations Act (CCA) requires...
- [FSRA’s proposed 2021-22 Statement of Priorities and Budget](https://baxsecuritieslaw.com/fsras-proposed-2021-22-statement-of-priorities-and-budget/) - On October 13, 2020, Financial Services Regulatory Authority (FSRA) published its proposed 2021-22 Statement of Priorities and Budget for public consultation. FSRA is inviting the general public and all stakeholders to review and provide feedback on the proposed 2021-22 Statement of Priorities and Budget. The draft...
- [FSRA’s Proposed Approach to Strengthening Protection of Vulnerable Consumers – Request for Comment](https://baxsecuritieslaw.com/fsras-proposed-approach-to-strengthening-protection-of-vulnerable-consumers-request-for-comment/) - The Financial Services Regulatory Authority of Ontario (FSRA) has published for a 90-day comment period, ending March 8, 2024, its proposed approach to strengthen the protection of vulnerable consumers in its regulated sectors (the Proposed Approach). The Proposed Approach is based on research undertaken by...
- [Webinar Invite: 2024 Federal Canadian Budget Impact on the Crypto Asset / Blockchain Industry](https://baxsecuritieslaw.com/webinar-invite-2024-federal-canadian-budget-impact-on-the-crypto-asset-blockchain-industry/) - BAX Securities Law webinar series on the regulation of crypto assets and the blockchain industry in Canada
- [Self-Styled “Crypto King’ Dethroned](https://baxsecuritieslaw.com/self-styled-crypto-king-dethroned/) - Time may have run out for the so-called 'Crypto King', Aiden Pleterski. Pleterski has been charged with one count of fraud over $5,000 under Section 380(1)(a) of the Criminal Code, and one count of laundering proceeds of Canadian crime Under Section 462.31(1)(a) of the Criminal...
- [CSA And CIRO Expect Crypto Trading Platforms To Prioritize Applications For Investment Dealer Registration And CIRO Membership](https://baxsecuritieslaw.com/csa-and-ciro-expect-crypto-trading-platforms-to-prioritize-applications-for-investment-dealer-registration-and-ciro-membership/) - The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) are reminding crypto trading platforms (CTPs) to ensure their operations comply with Canadian securities laws by prioritizing their applications for registration as investment dealers and membership with CIRO.
- [SEC Announces Formation of New Crypto Asset Task Force](https://baxsecuritieslaw.com/sec-announces-formation-of-new-crypto-asset-task-force/) - The U.S. Securities and Exchange Commission (SEC) published a press release on January 21, 2025 (“Press Release”) stating that it has launched a task force dedicated to developing a regulatory framework for crypto assets (“Task Force”).
- [FINTRAC Issues Record CAD $176 Million Penalty To Xeltox/Cryptomus](https://baxsecuritieslaw.com/fintrac-issues-record-cad-176-million-penalty-to-xeltox-cryptomus/) - The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a record CAD $176,960,190 administrative monetary penalty on Xeltox Enterprises Ltd.
- [CSA Cautions Crypto Lending Platforms And Customers](https://baxsecuritieslaw.com/csa-cautions-crypto-lending-platforms-and-customers/) - In the wake of the recent record CAD $176,960,190 administrative monetary penalty levied by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Xeltox Enterprises Ltd.
- [SEC Chair Outlines “Project Crypto” in Speech](https://baxsecuritieslaw.com/sec-chair-outlines-project-crypto-in-speech/) - In a recent speech to the Federal Reserve Bank of Philadelphia, U.S. Securities and Exchange Commission (SEC) chair Paul S. Atkins discussed the SEC’s approach to digital assets, which has been termed “Project Crypto.”
- [BAX Securities Law voted a Top 10 Canadian Corporate Boutique Law Firm for 2020-2021](https://baxsecuritieslaw.com/bax-securities-law-voted-a-top-10-canadian-corporate-boutique-law-firm-for-2020-2021/) - BAX Securities Law (BAX) is pleased to announce that for the third time it has been ranked as one of the Top 10 Corporate Boutique law firms in Canada by Canadian Lawyer. It also received this prestigious ranking for 2016-2017 and 2018-2019. Canadian Lawyer selected Canada’s top...
- [Canadian Securities Administrators Publish for Comment CSA Staff Notice 21-323 Proposal for Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to National Instrument 21-101](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-for-comment-csa-staff-notice-21-323-proposal-for-mandatory-post-trade-transparency-of-trades-in-government-debt-securities-expanded-transparency-of-trades-i/) - The Canadian Securities Administrators (CSA) last Thursday published for comment CSA Staff Notice 21-323 Proposal for Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to National Instrument 21-101(the Proposed Amendments). The comment period...
- [Cast Your Vote for BAX Securities Law as Top Corporate Law Boutique](https://baxsecuritieslaw.com/cast-your-vote-for-bax-securities-law-as-top-corporate-law-boutique/) - Canadian Lawyer has launched the biannual Top Corporate Law Boutiques to spotlight the firms that have demonstrated excellence in client service, innovation, and legal expertise.
- [Canadian Lawyer names BAX Securities Law as one of the Top 10 Canadian Corporate Boutique Law Firms (May 2, 2016)](https://baxsecuritieslaw.com/201652canadian-lawyer-names-bax-securities-law-as-one-of-the-top-10-canadian-corporate-boutique-law-firms-may-2-2016/) - BAX Securities Law (BAX) is pleased to announce it has been ranked as one of the Top 10 Corporate Boutique law firms in Canada by Canadian Lawyer, a Thomson Reuter’s publication.Canadian Lawyer selected Canada’s top litigation and corporate law boutiques by asking readers to rank...
- [BAX Securities Law featured in Canadian Lawyer’s “Practical advice: Top 10 Corporate Boutiques”](https://baxsecuritieslaw.com/bax-securities-law-featured-in-canadian-lawyers-practical-advice-top-10-corporate-boutiques/) - BAX Securities Law has been named as a Top 10 Corporate Boutiques in Canada. BAX and its founder, Barbara Hendrickson, were recently featured in a Canadian Lawyer magazine article. The article discusses the “cost-effective, business oriented service” of leading Canadian law firms such as BAX...
- [Barbara Hendrickson speaks at the Toronto Lawyers Association "TLA - True or False: Corporate Lawyers need to be Securities” Lawyers, June 1, 2017](https://baxsecuritieslaw.com/barbara-hendrickson-speaks-toronto-lawyers-association-tla-true-false-corporate-lawyers-need-securities-lawyers-june-1-2017/) - Please click here for Barbara’s full presentation
- [OSC Announces Businesses Selected for New Capital Markets Testing Environment](https://baxsecuritieslaw.com/osc-announces-businesses-selected-for-new-capital-markets-testing-environment/) - The Ontario Securities Commission (OSC) recently announced that seven businesses that will be part of its new capital markets testing environment, OSC TestLab. This initiative allows businesses to test solutions that can help Ontario registrants and contribute to better investor outcomes. Seven selected businesses will...
- [Canadian Securities Administrators and Canadian Investment Regulatory Organization Publish CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets](https://baxsecuritieslaw.com/canadian-securities-administrators-and-canadian-investment-regulatory-organization-publish-csa-ciro-staff-notice-23-331-request-for-feedback-on-december-2022-sec-market-structure-proposals-and-potenti/) - The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have jointly published CSA/CIRO Staff Notice 23-331 Request for Feedback on December 2022 SEC Market Structure Proposals and Potential Impact on Canadian Capital Markets (The Staff Notice) for a 90-day comment period ending December, 4th...
- [CIRO Publishes Proposed Consolidation Rules for Comment](https://baxsecuritieslaw.com/ciro-publishes-proposed-consolidation-rules-for-comment/) - The Canadian Investment Regulatory Organization (CIRO) is republishing for further comment the complete proposed consolidated rules (Proposed CIRO Rules) for a period ending June 12, 2026.
- [Barbara Hendrickson re-appointed to BCSC Fintech Advisory Forum](https://baxsecuritieslaw.com/barbara-hendrickson-re-appointed-to-bcsc-fintech-advisory-forum/) - Barbara Hendrickson, founder and Managing Partner of BAX Securities Law, has been reappointed to a third two-year term as member of the British Columbia Securities Commission (BCSC) Fintech Advisory Forum.
- [BAX Securities Law Announces April Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-april-toronto-business-lawyers-association-monthly-meeting-2/) - BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday, April 16, 2026, at 9:30 am at Chefs Hall, 111 Richmond St. W. in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over eleven years ago to provide business lawyers in
- [BAX Securities Law’s Barbara Hendrickson speaker at Ukraine Bar Association Conference](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-speaker-a-ukraine-bar-association-conference/) - Barbara Hendrickson, founder and Managing Partner of BAX Securities Law, was a guest speaker at the III Annual International Scientific and Practical Conference “Social Justice and the Digital Economy 2026: Tokenisation,” discussing the legal regulation of securitisation and tokenisation in Canada.
- [Quebec Securities Regulator Publishes Artificial Intelligence Guidelines For Comment And Review](https://baxsecuritieslaw.com/quebec-securities-regulator-publishes-artificial-intelligence-guidelines-for-comment-and-review/) - The Autorité des marchés financiers (AMF) has published Bulletin of the Financial Markets Authority 5.2 Guideline for the Use of Artificial Intelligence (the Guidelines) for comment and review for a period ending November 7 2025.
- [2026 Best Law Firms in Canada Guide: BAX Securities Law Stands Out](https://baxsecuritieslaw.com/2026-best-law-firms-in-canada-guide-bax-securities-law-stands-out/) - In the second edition of the Best Law Firms in Canada Guide, BAX Securities Law once again has been named one of Canada’s premier law firms.
- [BAX Securities Law Announces March Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-march-toronto-business-lawyers-association-monthly-meeting-2/) - BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday, March, 19, 2026, at 9:30 am at Chefs Hall, 111 Richmond St. W. in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over eleven years ago to provide business lawyers in
- [BAX Securities Law Announces February Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-february-toronto-business-lawyers-association-monthly-meeting-2/) - Toronto, February 3, 2026: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday, February 19, 2026, at 9:30 am at Chefs Hall, 111 Richmond St. W. in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over eleven years ago to
- [Government of Canada Releases Draft Stablecoin Legislation](https://baxsecuritieslaw.com/government-of-canada-releases-draft-stablecoin-legislation/) - Concurrent with the release of Budget 2025 the Government of Canada has released draft legislation within An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (Budget 2025 Implementation Act, No. 1) that would establish a federal framework for regulating stablecoins in Canada.
- [Canadian Securities Regulators Publish CSA Multilateral Staff Notice 31-367 for Review and Comment](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-csa-multilateral-staff-notice-31-367-for-review-and-comment/) - Securities regulators in Ontario, Alberta, British Columbia, Québec, New Brunswick, Nova Scotia and Saskatchewan (the Participating Jurisdictions), have published a CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus (the Staff Notice).
- [CSA Publishes Notice and Request for Comment – Proposed Amendments to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure](https://baxsecuritieslaw.com/csa-publishes-notice-and-request-for-comment-proposed-amendments-to-national-instrument-52-112-non-gaap-and-other-financial-measures-disclosure-2/) - The Canadian Securities Administrators (CSA) has published CSA Notice and Request for Comment – Proposed Amendments to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Amendments) for a comment period ending February 11, 2026.
- [CSE Publishes Notice 2025-006 - Notice of Approval - Amendments to CSE Listing Policies - Major Acquisitions](https://baxsecuritieslaw.com/cse-publishes-notice-2025-006-notice-of-approval-amendments-to-cse-listing-policies-major-acquisitions/) - Publication was subject to approval of The Amendments by the participating jurisdictions in Ontario and British Columbia, the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BSCSC). The Amendments, which are under the Protocol to CSE Listing Policies (Policies), introduce an approval requirement for Major Acquisitions and broaden the application of its definition in the Policies.
- [Budget 2025 Introduces a Regulated Space for Stablecoins](https://baxsecuritieslaw.com/budget-2025-introduces-a-regulated-space-for-stablecoins/) - Budget 2025 which was recently passed in the Canadian House of Commons, announced the government’s intention to introduce legislation to regulate the issuance of fiat-backed stablecoins in Canada.
- [BAX Securities Law Announces November Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-november-toronto-business-lawyers-association-monthly-meeting-2/) - Toronto, November 7, 2025: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday November 27, 2025, at 9:30 am at Chefs Hall, 111 Richmond St. W in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson, founder of BAX Securities Law, over ten years ago
- [Funding Your Fintech: Navigating the Drought in Canadian Venture Capital.](https://baxsecuritieslaw.com/funding-your-fintech-navigating-the-drought-in-canadian-venture-capital/) - Thanks for joining Barbara Hendrickson and Robb Miller for our October 23, 2025 webinar on “Funding Your Fintech: Navigating the Drought in Canadian Venture Capital”. Please find our presentation here This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a
- [CSA Proposes Semi-Annual Reporting Pilot](https://baxsecuritieslaw.com/csa-proposes-semi-annual-reporting-pilot/) - The Canadian Securities Administrators (CSA) recently published Notice and Request for Comment – Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers, a proposed multi-year pilot to allow eligible venture issuers to voluntarily adopt semi-annual financial reporting (the Proposed SAR Pilot). The regulator is publishing the Proposed SAR Pilot for a 90-day comment period ending December 22, 2025.
- [CSA Updates Requirements For Delivering Proxy-Related Materials During Canada Post Labour Dispute](https://baxsecuritieslaw.com/csa-updates-requirements-for-delivering-proxy-related-materials-during-canada-post-labour-dispute/) - The Canadian Securities Administrators (CSA) has updated requirements for delivering proxy-related materials for shareholder meetings, advising that the relief is no longer required under Coordinated Blanket Order 51-932 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal suspension (The Blanket Order).
- [BAX Securities Law’s Barbara Hendrickson interviewed by Bloomberg News](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-interviewed-by-bloomberg-news/) - BAX Securities Law’s Barbara Hendrickson is featured in a recent article in Bloomberg News, “ETF Pioneer Som Seif Fights Back as Canada Regulator Questions ESG Claims,”
- [BCSC Compliance Report Card Highlights 2024 Compliance Reviews](https://baxsecuritieslaw.com/bcsc-compliance-report-card-highlights-2024-compliance-reviews/) - The British Columbia Securities Commission (BCSC) has published its 2024 Annual Compliance Report Card (the Report Card), which details the know-your-client (KYC) deficiencies of BC investment firms that underwent compliance reviews.
- [CSA Adopts Final Amendments To Mandatory Central Counterparty Clearing Of Derivatives](https://baxsecuritieslaw.com/csa-adopts-final-amendments-to-mandatory-central-counterparty-clearing-of-derivatives/) - The Canadian Securities Administrators (CSA) has published final amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101) (The Final Amendments).
- [Canadian Securities Regulators Launch Consultation On Proposed Harmonized Multilateral Self-Certified Investor Prospectus Exemption](https://baxsecuritieslaw.com/canadian-securities-regulators-launch-consultation-on-proposed-harmonized-multilateral-self-certified-investor-prospectus-exemption/) - The securities regulators of Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, and Yukon (the Participating Jurisdictions) have published Proposed Multilateral Instrument 45-111 Self-Certified Investor Prospectus Exemption (the Proposed Exemption) for review and comment for a period ending January 5, 2026.
- [BAX Securities Law Invites you to  Funding Your Fintech: Navigating the Drought in Canadian Venture Capital](https://baxsecuritieslaw.com/bax-securities-law-invites-you-to-funding-your-fintech-navigating-the-drought-in-canadian-venture-capital/) - October 23, 2025 9:30AM EST Webinar Please join Barbara Hendrickson and Robb Miller for our webinar on “Funding Your Fintech: Navigating the Drought in Canadian Venture Capital.” The webinar is in first as a series of seminars sponsored by BAX Securities Law focusing on Fintechs operating and thriving in the Canadian capital markets. The Canadian
- [Euronext Decoded](https://baxsecuritieslaw.com/euronext-decoded/) - Euronext NV (European New Exchange Technology) is Europe’s largest stock exchange one of the largest in the world.
- [BAX’s Barbara Hendrickson included in the 2026 edition of The Best Lawyers in Canada](https://baxsecuritieslaw.com/baxs-barbara-hendrickson-included-in-the-2026-edition-of-the-best-lawyers-in-canada/) - BAX Securities Law is pleased to announce that its founder and Securities Partner, Barbara Hendrickson, is included in the 2026 edition of The Best Lawyers in Canada.
- [BAX Securities Law Announces September Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-september-toronto-business-lawyers-association-monthly-meeting/) - Toronto, September 5, 2025: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday September18, 2025, at 9:30 am at Chefs Hall, 111 Richmond St. W in downtown Toronto (Lost Coffee area).
- [CIRO Publishes Proposed Disgorgement Rules for Comment and Review](https://baxsecuritieslaw.com/ciro-publishes-proposed-disgorgement-rules-for-comment-and-review/) - The Canadian Investment Regulatory Organization (CIRO) is publishing for comment proposed amendments to the Mutual Fund Dealer (MFD) Rules to specifically provide for disgorgement to conform with the Investment Dealer and Partially Consolidated (IDPC) Rules (the “Proposed Amendments.)
- [FINTECH Update: Payment Service Providers eligible for Payments Canada Membership and RTR Payments System](https://baxsecuritieslaw.com/fintech-update-payment-service-providers-eligible-for-payments-canada-membership-and-rtr-payments-system/) - With recent amendments to the Canadian Payments Act and the introduction of the Retail Payments Activities Act, Payment Service Providers (PSPs) are eligible for Payments Canada membership and access to the Real-Time Rail (RTR) system.
- [CSA Adopts Expedited Shelf Prospectus Regime For Well-Known Seasoned Issuers](https://baxsecuritieslaw.com/csa-adopts-expedited-shelf-prospectus-regime-for-well-known-seasoned-issuers/) - The Canadian Securities Administrators (CSA) recently published Amendments to National Instrument 44-102 – Shelf Distributions (the Amendments), adopting an expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) in Canada, further enhancing the competitiveness of Canadian markets.
- [Bank of Canada issues update on Payment Service Providers Registry](https://baxsecuritieslaw.com/bank-of-canada-issues-update-on-payment-service-providers-registry/) - The Bank of Canada (The Bank) has announced that effective September 8, 2025, it will publish a list of Payment Service Providers (PSPs) that have registered under the Retail Payment Activities Act (The Act).
- [CSA Publishes for Review and Comment Proposed Process Refinements and Dispute Resolution Oversight](https://baxsecuritieslaw.com/csa-publishes-for-review-and-comment-proposed-process-refinements-and-dispute-resolution-oversight/) - The Canadian Securities Administrators (CSA) has recently published for review and comment CSA Notice and Request for Comment 25-314 - Proposed approach to oversight and refinements to the proposed binding authority framework for an identified ombudservice (the Proposed Approach), for a 60-day period ending September 15, 2025.
- [Securities Regulators’ Report Highlights Sales Culture Concerns at Canada’s Largest Bank-Affiliated Dealers](https://baxsecuritieslaw.com/securities-regulators-report-highlights-sales-culture-concerns-at-canadas-largest-bank-affiliated-dealers/) - A recent report by the Ontario Securities Commission (OSC) and the Canadian Investment Regulatory Organization (CIRO), Sales Culture Concerns at Five of Canada’s Bank-Affiliated Dealers (The Report).
- [Canadian Securities Regulators Issue Guidance About Regulatory Concerns With Certain Asset Or Business Acquisitions](https://baxsecuritieslaw.com/canadian-securities-regulators-issue-guidance-about-regulatory-concerns-with-certain-asset-or-business-acquisitions/) - The Canadian Securities Administrators (CSA) have recently published CSA Staff Notice 51-366 Regulatory Concerns with Certain Asset or Business Acquisitions (the Staff Notice) that provides guidance about regulatory concerns with certain with certain asset or business acquisitions – primarily taking place in venture markets –including concerns with misleading disclosure that could constitute market manipulation.
- [The Strong Borders Act amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)](https://baxsecuritieslaw.com/the-strong-borders-act-amends-the-proceeds-of-crime-money-laundering-and-terrorist-financing-act-pcmltfa/) - Bill C-2, The Strong Borders Act (the Bill) was recently introduced in the Parliament of Canada as a centrepiece legislation of the new Liberal Government of Prime Minister Mark Carney.
- [CSA Proposes Amendments To Modernize And Streamline Mining Disclosure Standards](https://baxsecuritieslaw.com/csa-proposes-amendments-to-modernize-and-streamline-mining-disclosure-standards/) - The Canadian Securities Administrators (CSA) is seeking feedback on proposed amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects (The Proposed Amendments).
- [Ontario Securities Commission Publishes Amendments To Rules Governing Trading During Distributions, Formal Bids, And Share Exchange Transactions](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-amendments-to-rules-governing-trading-during-distributions-formal-bids-and-share-exchange-transactions/) - The Ontario Securities Commission (OSC) has published proposed amendments (Proposed Amendments) to Ontario Securities Commission Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions (Rule 48-501) and consequential changes (Proposed Changes) to the Companion Policy to Rule 48-501 (48-501CP) for a 90-day comment period, ending September 3, 2025.
- [Appointment to the OSC Small and Medium Enterprises Committee](https://baxsecuritieslaw.com/2014729appointment-to-the-osc-small-and-medium-enterprises-committee/) - The Ontario Securities Commission announced today that it has appointed Barbara to its Small and Medium Enterprises Committee (SMEC).The purpose of SMEC is to advise OSC staff on matters related to small and medium enterprises (SMEs), including the challenges they face in operating their businesses...
- [Ownership Through Equity Participation for First Nations](https://baxsecuritieslaw.com/2014824ownership-through-equity-participation-for-first-nations/) - October 24, 2013 12:00 EST OnlineThe Canadian Bar Association, Business Law Section webinar will focus on the role of equity participation in the IBA process and, generally, in enterprises involving Aboriginal Lands and First Nations participants. There will also be a focus on options for...
- [Proposed Cooperative Capital Markets Regulator](https://baxsecuritieslaw.com/2014824proposed-cooperative-capital-markets-regulator/) - On September 19, 2013, the Ministers of Finance of British Columbia, Ontario and Canada agreed to establish a cooperative capital markets regulatory system and invite all provinces and territories to participate in the proposed system.The cooperative securities regulator will feature a single regulator administering a...
- [The Ontario Securities Commission is considering new exemptions](https://baxsecuritieslaw.com/2014824the-ontario-securities-commission-is-considering-new-exemptions/) - On August 29, 2013 the Ontario Securities Commission (“OSC”) published a notice which indicated that they are considering the following new or expanded exemptions from the prospectus requirements:1. Crowdfunding exemptionCrowdfunding is a term used to describe a method of raising small amounts of money from...
- [Canadian Securities Administrators (“CSA”) Consultation Paper 54-401 Review of the Proxy Voting Infrastructure](https://baxsecuritieslaw.com/2014824canadian-securities-administrators-csa-consultation-paper-54-401-review-of-the-proxy-voting-infrastructure/) - On August 15, 2013 the CSA published a Consultation Paper focused on issues that are directly related to the accuracy, transparency and integrity of the proxy voting infrastructure for a 90-day comment period. The Paper outlines and seeks feedback on a proposed approach to address...
- [BAX Bulletin - CSA Propose Amendments to the Early Warning Regime](https://baxsecuritieslaw.com/2014824bax-bulletin-csa-propose-amendments-to-the-early-warning-regime/) - On March 13, 2013 the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues (NI 62-103) (Proposed Amendment). The objective of the Proposed Amendment is to provide greater transparency about...
- [Indigenous/Aboriginal Equity Participation in Mineral Exploration  - Prospectors & Developers Association of Canada (PDAC) International Convention, Trade Show & Investors Exchange  March 4, 2014](https://baxsecuritieslaw.com/2014824indigenousaboriginal-equity-participation-in-mineral-exploration-prospectors-developers-association-of-canada-pdac-international-convention-trade-show-investors-exchange-march-4-2014/) - Chair: Barbara Hendrickson, CEO, Securities Partner (BAX Securities Law) and PDAC Board MemberMarch 4, 2014 3:30 pm – 5:00 pm: Indigenous/Aboriginal equity participation in mineral explorationIn addition to employment, business development and revenues, indigenous people around the world are increasingly interested in taking equity stakes...
- [BAX Bulletin - Crowdfunding & other recent proposed capital raising prospectus exemptions](https://baxsecuritieslaw.com/2014824bax-bulletin-crowdfunding-other-recent-proposed-capital-raising-prospectus-exemptions/) - The following is a brief summary reviewing crowdfunding and other capital raising prospectus exemptions proposed by the Ontario Securities Commission (OSC). “Crowdfunding” refers to the process by which many investors of small amounts of funds come together to finance organizations with limited access to conventional...
- [American Bar Association (ABA), Business Law Section 2014 Business Leaders Conference, Innovative Bar Programs , May 16, 2014, Chicago](https://baxsecuritieslaw.com/201462american-bar-association-aba-business-law-section-2014-business-leaders-conference-innovative-bar-programs-may-16-2014-chicago/) - Barbara will present to the ABA Business Leaders Conference on the Canadian Bar Association’s (CBA) Futures Committee’s initiative on May 16, 2014 in Chicago. The ABA Business Leader’s Conference brings together American and International bar business law leaders to meet, share ideas, and learn how...
- [BAX Bulletin - New Notice and Access Available for the 2013 Proxy Season](https://baxsecuritieslaw.com/2014824bax-bulletin-new-notice-and-access-available-for-the-2013-proxy-season/) - Effective February 11, 2013, the Canadian Securities Administrators amended National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer (“NI 54-101”) and National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) which introduced the "notice-and-access" procedure (described in more detail below),...
- [Canadian Securities Regulators propose changes to the accredited investor and minimum amount investment prospectus exemptions](https://baxsecuritieslaw.com/201462canadian-securities-regulators-propose-changes-to-the-accredited-investor-and-minimum-amount-investment-prospectus-exemptions/) - On February 27, 2014, the Canadian Securities Administrators published for comment proposed amendments relating to the accredited investor prospectus exemption and the minimum amount investment prospectus exemption in National Instrument 45-106 Prospectus and Registration Exemptions.The proposed amendments include, among other things:Individual accredited investors unless they have...
- [Saskatchewan – the First of the Canadian Provinces to bring in Crowdfunding December 6, 2013](https://baxsecuritieslaw.com/2014824saskatchewan-the-first-of-the-canadian-provinces-to-bring-in-crowdfunding-december-6-2013/) - On December 6, 2013 the Saskatchewan Financial and Consumer Affairs Authority (FCAA) became the first province in Canada to offer small businesses and start-upsincluding companies and limited partnership (“Issuers”) a method to raise funds in a cost effective way through the introduction of General Order...
- [Disclosure Requirements Regarding Women on Boards and in Senior Management](https://baxsecuritieslaw.com/2014824disclosure-requirements-regarding-women-on-boards-and-in-senior-management/) - The Ontario Securities Commission (OSC) recently announced a request for comments on OSC Staff Consultation Paper 58-401 Disclosure Requirements Regarding Women on Boards and in Senior Managementon a new proposal which would require TSX-listed companies to provide disclosure regarding women on boards and in senior management in...
- [Canadian Bar Association Newsletter Message from the Chair](https://baxsecuritieslaw.com/2014824canadianbarassociationnewslettermessagefromthechair/) - By Barbara HendricksonThe current traditional partnership structures for law firms have been in place for hundreds of years and are enshrined in legislation. Currently the legal profession and our regulators are examining alternative business structures including ones where non-lawyers can be owners of law firms....
- [New Prospectus Exemption for TSXV Issuers for Sales to Existing Shareholders](https://baxsecuritieslaw.com/2014824new-prospectus-exemption-for-tsxv-issuers-for-sales-to-existing-shareholders/) - MI 45-312 Prospectus Exemption for Distributions to Existing Security Holders (“Proposed MI 45-312”)The securities commissions in all of the Canadian provinces except Ontario and Newfoundland published Proposed MI 45-312 for comment on November 21, 2013 which would, subject to certain conditions, allow issuers listed on the...
- [Proposed amendments  to facilitate private placements into Canada](https://baxsecuritieslaw.com/2014824proposed-amendments-to-facilitate-private-placements-into-canada/) - Proposed Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions (“Proposed MI 45-107”)On November 28, 2013 all of the members of the Canadian Securities Administrators (“CSA”), other than the securities commissions in Ontario and British Columbia (“participating jurisdictions”), published proposed Multilateral Instrument 45-107 Listing...
- [Crowd Funding – New Developments](https://baxsecuritieslaw.com/201462hyxyytau5r5mc8jkkif8cr9x0hl0vy/) - On March 20, 2014, the Autorité des marchés financiers, the Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission and the Nova Scotia Securities Commission (“Participating Jurisdictions”) published for a 90-day comment period:the “integrated prospectus...
- [University of Toronto - Arbor Award](https://baxsecuritieslaw.com/2014824university-of-toronto-arbor-award/) - University of Toronto - Arbor Award June 27th, 2014The University of Toronto has selected the Environmental Finance Advisory Committee of which Barbara Hendrickson is a long time member for the prestigious 2014 Arbor Award. The Arbor Awards were created in 1989 to recognize volunteers for...
- [BAX Bulletin - CSA Proposed New Regime for Rights Plans](https://baxsecuritieslaw.com/2014824bax-bulletin-csa-proposed-new-regime-for-rights-plans/) - On March 14, 2013, the Canadian Securities Administrators (CSA) published for comment proposed National Instrument 62-105 Security Holder Rights Plans (Proposed Rule) and proposed Companion Policy 62-105CP Security Holder Rights Plans (Proposed Policy).The Proposed Rule and Policy establish a regulatory framework for Rights Plans or...
- [Gender Diversity and Canadian Boards of Directors](https://baxsecuritieslaw.com/2014824gender-diversity-and-canadian-boards-of-directors/) - On July 30, 2013 the Ontario Securities Commission (“OSC”)published a Staff Consultation Paper 58-401 Disclosure Requirements regarding Women on Boards and in Senior Management(“Paper”) which discussed low levels of representation of women on the boards of Canadian public companies. The Paper arises out of a...
- [New Prospectus Exemption for Distributions to Existing Security Holders March 13, 2014](https://baxsecuritieslaw.com/2014824new-prospectus-exemption-for-distributions-to-existing-security-holders-march-13-2014/) - On March 13, 2014 the Canadian Securities Administrators announced that the securities commissions in all of the Canadian jurisdictions except Ontario and Newfoundland are introducing a prospectus exemption that, subject to certain conditions, allows issuers listed on the TSX Venture Exchange (TSXV), Toronto Stock Exchange...
- [TSX V Notice to Issuers - Changes to TSX V Policy Manual](https://baxsecuritieslaw.com/2014824tsx-v-notice-to-issuers-changes-to-tsx-v-policy-manual/) - Private Placements - Lapsing of Temporary ReliefOn August 17, 2012, the TSX V implemented, on a temporary basis, relief from certain existing pricing requirements related to Private Placement financings. The three temporary measures (“Relief Measures”) are as follows:Allowing a share/unit offering with an offering price...
- [Crowdfunding - New Developments June 2014](https://baxsecuritieslaw.com/2014824crowdfunding-newdevelopmentsjune2014/) - By Barbara HendricksonOn March 20, 2014, the securities commissions of Quebec, Saskatchewan, New Brunswick, Manitoba and Nova Scotia (“participating jurisdictions”) published for comment:proposed Multilateral Instrument 45-108 and CP “Crowdfunding” (“crowdfunding exemption”); anda separate prospectus and registration exemption for “start-up companies” published under local blanket rulings...
- [Appointment to Vice Chair of the Responsible Investment Committee (“RIC”) of the University of Toronto](https://baxsecuritieslaw.com/2014127appointment-to-vice-chair-of-the-responsible-investment-committee-ric-of-the-university-of-toronto/) - Barbara has been appointed as Vice Chair of the Responsible Investment Committee (“RIC”) of the University of Toronto. RIC was created to provide advice to the Governing Council of the University through the Financial Services Department, the Business Board to the Administration and the University...
- [The Ontario Securities Commission introduces the Existing Security Holder Exemption February 11, 2015](https://baxsecuritieslaw.com/2015211jd7yyofsjr1v5ut347hft46f30b3sd/) - Effective February 11, 2015, the Ontario Securities Commission amended OSC Rule 45-501 to introduce a new prospectus exemption that allows issuers listed on the TSX, the TSXV, the CSE or the Aequitas NEO Exchange to raise capital from existing shareholders. The introduction of the existing...
- [Barbara Hendrickson running for Bencher of the Law Society of Upper Canada](https://baxsecuritieslaw.com/201532barbara-hendrickson-running-for-bencher-of-the-law-society-of-upper-canada/) - Barbara is running for Bencher of the Law Society of Upper Canada. The Law Society of Upper Canada is mandated to govern the legal profession in the public interest. Benchers sit as embers of Convocation to fulfill that mandate. The Bencher election will be held...
- [Update on Crowdfunding in Canada  - New Rules Effective in BC, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia effective May 14, 2015](https://baxsecuritieslaw.com/201563update-on-crowdfunding-in-canada-new-rules-effective-in-bc-saskatchewan-manitoba-quebec-new-brunswick-and-nova-scotia-effective-may-14-2015/) - 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...
- [Canadian Securities Regulators adopt changes to the Accredited Investor Regime](https://baxsecuritieslaw.com/2015219canadian-securities-regulators-adopt-changes-to-the-accredited-investor-regime/) - 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...
- [Capital Markets Open Program – How can we get risk capital back?](https://baxsecuritieslaw.com/201533capital-markets-open-program/) - 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...
- [Ontario Securities Commission adopts a Family, Friend and Business Associates Exemption](https://baxsecuritieslaw.com/2015219ontario-securities-commission-adopts-a-family-friend-and-business-associates-exemption/) - On February 19, 2015 the Ontario Securities Commission announced the introduction of the family, friend and business associates exemption (“FFBA exemption”) effective May 5, 2015. The purpose of the new rules is to bring Ontario in line with the rest of the Canadian jurisdictions to...
- [New Rules on using the Accredited Investor Exemption](https://baxsecuritieslaw.com/2015424new-rules-on-using-the-accredited-investor-exemption/) - 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...
- [Barbara Hendrickson quoted in CBA National Magazine - "Alternative Fee Arrangements”](https://baxsecuritieslaw.com/2015515alternative-fee-arrangements-article-by-becky-rynor/) - 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 Friends Family & Business Associates Exemption Comes to Ontario May 5, 2015](https://baxsecuritieslaw.com/201569new-friends-family-business-associates-exemption-comes-to-ontario-may-5-2015/) - 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...
- [CSA Proposes Amendments to Take-over Bid Rules March 31, 2015](https://baxsecuritieslaw.com/201569csa-proposes-amendments-to-take-over-bid-rules-march-31-2015/) - 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...
- [Manitoba Model - Offering Memorandum Prospectus Exemption (November 25, 2015)](https://baxsecuritieslaw.com/20151129manitoba-model-offering-memorandum-prospectus-exemption-november-25-2015/) - Going forward in Canada there will be three forms of the offering memorandum prospectus exemption in place across Canada: the new “Ontario Model” (Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan), the “BC Model” (BC and Newfoundland) and the “Manitoba Model” (Northwest Territories, the...
- [BC Model - Offering Memorandum Prospectus Exemption (November 25, 2015)](https://baxsecuritieslaw.com/20151129bc-model-offering-memorandum-prospectus-exemption-november-25-2015/) - Going forward in Canada there will be three forms of the offering memorandum prospectus exemption in place across Canada: the new “Ontario Model” (Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan) which will be in effect in Ontario on January 13, 2016 and the...
- [September 1st, 2015 Barbara Hendrickson appointed Co-Chair of the Ontario Bar Association (“OBA”) Securities Committee.](https://baxsecuritieslaw.com/201591september-1st-2015-barbara-hendrickson-appointed-co-chair-of-the-ontario-bar-association-oba-securities-committee/) - 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...
- [Crowdfunding Exemption in effect in Ontario on January 25th , 2016](https://baxsecuritieslaw.com/20151117crowdfunding-exemption-in-effect-in-ontario-on-january-25th-2015/) - 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...
- [Offering Memorandum Prospectus Exemption Available In Ontario January 13, 2016](https://baxsecuritieslaw.com/20151117offering-memorandum-prospectus-exemption-available-in-ontario-january-16-2016/) - 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...
- [Barbara Hendrickson quoted in: Canadian Lawyer Magazine: Securities reform heats up](https://baxsecuritieslaw.com/2016112barbara-hendrickson-quoted-in-canadian-lawyer-magazine-securities-reform-heats-up/) - Barbara Hendrickson quoted in:Canadian Lawyer Magazine: Securities reform heats upRead more...
- [Update on the Canadian Landscape – Climate Change](https://baxsecuritieslaw.com/2016210update-on-the-canadian-landscape-climate-change/) - Canadian Federal GovernmentThe change in federal government last fall from Steven Harper’s Conservative Government to Justin Trudeau’s Liberal Government appears to make the outlook for regulation of climate change in Canada more optimistic. Mr. Trudeau, the new Canadian Prime Minister, made commitments at the Paris...
- [Barbara Hendrickson Quoted in Investment Executive](https://baxsecuritieslaw.com/2016210barbara-hendrickson-quoted-in-investment-executive/) - Barbara Hendrickson Quoted in Investment Executive - "New Investment Options for your Clients""The introduction of a new offering memorandum (OM) prospectus exemption in Ontario on Jan. 13 makes raising capital easier for businesses. At the same time, the OM exemption creates new investment possibilities for...
- [Barbara Hendrickson is appointed the Canadian Contributing Editor of the International Energy Review](https://baxsecuritieslaw.com/2016216barbara-hendrickson-is-appointed-the-canadian-contributing-editor-of-the-international-energy-review/) - Barbara Hendrickson is appointed the Canadian Contributing Editor of the International Energy Review (“IELR”) examines the legal issues related to developments in the energy industry including coal, oil, gas, hydro, nuclear, and renewable energy. It provides expert articles, national reports from more than 20 key...
- [Environmental Finance Advisory Committee (University or Toronto) Submission on Bill 172 - Climate Change Mitigation and Low - Carbon Economy Act, 2016 - March 23, 2016](https://baxsecuritieslaw.com/201645environmental-finance-advisory-committee-university-or-toronto-submission-on-bill-172-climate-change-mitigation-and-low-carbon-economy-act-2016-march-23-2016/) - March 24, 2016DELIVERED ONLINE AND BY COURIERMinistry of the Environment and Climate ChangeClimate Change and Environmental Policy DivisionAir Policy Instruments and Programs Design Branch77 Wellesley Street WestFloor 10Ferguson BlockToronto, OntarioM7A 2T5Attention: Melissa Ollevier Senior Policy AdvisorRE: EBR Registry Number 012-6844Dear Sirs/Mesdames:The following letter sets out...
- [Barbara Hendrickson to speak at  the University of Toronto’s Environmental Finance Advisory Committee’s TODAY'S NEW AND DEVELOPING CARBON MARKETS on June 3, 2016](https://baxsecuritieslaw.com/201652barbara-hendrickson-to-speak-at-the-university-of-torontos-environmental-finance-advisory-committees-todays-new-and-developing-carbon-markets-on-june-3-2016/) - TODAY'S NEW AND DEVELOPING CARBON MARKETSAround the globe, initiatives to price carbon, including cap-and-trade systems, are proliferating at a rapid pace. The Development of carbon markets, including potential new markets, market mechanisms, and market participants is occurring at an almost dizzying rate. Join The University of...
- [CSA requires use of SEDAR for Certain Exempt Market Filings, May 12, 2016](https://baxsecuritieslaw.com/2016516csa-requires-use-of-sedar-for-certain-exempt-market-filings-may-12-2016/) - Effective May 24th, 2016, the members of the Canadian Securities Administrators (CSA) except for British Columbia and Ontario (participating jurisdictions) will require that exempt market offering and disclosure filings be made on the System for Electronic Document Analysis and Retrieval (SEDAR).This reflects the adoption of...
- [CSA Adopts Fundamental Changes to Early Warning and Take-over Bid Regimes, May 9, 2016](https://baxsecuritieslaw.com/2016517csa-adopts-fundamental-changes-to-early-warning-and-take-over-bid-regimes-may-9-2016/) - On February 25, 2016, the Canadian Securities Administrators (CSA) published the amendments to:Multilateral Instrument 62-104 Take-Over Bids and Issuer Bid (MI 62-104);National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (NI 62-103); andNational Policy 62-203 Take-Over Bids and Issuer...
- [New Harmonized Exempt Distribution Reporting Structure, May 20th, 2016](https://baxsecuritieslaw.com/2016529new-harmonized-exempt-distribution-reporting-structure-may-20th-2016/) - With the amendments to National Instrument 45-106, Prospectus Exemptions, the Canadian Securities Administrators (CSA) are introducing a new harmonized reporting structure (the New Reports) for exempt distributions, effective June 30, 2016 (subject to ministerial approval). The CSA is also making changes to Companion Policy 45-106,...
- [SEC Adopts Crowdfunding,  May 16, 2016](https://baxsecuritieslaw.com/2016516sec-adopts-crowdfunding-may-16-2016/) - New Securities and Exchange Commission (SEC) rules went into effect May 16, 2016 allowing companies to sell and offer securities through crowdfunding. These rules and amendments are designed to help start-up and early stage companies raise capital while providing investors with additional protection.The final rules...
- [New Prospectus Exemption for Distributions through an Investment Dealer, January 14, 2016](https://baxsecuritieslaw.com/2016517new-prospectus-exemption-for-distributions-through-an-investment-dealer-january-14-2016/) - The securities regulatory authorities in BC, Alberta, Saskatchewan, Manitoba, and New Brunswick (the participating jurisdictions) have each adopted a prospectus exemption that subject to certain conditions, lets issuers who are listed on a Canadian exchange raise money by selling securities to investors who have been...
- [TODAY'S NEW AND DEVELOPING CARBON MARKETS - Barbara Hendrickson’s speaking notes June 3, 2016](https://baxsecuritieslaw.com/2016613todays-new-and-developing-carbon-markets-barbara-hendricksons-speaking-notes-june-3-2016/) - “Around the globe, initiatives to price carbon, including cap-and-trade systems, are proliferating at a rapid pace. The shifting evolution of carbon markets, including potential new markets, market mechanisms, and market participants is occurring at an almost dizzying rate, including across Canada.”The Environmental Finance Advisory Committee...
- [Registration Reform – the CSA publishes the proposals for a “Best Interests” Standard, April 28, 2016](https://baxsecuritieslaw.com/2016614registration-reform-the-csa-publishes-the-proposals-for-a-best-interests-standard-april-28-2016/) - Canadian Securities LawsRegistration Reform – the CSA publishes the proposals for a “Best Interests” Standard, April 28, 2016On April 28, 2016, the Canadian Securities Regulators (CSA) published CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients (“CSA...
- [Proposed CSA Proxy Voting Protocols, May 29, 2016](https://baxsecuritieslaw.com/2016614vtfksgwcjqapl9862takl6rpiz9zmg/) - Canadian Securities Laws Proposed CSA Proxy Voting Protocols, May 29, 2016On March 31, 2016, the Canadian Securities Administrators (CSA) published for comment CSA Multilateral Staff Notice 54-304 Final Report on Review of the Proxy Voting Infrastructure and Request for Comments on Proposed Meeting VoteReconciliation Protocols...
- [Barbara Hendrickson - On The Record with Mick Hassell [Audio Interview]](https://baxsecuritieslaw.com/2016629barbara-hendrickson-on-the-record-with-mick-hassell-audio-interview/) - Episode D: The Toronto Business Lawyers Association, Interview with Barbara HendricksonBarbara is is the CEO and Founder of BAX Securities Law and discusses an organization that promotes referrals between lawyers at small firms.Visit the Hassell Tribal Counsel podcast site
- [[Link] Financial Post - "Mitch Kowalski: Why small is beautiful for exchanging ideas, tips and experiences"](https://baxsecuritieslaw.com/2016629link-financial-post-mitch-kowalski-why-small-is-beautiful-for-exchanging-ideas-tips-and-experiences/) - http://business.financialpost.com/legal-post/mitch-kowalski-why-small-is-beautiful-for-exchanging-ideas-tips-and-experiences
- [Canadian Bar Association submissions on the Capital Markets Stability Act July 6, 2016](https://baxsecuritieslaw.com/2016711canadian-bar-association-submissions-on-the-capital-markets-stability-act-july-6-2016/) - The Securities Committee of the Canadian Bar Association, of which Barbara Hendrickson is the co-chair, filed their comments on the latest version of the Capital Markets Stability Act.Read more here: PDF
- [Ontario Securities Commission Issues Request for Comment on Proposed Changes for Distributions Outside of Canada](https://baxsecuritieslaw.com/201688ontario-securities-commission-issues-request-for-comment-on-proposed-changes-for-distributions-outside-of-canada/) - July 23, 2016Ontario Securities Commission Issues Request for Comment on Proposed Changes for Distributions Outside of CanadaOn June 30th, 2016, the Ontario Securities Commission (OSC) issued proposed OSC Rule 72-503 – Distributions Outside of Canada and Proposed Companion Policy 72-503CP, Distributions Outside of Canada (“Proposed...
- [Ontario Securities Commission Introduces OSC Policy 15-601, The Whistleblower Program](https://baxsecuritieslaw.com/2016817ontario-securities-commission-introduces-osc-policy-15-601-the-whistleblower-program/) - On July 14th, 2016, the Ontario Securities Commission (“OSC”) introduced OSC Policy 15-601, the Whistleblower Program (“Program”) which is designed to encourage individuals to report information on serious securities or derivatives related misconduct to the OSC, or where appropriate in the circumstances, through an internal...
- [Barbara Hendrickson quoted in Law Times on the timing of the new Canadian Capital Markets Regulator](https://baxsecuritieslaw.com/201691barbara-hendrickson-quoted-in-law-times-on-the-timing-of-the-new-canadian-capital-markets-regulator/) - Barbara Hendrickson quoted in Law Times on the timing of the new Canadian Capital Markets RegulatorRead more: http://www.lawtimesnews.com/201608085561/focus-on/focus-governments-move-on-co-operative-securities-regulator
- [September 27, 2016 Barbara Hendrickson Appointed to the editorial board of the Canadian Institute’s Securities Law & Litigation Review.](https://baxsecuritieslaw.com/20161029september-27-2016-barbara-hendrickson-appointed-to-the-editorial-board-of-the-canadian-institutes-securities-law-litigation-review/) - Barbara joins a senior editorial board of securities lawyers of the Canadian Institute's Securities Law & Litigation Review from a number of national and international law firms recognized as experts in the securities area. The CI Review which is published quarterly is designed to cover...
- [OSC Warns after Penalizing Mortgage Investment Entities for Unregistered Securities Trading, February 19, 2016](https://baxsecuritieslaw.com/2016529osc-warns-after-penalizing-mortgage-investment-entities-for-unregistered-securities-trading-february-19-2016/) - In the wake of announcing enforcement settlement agreements with mortgage investment entities (MIEs), mortgage brokers, administrators, and their principals involved in trading securities without registration contrary to the Securities Act (Ontario), the Ontario Securities Commission (OSC) issued a stern reminder for MIEs.The OSC took the...
- [Barbara Hendrickson has Achieved a BV Distinguished™ Peer Review Rating™ from Martindale-Hubbell®.](https://baxsecuritieslaw.com/20161012barbara-hendrickson-has-achieved-a-bv-distinguished-peer-review-rating-from-martindale-hubbell/) - Toronto, ON October 11, 2016 - Martindale-Hubbell® has confirmed that Barbara Hendrickson, Securities Partner, BAX Securities Law has again been granted the BV Distinguished Peer Review Rating™ from Martindale-Hubbell. Barbara first achieved this rating in 2007.For more than 140 years, The Martindale-Hubbell®Peer Review Ratings™ are an...
- [The OSC “Launches” Launchpad for FinTech Companies October 27, 2016](https://baxsecuritieslaw.com/20161031the-osc-launches-launchpad-for-fintech-companies-october-27-2016/) - The Ontario Securities Commission (“OSC”) has announced the introduction of Launchpad which is a hub to work directly with fintech companies to help them navigate the securities regulatory framework. http://www.osc.gov.on.ca/en/what-you-need-to-know.htmThe OSC has identified a broad range of activities that may give rise securities regulatory compliance...
- [Barbara Hendrickson: Guest Speaker - Manitoba Bar Association Luncheon - "Navigating the securities regime for Fintech companies”](https://baxsecuritieslaw.com/mba-luncheon-dec1-2016/) - Barbara was a guest speaker at a meeting of the Securities Committee of the Manitoba Bar Association on Fintech developments in Canada, with an emphasis on peer to peer lending as a case study. Barbara Hendrickson has extensive experience providing corporate finance, securities and financial...
- [Barbara Hendrickson quoted in Law Times article “Taking the Business Plunge” November 28, 2016](https://baxsecuritieslaw.com/taking_the_plunge/) - “It’s a bit of a myth that you can’t practice securities law at a smaller firm.” Read full article here...
- [Raising Capital in Canada – Crowdfunding Update January 12, 2017](https://baxsecuritieslaw.com/raising-capital-canada-crowdfunding-update/) - Canadian securities law has recently embraced the concept of crowdfunding. Canadian securities rules now allow companies or “issuers” to raise small amounts of capital through online portals with a minimum of disclosure. Investors do not have to be “accredited investors” to take participate in these capital...
- [Barbara Hendrickson Has Been Granted The Martindale-Hubbell’s  AV Preeminent® Rating](https://baxsecuritieslaw.com/barbara-hendrickson-granted-martindale-hubbells-rating/) - This being the highest peer rating standard. This rating signifies that the lawyer's reviewed peers rank him or her at the highest level of professional excellence for their legal knowledge, communication skills and ethical standards. Martindale-Hubbell® Peer Review Ratings™ are the gold standard in lawyers ratings,...
- [Barbara Hendrickson - A Proud Alumni of University of Calgary Law School](https://baxsecuritieslaw.com/barbara-hendrickson-a-proud-alumni-of-university-of-calgary-law-school/) - Over the last 40 years the University of Calgary Law School has distinguished itself on the Canadian legal landscape as as a leader in innovative approaches to legal education and expertise on law and policy relating to Canada’s natural resources. Barbara Hendrickson is very proud...
- [Canadian Securities Administrators (CSA) Staff Notice 54-305 Meeting Vote Reconciliation Protocols, March 4, 2017](https://baxsecuritieslaw.com/canadian-securities-administrators-csa-staff-notice-54-305-meeting-vote-reconciliation-protocols/) - 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...
- [Binary Options Fraud, March 13, 2017](https://baxsecuritieslaw.com/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,...
- [CSA Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers, March 12, 2017](https://baxsecuritieslaw.com/csa-staff-notice-51-348-staffs-review-social-media-used-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...
- [OSC Highlights Potential Securities Law Requirements for Businesses Using Blockchain Technologies, March 13, 2017](https://baxsecuritieslaw.com/osc-highlights-potential-securities-law-requirements-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...
- [Canadian Securities Administrators Announce Climate Change Disclosure Review Project](https://baxsecuritieslaw.com/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...
- [Canadian Securities Administrators Publishes 2016 Enforcement Report](https://baxsecuritieslaw.com/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 Regulators Seeking Input on Proposed Conduct Rules for Derivatives Dealers and Advisors, April 7, 2017](https://baxsecuritieslaw.com/canadian-securities-regulators-seeking-input-proposed-conduct-rules-derivatives-dealers-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...
- [First Leaside Group Divisional Court Appeal – Fraud, Misrepresentations, Penalties in a Captive Dealer Context April 27, 2017](https://baxsecuritieslaw.com/first-leaside-group-divisional-court-appeal-fraud-misrepresentations-penalties-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...
- [Mortgage Investment Corporations, April 30, 2017](https://baxsecuritieslaw.com/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...
- [Barbara Hendrickson quoted in the Canadian Legal Newswire In-house Edition - Incenting Securities Snitches, May 1, 2017](https://baxsecuritieslaw.com/barbara-hendrickson-quoted-canadian-legal-newswire-house-edition-incenting-securities-snitches-may-1-2017/) - For the full article, please click here!
- [Canadian Securities Regulators Publish for comment National Instrument 91-102 Prohibition of Binary Options, May 7, 2017](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-comment-national-instrument-91-102-prohibition-binary-options-may-7-2017/) - 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,...
- [CSA Staff Notice 45-323: Update on Use of the Rights Offering Exemption in National Instrument 45-106 Prospectus Exemptions, May 10, 2017](https://baxsecuritieslaw.com/csa-staff-notice-45-323-update-use-rights-offering-exemption-national-instrument-45-106-prospectus-exemptions-may-10-2017/) - 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...
- [Canadian Securities Regulators Seeking Input on Proposed Conduct Rules for Derivatives Dealers and Advisors](https://baxsecuritieslaw.com/canadian-securities-regulators-seeking-input-proposed-conduct-rules-derivatives-dealers-advisors-april-7-2017-2/) - 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...
- [Mortgage Investment Corporations](https://baxsecuritieslaw.com/mortgage-investment-corporations-april-30-2017-2/) - 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...
- [CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, May 11, 2017](https://baxsecuritieslaw.com/csa-consultation-paper-51-404-considerations-reducing-regulatory-burden-non-investment-fund-reporting-issuers-may-11-2017/) - 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...
- [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](https://baxsecuritieslaw.com/csa-staff-notice-33-319-status-report-csa-consultation-paper-33-404-proposals-enhance-obligations-advisers-dealers-representatives-toward-clients/) - 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...
- [CSA Staff Notice 31-350 - Guidance on Small Firms Compliance and Regulatory Obligations, June 6, 2017](https://baxsecuritieslaw.com/csa-staff-notice-31-350-guidance-small-firms-compliance-regulatory-obligations-june-6-2017/) - On May 18, 2017, the Canadian Securities Administrators (“CSA”) released CSA Staff Notice 31-350 Guidance on Small Firms Compliance and Regulatory Obligations (“Staff Notice”). The Staff Notice was the result of a two-year compliance review of 65 small firms, lasting from October 2014 to June...
- [OSC Staff Notice 45-715, 2017 Ontario Exempt Market Report](https://baxsecuritieslaw.com/osc-staff-notice-45-715-2017-ontario-exempt-market-report-june-22-2017/) - On June 15, 2017, the Ontario Securities Commission (“OSC”) released OSC Staff Notice 45-715, 2017 Ontario Exempt Market Report (“Report”) which summarizes capital raising activity in 2015 and 2016 by corporate (non-investment fund) issuers in Ontario’s exempt market. The Report also examines the impact of...
- [CSA Staff Notice 33-320, The Requirement for True and Complete Applications for  Registration, August 2, 2017](https://baxsecuritieslaw.com/csa-staff-notice-33-320-requirement-true-complete-applications-registration-august-2-2017/) - On July 13, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice CSA 33-320, The Requirement for True and Complete Applications for Registration to state its concern to stakeholders regarding what it calls the “serious problem” of applications for registration that contain false or...
- [Barbara Hendrickson quoted in Law Times article Focus: Social media use should comply with securities law, August 14, 2017](https://baxsecuritieslaw.com/barbara-hendrickson-quoted-law-times-article-focus-social-media-use-comply-securities-law-august-14-2017/) - To access the featured article, click here.
- [CSA Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.](https://baxsecuritieslaw.com/csa-multilateral-staff-notice-61-302-staff-review-commentary-multilateral-instrument-61-101-protection-minority-security-holders-special-transactions/) - On July 29, 2017, the securities regulatory authorities in Ontario, Québec, Alberta, Manitoba and New Brunswick (the participating jurisdictions) published CSA Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (the Notice”). The notice outlines the...
- [Ontario Securities Commission releases decision on the Sino-Forest Corporation](https://baxsecuritieslaw.com/ontario-securities-commission-releases-decision-sino-forest-corporation/) - On July 14, 2017 the Ontario Securities Commission (“OSC”) published its 278-page decision respecting Sino-Forest. The panel found that the respondents, former CEO Allan Chan and three other executives of Sino-Forest Corporation – Alfred Hung, George Ho and Albert Ip breached Ontario securities laws. Allen...
- [CSA Staff Notice 46-307 Cryptocurrency Offerings](https://baxsecuritieslaw.com/csa-staff-notice-46-307-cryptocurrency-offerings/) - On August 24, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 46-307 Cryptocurrency Offerings (“Notice”), to address the increasing number of cryptocurrency offerings, either through Initial Token Offerings (“ITOs”) or Initial Coin Offerings (“ICOs”) and sales of securities of cryptocurrency investment funds. A...
- [CSA Publishes National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and National Instrument 33-109 Registration Information.](https://baxsecuritieslaw.com/csa-publishes-national-instrument-31-103-registration-requirements-exemptions-ongoing-registrant-obligations-ni-31-103-national-instrument-33-109-registration-information/) - In late July 2017, the Canadian Securities Administrators (CSA) published the final amendments (the Amendments) to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and National Instrument 33-109 Registration Information (NI 33-109) and their respective Companion Policies, 31-103CP and 33-109CP. The...
- [BCSC Registers Cryptocurrency Investment Fund Manager](https://baxsecuritieslaw.com/bcsc-registers-cryptocurrency-investment-fund-manager/) - On September 6th, 2017 the British Columbia Securities Commission (“BCSC") announced the first registration of an investment fund manager in Canada solely dedicated to cryptocurrency investments. The BCSC has granted First Block Capital Inc. registration as an investment fund manager and an exempt market dealer in...
- [Recent Proposed Changes to the Ontario Business Corporations Act](https://baxsecuritieslaw.com/recent-proposed-changes-ontario-business-corporations-act/) - On March 7, 2017, Bill 101, Enhancing Shareholders Rights Act, 2017, was introduced in the Legislative Assembly of Ontario for amending the Business Corporations Act (Ontario) (“OBCA”). Bill 101 received second reading on March 9, 2017. Bill 101 propositions include: (1) reducing the minimum requirement...
- [Canadian Securities Regulators Announce Ban on Binary Options](https://baxsecuritieslaw.com/canadian-securities-regulators-announce-ban-binary-options/) - On September 28, 2017, the Canadian Securities Administrators (“CSA”) announced the implementation of Multilateral Instrument 91-102 Prohibition of Binary Options (“MI 91-102” or the “Instrument”) and the Companion Policy 91-102 Prohibition of Binary Options (“CP 91-102” or the “Companion Policy”), which makes it illegal to...
- [Update on Crowd Funding Start-up Crowdfunding Registration and Prospectus Exemptions](https://baxsecuritieslaw.com/update-crowd-funding-start-crowdfunding-registration-prospectus-exemptions-2/) - On September 21, 2017, the British Columbia Securities Commission (“BCSC”) published the amended BC Instrument 45-535 Start-up Crowdfunding Registration and Prospectus Exemptions, (the “BC Instrument 45-515”), which details improvements to crowdfunding rules that will enable BC-based issuers to access investors in Alberta when conducting crowdfunding...
- [Update on Crowd Funding Start-up Crowdfunding Registration and Prospectus Exemptions](https://baxsecuritieslaw.com/update-crowd-funding-start-crowdfunding-registration-prospectus-exemptions/) - On September 21, 2017, the British Columbia Securities Commission (“BCSC”) published the amended BC Instrument 45-535 Start-up Crowdfunding Registration and Prospectus Exemptions, (the “BC Instrument 45-515”), which details improvements to crowdfunding rules that will enable BC-based issuers to access investors in Alberta when conducting crowdfunding...
- [Canadian Securities Regulators Publish CSA Staff Notice 33-321, Cyber Security and Social Media](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-csa-staff-notice-33-321-cyber-security-social-media/) - On October 19, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 33-321 Cyber Security and Social Media, (“Notice”) which summarizes survey results of registered firms' cyber security and social media practices, in addition to providing guidance to firms in these areas. According to...
- [OSC Grants Approval for First Initial Coin Offering](https://baxsecuritieslaw.com/osc-grants-approval-first-initial-coin-offering/) - On October 23, 2017, the Ontario Securities Commission (“OSC”) has granted approval to the province’s first regulated Initial Coin Offering (“ICO”) in a decision (“decision”). The OSC granted regulatory relief to Toronto-based TokenFunder Inc. (“TokenFunder”). This exempts ToeknFunder from the dealer registration requirements and allows...
- [Canadian Securities Regulators Publish CSA Staff Notice 33-321, Cyber Security and Social Media](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-csa-staff-notice-33-321-cyber-security-social-media-2/) - On October 19, 2017, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 33-321 Cyber Security and Social Media, which summarizes survey results of registered firms' cyber security and social media practices, in addition to providing guidance to firms in these areas. According to the...
- [CSA Consultation Paper 52-404: Approach to Director and Audit Committee Member Independence](https://baxsecuritieslaw.com/csa-consultation-paper-52-404-approach-director-audit-committee-member-independence/) - On October 26, 2017, the Canadian Securities Administrators (“CSA”) published CSA Consultation Paper 52-404, Approach to Director and Audit Committee Member Independence (“Consultation Paper”). The purpose of the Consultation Paper is to encourage a discussion regarding the CSA's approach to determining director and audit committee...
- [Institutional Investors Release Declaration on Financial Risks Related to Climate Change](https://baxsecuritieslaw.com/institutional-investors-release-declaration-financial-risks-related-climate-change/) - Pressure is continuing to grow on Canadian companies to disclose the risks associated with climate change. In late October, 2017, thirty Canadian and international financial institutions and pension funds representing approximately CAD $1.2 trillion in assets under management, issued a joint Declaration of Institutional Investors...
- [November 17, 2017: 2017 Ontario Economic and Fiscal Review Confirms Changes Ahead for Syndicated Mortgages and Financial Planners](https://baxsecuritieslaw.com/november-17-2017-2017-ontario-economic-fiscal-review-confirms-changes-ahead-syndicated-mortgages-financial-planners/) - On November 17, 2017, the Ontario Government released its 2017 Ontario Economic and Fiscal Review (the Review). The Review contains advance notice of two important forthcoming changes for the securities industry in Ontario. First, it confirmed that the province is moving forward with regulatory changes...
- [CSA Multilateral Staff Notice 58-309 - Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate Governance Practices](https://baxsecuritieslaw.com/csa-multilateral-staff-notice-58-309-staff-review-women-boards-executive-officer-positions-compliance-ni-58-101-disclosure-corporate-governance-practices/) - On October 5, 2017, the participating jurisdictions of the securities regulatory authorities of all provinces with the exceptions of British Columbia and PEI (the “Participating Jurisdictions”) published a review (the Staff Notice) of disclosure regarding women on boards and in executive officer positions. The Staff...
- [Canadian Securities Regulators, Investment Industry Regulatory Organization of Canada and Mutual Fund Dealers Association of Canada issue joint notice regarding the Ombudsman for Banking Services and Investments](https://baxsecuritieslaw.com/canadian-securities-regulators-investment-industry-regulatory-organization-canada-mutual-fund-dealers-association-canada-issue-joint-notice-regarding-ombudsman-banking-services/) - On December 7, 2018, the Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC), and the Mutual Fund Dealers Association of Canada (MFDA) (the regulators) jointly released CSA Staff Notice 31-351, IIROC Notice 17-0229, MFDA Bulletin #0736-M Complying with requirements regarding the...
- [CSA Staff Notice 23-320 Consideration of the Markets in Financial Instruments Directive (MiFID II) Unbundling Requirements on the Regulatory Requirements in Canada](https://baxsecuritieslaw.com/csa-staff-notice-23-320-consideration-markets-financial-instruments-directive-mifid-ii-unbundling-requirements-regulatory-requirements-canada/) - On December 14, 2017, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 23-320, Consideration of the Markets in Financial Instruments Directive (MiFID II) Unbundling Requirements on the Regulatory Requirements in Canada (Staff Notice 23-320), regarding the unbundling of research inducements from trading fees under...
- [Multilateral Staff Notice 96-302 Variation, amendment, or revocation and replacement of Blanket Order Relief from Certain Derivatives Data Reporting Requirements under Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting](https://baxsecuritieslaw.com/multilateral-staff-notice-96-302-variation-amendment-revocation-replacement-blanket-order-relief-certain-derivatives-data-reporting-requirements-multilateral-instrument-96-101-t/) - Effective December 15, 2017, the securities regulators in the participating jurisdictions of British Columbia, Alberta, Saskatchewan, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut (the Participating Jurisdictions) announced they are each varying, amending, or revoking and replacing, in...
- [Competition Bureau Publishes 2017 Fintech Market Study](https://baxsecuritieslaw.com/competition-bureau-publishes-2017-fintech-market-study/) - On December 14, 2017, the Competition Bureau (the Bureau) published the final draft of its examination of Canada’s Fintech markets, Technology-Led Innovation in the Canadian Financial Services Sector, A Market Study, December 2017. The report is very similar to the draft report issued for comment...
- [Ontario Securities Commission adopts final rule for distributions outside Canada](https://baxsecuritieslaw.com/ontario-securities-commission-adopts-final-rule-distributions-outside-canada/) - On November 28, 2017, the Ontario Securities Commission (OSC) adopted its final rule regarding distributions outside Canada, OSC Rule 72-503 - Distributions Outside Canada (The Final Rule), including Form 72-503F Report of Distributions Outside Canada (The Final Form), and Companion Policy 72-503 Distributions Outside Canada...
- [Barbara Hendrickson quoted in the Lexis Nexis' The Lawyer's Daily article “Three technologies that will shake up the legal world in 2018."](https://baxsecuritieslaw.com/lawyers-daily-spoke-barbara-hendrickson-bax-securities-firms-strong-technology-practices-predictions-upcoming-year-legal-tech/) - The Lawyer’s Daily, spoke to Barbara Hendrickson of BAX Securities Law and other firms with strong technology practices about what their predictions were for the upcoming year in legal tech. Here's the link to the article that includes Barbara's comments and predictions on blockchain as...
- [Barbara Hendrickson Appointed by the Ontario Securities Commission as New Member of the Securities Advisory Committee, January 15, 2018](https://baxsecuritieslaw.com/barbara-hendrickson-appointed-ontario-securities-commission-new-member-securities-advisory-committee-january-15-2018/) - Congratulations to Barbara Hendrickson for her appointment to the Securities Advisory Committee (SAC). Barbara is one of four new members that the Ontario Securities Commission (OSC) recently announced who will be participating on its Securities Advisory Committee for the next three years. The SAC provides advice...
- [Ontario Securities Commission Publishes Proposed Changes to Whistleblower Program for Comment, February 4, 2018](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-proposed-changes-whistleblower-program-comment-february-4-2018/) - On January 20, 2018, the Ontario Securities Commission (“OSC”) published proposed changes to OSC Policy 15-601, The Whistleblower Program (“Policy”) for a 60-day comment period, ending March 20, 2018 (“Notice”). The Notice clarifies the role of in-house counsel and the exceptions from ineligibility so they...
- [British Columbia Securities Commission Publishes BC Notice 28/01, Notice and Request for Comment Consulting on the Securities Law Framework for Fintech Regulation](https://baxsecuritieslaw.com/british-columbia-securities-commission-publishes-bc-notice-28-01-notice-request-comment-consulting-securities-law-framework-fintech-regulation/) - On February 14, 2018, the British Columbia Securities Commission (BCSC) published for comment BC Notice 28/01, Notice and Request for Comment Consulting on the Securities Law Framework for Fintech Regulation (the Notice), with the aim of understanding the nature and growth of the financial technology...
- [Canadian Securities Administrators Propose Changes to the Syndicated Mortgage Regime](https://baxsecuritieslaw.com/canadian-securities-administrators-propose-changes-syndicated-mortgage-regime/) - On March 8, 2018, the Canadian Securities Administrators (CSA) published for a 90-day comment period ending June 6, 2018, proposed changes aimed at substantially harmonizing the regulatory framework for syndicated mortgages in Canada. These changes are detailed in the proposed amendments to National Instrument 45-106...
- [Barbara Hendrickson recently interviewed by Law Times on the topic of a national securities regulator](https://baxsecuritieslaw.com/potential-national-securities-regulator-raises-concerns/) - Barbara Hendrickson recently interviewed by Law Times on the topic of the skepticism around the plan of creating one national securities regulator. Read the full article here: A potential national securities regulator raises concerns
- [Ontario Securities Commission publishes OSC Staff Notice 11-779 Seniors Strategy](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-osc-staff-notice-11-779-seniors-strategy/) - On March 20 2018, the Ontario Securities Commission published OSC Staff Notice 11-779 Seniors Strategy (the Staff Notice), which outlined new initiatives to respond to the needs of older investors and better equip registered firms and representatives to address issues that may arise as their...
- [Twitter Blocks Initial Token Offering Advertising](https://baxsecuritieslaw.com/twitter-blocks-initial-token-offering-advertising/) - On March 28 2018, in an effort to stop online fraud being carried out through its social networking service, Twitter began blocking all advertisements promoting Initial Token Offerings (ITOs). ITOs also referred to as an Initial Coin Offerings (ICOs), are similar to Initial Public Offerings...
- [Ontario Securities Commission Probing Cryptocurrency Trading Platforms Following Complaints](https://baxsecuritieslaw.com/barbara-hendrickson-recently-spoke-on-a-panel-organized-by-the-ryerson-law-network-on-the-topic-of-crypto-law-securities-law-practice-march-8-2018/) - The Ontario Securities Commission (OSC) announced today it is investigating several cryptocurrency platforms after receiving a number of complaints. The OSC said that the platforms and any businesses that allow cryptocurrencies that are securities as defined under CSA Staff Notice 46-307 Cryptocurrency Offerings (the Staff...
- [Canadian Securities Administrators Issue Report on Climate Change-Related Disclosure Project](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-report-on-climate-change-related-disclosure-project/) - On April 5, 2018, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project (The Staff Notice). The Staff Notice summarizes the results of the CSA's review of the disclosure by reporting issuers of the risks and financial impacts associated...
- [Investment Canada Act Regulates Significant Foreign Investments in Canada](https://baxsecuritieslaw.com/investment-canada-act-regulates-significant-foreign-investments-in-canada/) - *Article available in English and Chinese – The Investment Canada Act regulates non-Canadian investments in Canadian businesses, including reviewing significant non-Canadian investments in Canada in order to ensure net benefit to Canada and reviewing and blocking foreign investments that may be injurious to national security....
- [How to Raise Capital by “Going Public” in Canada](https://baxsecuritieslaw.com/how-to-raise-capital-by-going-public-in-canada/) - *Article available in English and Chinese – Companies can raise funds from investors by “going public. ̋ “Going public” means offering equity securities to the public. A distribution of securities must be qualified by a prospectus that is approved by the relevant securities regulators,...
- [Canadian Anti-Money Laundering Legislations Target Proceeds of Crime and Terrorist Financing](https://baxsecuritieslaw.com/canadian-anti-money-laundering-legislations-target-proceeds-of-crime-and-terrorist-financing/) - *Article available in English and Chinese – Criminals often make the funds gained from their illegal activities appear legitimate by money laundering. In contrast, terrorist financing provides funds for terrorist activities, which may involve funds raised from legitimate and/or criminal sources. Canadian anti-money laundering legislations...
- [Ontario Securities Commission Establishes Permanent Mediation Program](https://baxsecuritieslaw.com/ontario-securities-commission-establishes-permanent-mediation-program/) - The Ontario Securities Commission (OSC) announced today that its Mediation Program, which began as a pilot in 2015, will now continue on a permanent basis. The Mediation Program, the first and only of its kind in Canada offered by a securities regulator provides a forum...
- [Canadian Securities Administrators Seek Comment on Soliciting Dealer Arrangements](https://baxsecuritieslaw.com/canadian-securities-administrators-seek-comment-on-soliciting-dealer-arrangements/) - The Canadian Securities Administrators (CSA) has published for comment CSA Staff Notice 61-303 and Request for Comment Soliciting Dealer Arrangements (The Staff Notice). The Staff Notice outlines regulatory issues raised by soliciting dealer arrangements and seeks input on the practice. The 60-day comment period ends...
- [Barbara Hendrickson to speak at the CBA  Environmental, Energy & Resources Law Summit on “Environment and Financial Markets”](https://baxsecuritieslaw.com/barbara-hendrickson-to-speak-at-the-canadian-bar-association-environmental-energy-resources-law-summit-may-31-june-1-2018-winnipeg-manitoba-on-environment-and-financial-markets/) - Barbara Hendrickson will speak at the Canadian Bar Association Environmental, Energy & Resources Law Summit on May 31 – June 1, 2018 in Winnipeg Manitoba on “Environment and Financial Markets” Barbara will speak on a CBA panel which will review the roles of legal counsel...
- [CSA  Request for Comment Proposed National Instrument 93-102 Derivatives: Registration and Proposed Companion Policy 93-102](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-for-comment-csa-notice-and-request-for-comment-proposed-national-instrument-93-102-derivatives-registration-and-proposed-companion-policy-93-102-derivatives/) - The Canadian Securities Administrators (CSA) has published for comment Proposed National Instrument 93-102 Derivatives: Registration and Proposed Companion Policy 93-102 Derivatives: Registration (Together, these are referred to as the Proposed Instrument.) The 150-day comment period ends September 17, 2018. The Proposed Instrument, together with the Proposed...
- [Cooperative Capital Markets Regulatory System Takes Shape as Participating Jurisdictions Publish for Comment the Draft Prospectus and Related Registration Exemptions Regulations](https://baxsecuritieslaw.com/cooperative-capital-markets-regulatory-system-takes-shape-as-participating-jurisdictions-publish-for-comment-the-draft-prospectus-and-related-registration-exemptions-regulations/) - The provinces and territory (British Columbia, New Brunswick, Ontario, Prince Edward Island, Saskatchewan, and Yukon – the Participating Jurisdictions) participating in the development of the Cooperative Capital Markets Regulatory System (Cooperative System) have published for comment a draft prospectus and related registration exemption regulations (the...
- [When the Blockchain Gets Broken: The Coincheck Breach](https://baxsecuritieslaw.com/when-the-blockchain-gets-broken-the-coincheck-breach/) - Since their inception, cryptocurrencies and their underlying blockchain technologies have been touted by their promoters as both secure and anonymous. Unfortunately, as a number of recent breaches by hackers into blockchain-based cryptocurrency exchanges have shown, this is not the case. Blockchain technology, which relies upon...
- [Toronto Stock Exchange Issues Staff Notice 2018-003, Prospectus Offerings and Private Placements](https://baxsecuritieslaw.com/toronto-stock-exchange-issues-staff-notice-2018-003-prospectus-offerings-and-private-placements/) - On May 10, 2018, the Toronto Stock Exchange (TSX) issued Staff Notice 2018-003, Prospectus Offerings and Private Placements (the Staff Notice), which provides guidance regarding pricing a prospectus offering or private placement where there has been recent disclosure of material information. Generally, the TSX requires...
- [Ontario Securities Commission Joins North American Securities Regulators in Operation Cryptosweep, Issues Warnings](https://baxsecuritieslaw.com/ontario-securities-commission-joins-north-american-securities-regulators-in-operation-cryptosweep-issues-warnings/) - The Ontario Securities Commission (OSC) announced this month it had participated with over 40 North American Securities regulators in Operation Cryptosweep, in a coordinated effort to take down fraudulent cryptocurrency schemes. Since its launch at the beginning of May, Cryptosweep resulted in nearly 70 inquiries...
- [Canadian Securities Administrators Issue Warning Regarding Cryptocurrency Exchanges](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-warning-regarding-cryptocurrency-exchanges/) - The Canadian Securities Administrators (CSA) has warned Canadians to be careful when buying cryptocurrency assets through trading platforms. The CSA advises although a platform may call itself an "exchange," that does not mean it is complying with securities regulations. Currently, there are no crypto-asset trading...
- [BCSC Varies BC Instrument 94-501](https://baxsecuritieslaw.com/bcsc-varies-bc-instrument-94-501/) - On May 31, 2018, the British Columbia Securities Commission (BCSC), published an update, varying BC Instrument 94-501 - Exemption from the mandatory clearing requirements in National Instrument 94-101 – Mandatory Central Counterparty Clearing of Derivatives for certain counterparties to extend the exemption. The full text...
- [Barbara Hendrickson speaks at CBA NEERLS conference on June 1, 2018 on CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project](https://baxsecuritieslaw.com/barbara-hendrickson-speaks-at-cba-neerls-conference-on-june-1-2018-on-csa-staff-notice-51-354-report-on-climate-change-related-disclosure-project/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.0.47"][et_pb_row admin_label="row" _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.0.47" parallax="off" parallax_method="on"][et_pb_text admin_label="Text" _builder_version="3.0.74" background_size="initial" background_position="top_left" background_repeat="repeat"]To view PowerPoint Presentation, click here. To download PowerPoint Presentation, click here. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Canadian Securities Administrators Issue Second Request for Comment on Proposed Business Conduct Rules for Derivatives Dealers and Advisers](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-second-request-for-comment-on-proposed-business-conduct-rules-for-derivatives-dealers-and-advisers/) - The Canadian Securities Administrators (CSA) has published a notice and second request for comment on Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 CP Derivatives: Business Conduct (the Proposed Instrument). The Proposed Instrument establishes a business conduct regime for regulating dealers...
- [SEC’s Hinman: Crypto Tokens Aren’t Securities, Offerings Are](https://baxsecuritieslaw.com/secs-hinman-crypto-tokens-arent-securities-offerings-are/) - According to a recent speech in San Francisco, earlier this month by Securities and Exchange Commission (SEC)’s William Hinman, Ether – the cryptocurrency behind the Ethereum network – should not be regulated in the same way as stocks and bonds. These comments, by Hinman, the...
- [Barbara Hendrickson Quoted In CBA Practice Link Article](https://baxsecuritieslaw.com/barbara-hendrickson-quoted-in-cba-practice-link-article/) - IT’S BECOMING EASIER TO BE GREEN – WITH BETTER RETURNS MAY 25, 2018 Click here to view article
- [Japanese Crypto Exchanges Face Action Over Anti-Money-Laundering Concerns](https://baxsecuritieslaw.com/japanese-crypto-exchanges-face-action-over-anti-money-laundering-concerns/) - In the wake of the Coincheck breach earlier this year, the Japanese Financial Services Agency (FSA) has been cracking down on that country’s cryptocurrency exchanges. Now a new wrinkle has emerged over concerns that the country’s licensed crypto exchanges do not have sufficient internal processes...
- [Canadian Securities Administrators Publish Client Focused Reforms for Comment and Staff Notice 81-330 Status Report on Consultation on Embedded Commissions](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-client-focused-reforms-for-comment-and-staff-notice-81-330-status-report-on-consultation-on-embedded-commissions/) - The Canadian Securities Administrators (CSA) recently published two notices for a 120-day comment period regarding investor protection initiatives (Client Focused Reforms). Together, the goal of these reforms, states the regulator, is to provide a single set of harmonized reforms that would require registered firms and...
- [Tezos Investors Hit with Surprise KYC/AML Check](https://baxsecuritieslaw.com/tezos-investors-hit-with-surprise-kyc-aml-check/) - In a move that should have surprised no-one but actually did, investors in the Tezos blockchain project are being hit with a Know Your Client (KYC)/Anti-Money Laundering (AML) audit, which has managed to have enraged almost all the participants. On June 10, the Tezos Foundation...
- [OSC Study: Ontario Investors at Risk by Lack of Understanding of Crypto Assets](https://baxsecuritieslaw.com/osc-study-ontario-investors-at-risk-by-lack-of-understanding-of-crypto-assets/) - According to a study recently published by the Ontario Securities Commission (OSC), while a sizable number of Ontarians own cryptocurrency assets, the majority remain unclear on the basics of cryptocurrency, while many are ignorant of the regulatory framework surrounding them. The OSC study, The Taking...
- [CSA Multilateral Notice and Request for Comment Proposed Amendments to National Instrument 45-106 Prospectus Exemptions relating to Reports of Exempt Distribution](https://baxsecuritieslaw.com/csa-multilateral-notice-and-request-for-comment-proposed-amendments-to-national-instrument-45-106-prospectus-exemptions-relating-to-reports-of-exempt-distribution/) - On June 8, 2018, the Canadian Securities Administrators (CSA ) published a notice indicating that they are making amendments (the Rule Amendments) to National Instrument 45-106 Prospectus Exemptions (NI 45-106) to amend Form 45-106F1 Report of Exempt Distribution (the Report) and a related change to Companion Policy 45-106CP Prospectus Exemptions (45-106CP). Provided all necessary...
- [BAX Securities Law voted a Top 10 Canadian Corporate Boutique Law Firm for 2018-2019](https://baxsecuritieslaw.com/bax-securities-law-voted-a-top-10-canadian-corporate-boutique-law-firm-for-2018-2019/) - BAX Securities Law voted a Top 10 Canadian Corporate Boutique Law Firm for 2018-2019 Toronto, September 10, 2018: BAX Securities Law (BAX) is pleased to announce it has once again been ranked as one of the Top 10 Corporate Boutique law firms in Canada for...
- [Coordinated Crypto Crackdown](https://baxsecuritieslaw.com/coordinated-crypto-crackdown/) - On August 28, 2018 the North American Securities Administrators Association (NASAA) announced that more than 200 active investigations of Initial Coin Offerings (ICOs) and cryptocurrency-related investment products are currently underway by state and provincial securities regulators in the United States and Canada as part of...
- [BAX Securities Law sponsors the  Women's Law Association of Ontario 2018 Deb Snead Golf Tournament](https://baxsecuritieslaw.com/bax-securities-law-voted-a-top-10-canadian-corporate-boutique-law-firm-for-2018-2019-2/) - BAX Securities Law sponsors the Women's Law Association of Ontario 2018 Deb Snead Golf Tournament Toronto, September 13, 2018: BAX Securities Law (BAX) is delighted to announce its sponsorship of the 17th annual Women's Law Association Deb Snead Golf Tournament to be held at Richmond...
- [BAX Securities Law announces ongoing sponsorship of the TBLA](https://baxsecuritieslaw.com/bax-securities-law-announces-ongoing-sponsorship-of-the-tbla/) - Toronto, September 19, 2018: BAX Securities Law (BAX) is pleased to announce that the firm will be supporting the solo, small and mid size law firm community by providing the annual sponsorship of the Toronto Business Lawyers Association (TBLA), a forum for business lawyers in...
- [BAX’ Top Dog turns six](https://baxsecuritieslaw.com/bax-top-dog-turns-six/) - Toronto: September 18, 2018 - BAX Securities Law wishes to extend birthday wishes to Dirk, who is the Top Dog of BAX Securities Law. Click here to open the full article (PDF)
- [BAX Securities Law announces appointment of Barbara Hendrickson to CBA's Small, Solo and General Practice executive.](https://baxsecuritieslaw.com/bax-securities-law-announces-appointment-of-barbara-hendrickson-to-cbas-small-solo-and-general-practice-executive/) - Toronto, September 19, 2018: BAX Securities Law (BAX) is pleased to announce that Barbara Hendrickson has been appointed as secretary treasurer to the CBA Small solo and General Practice Section Executive for a one-year term. Close to 10,000 CBA members practice at firms with fewer...
- [Canadian Securities Administrators issue CSA Multilateral Staff Notice 58-310, Report on Fourth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-multilateral-staff-notice-58-310-report-on-fourth-staff-review-of-disclosure-regarding-women-on-boards-and-in-executive-officer-positions/) - On September 27, 2018, the securities regulators of Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan (the participating jurisdictions) jointly published CSA Multilateral Staff Notice 58-310 Report on Fourth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions (The...
- [Real Estate Syndication - the use of REITs and Limited Partnerships October 1, 2018](https://baxsecuritieslaw.com/real-estate-syndication-the-use-of-reits-and-limited-partnerships-october-1-2018/) - In recent years the use of REITs and Limited Partnerships have expanded in the last few years and investments in real estate through these types of structure have become a common way for investors to participate in real estate projects. The attached presentation provide a...
- [Canadian Securities Administrators issue CSA Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-staff-notice-51-357-staff-review-of-reporting-issuers-in-the-cannabis-industry/) - On October 10, 2018, with a week remaining before cannabis becomes legalized, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry (The Staff Notice). CSA staff reviewed the disclosure of 70 reporting issuers in the...
- [Canadian Securities Administrators issue CSA Staff Notice 11-338 CSA Market Disruption Coordination Plan](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-staff-notice-11-338-csa-market-disruption-coordination-plan/) - 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....
- [Canadian Securities Administrators issue CSA Notice and Request for Comment Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Custody-Related Amendments](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-notice-and-request-for-comment-proposed-amendments-to-national-instrument-31-103-registration-requirements-exemptions-and-ongoing-registrant-obligations/) - 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...
- [Ontario Securities Commission Launches Two Cryptoasset Educational Initiatives](https://baxsecuritieslaw.com/ontario-securities-commission-launches-two-cryptoasset-educational-initiatives/) - 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...
- [Canadian Securities Administrators Publish Amendments to Finalize Alternative Mutual Funds Framework](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-amendments-to-finalize-alternative-mutual-funds-framework/) - 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 Cooperative Capital Markets Regulatory System held upheld by the Supreme Court of Canada](https://baxsecuritieslaw.com/the-cooperative-capital-markets-regulatory-system-held-upheld-by-the-supreme-court-of-canada/) - 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...
- [Securities and Exchange Commission Charges EtherDelta Founder with Operating Unregistered Exchange](https://baxsecuritieslaw.com/bax-securities-and-exchange-commission-charges-etherdelta-founder-with-operating-unregistered-exchange/) - 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...
- [Ontario Sets Out Regulations for the Licensing and Operation of Private Cannabis Stores](https://baxsecuritieslaw.com/ontario-sets-out-regulations-for-the-licensing-and-operation-of-private-cannabis-stores/) - 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...
- [BCSC Finds Increased Deficiencies in Compliance Among Portfolio Managers](https://baxsecuritieslaw.com/bcsc-finds-increased-deficiencies-in-compliance-among-portfolio-managers/) - 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...
- [The Licences and Authorizations you need from the AGCO, December 8, 2018](https://baxsecuritieslaw.com/the-licences-and-authorizations-you-need-from-the-agco-december-8-2018/) - 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...
- [Changes made to the Retail Ontario Cannabis Licensing Regime](https://baxsecuritieslaw.com/changes-made-to-the-retail-ontario-cannabis-licensing-regime/) - On December 13, 2018, the Government of Ontario announced changes to the retail licensing scheme of cannabis. The government will issue 25 licenses to retail outlets. The changes come three days before the portal for applications was set to be open. The government based its...
- [BCSC Publishes Notice of Amendments to National Instrument NI 41-101, Prospectus Requirements](https://baxsecuritieslaw.com/bcsc-publishes-notice-of-amendments-to-national-instrument-ni-41-101-prospectus-requirements/) - The British Columbia Securities Commission (BCSC) has published updates to National Instrument, N1 41-101, Prospectus Requirements (NI 41-101). These non-material amendments, which deal with Exchange Traded Funds (ETFs), became effective, December 10, 2018. The Amendments to NI 41-101: add a BC carve-out to the meaning...
- [Ontario Publishes Results of Lottery for Retail Cannabis Store Licenses](https://baxsecuritieslaw.com/ontario-publishes-results-of-lottery-for-retail-cannabis-store-licenses/) - The Ontario Government has published the results of Expressions of Lottery Interest for retail Cannabis stores (the Lottery) the under Ontario Regulation 468/18 (the Regulation) made under the Cannabis Licence Act, 2018 (the License Act). According to the Alcohol and Gaming Commission of Ontario (AGCO),...
- [BAX Securities Law’s Barbara Hendrickson Interviewed for Canadian Bar Association News](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-interviewed-for-canadian-bar-association-news/) - An article featuring an interview with Barbara Hedrickson, CEO of BAX Securities Law, regarding the November 2018 Supreme Court of Canada (SCC) decision on the constitutionality of Cooperative Capital Markets Regulatory System (CCMR) has been published on the website on the Canadian Bar Association (CBA)....
- [FINTRAC Publishes New Suspicious Transactions Guidelines](https://baxsecuritieslaw.com/fintrac-publishes-new-suspicious-transactions-guidelines/) - The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has published updated suspicious activity guidelines. FINTRAC is Canada’s financial intelligence unit and is tasked with the detection and prevention of money laundering and the financing of terrorist activities. The new, more concise guidelines include...
- [BCSC Publishes BCN2019/01: Expiry of BC Instrument 32-517 Exemption from Dealer Registration Requirement for Trades in Securities of Mortgage Investment Entities and registration requirements for persons relying on BCI 32-517](https://baxsecuritieslaw.com/bcsc-publishes-bcn2019-01-expiry-of-bc-instrument-32-517-exemption-from-dealer-registration-requirement-for-trades-in-securities-of-mortgage-investment-entities-and-registration-requirements-for-pers/) - The British Columbia Securities Commission (BCSC) has published a new policy publication, BCN2019/01: Expiry of BC Instrument 32-517 Exemption from Dealer Registration Requirement for Trades in Securities of Mortgage Investment Entities and registration requirements for persons relying on BCI 32-517 (BCN2019/01). BCN2019/01 addresses the expiry...
- [New Canada Business Corporations Act Record-Keeping Requirements to Come into Effect June 13th, 2019](https://baxsecuritieslaw.com/new-canada-business-corporations-act-record-keeping-requirements-to-come-into-effect-june-13th-2019/) - With the granting of Royal Assent to Bill C-86 Budget Implementation Act, 2018, No. 2 (Bill C-86) on December 13th, 2018 changes are in store for how corporations maintain their records under the Canada Business Corporations Act (CBCA). Division 6 of Part 4 of Bill...
- [Death of QuadrigaCX CEO and Bankruptcy Leaves Almost $180 Million in Cryptocurrency Missing](https://baxsecuritieslaw.com/death-of-quadrigacx-ceo-and-bankruptcy-leaves-almost-180-million-in-cryptocurrency-missing/) - The death of Canadian crypto exchange QuadrigaCX CEO Gerald Cotton in December 2018 and the platform’s subsequent filing for creditor protection under the Companies' Creditors Arrangement Act (CCAA) on February 5th has left company officials struggling to locate roughly $180 million in missing cryptocurrency. Court...
- [CSA Staff Notice 51-356 Problematic Promotional Activities by Issuers](https://baxsecuritieslaw.com/csa-staff-notice-51-356-problematic-promotional-activities-by-issuers/) - The Canadian Securities Administrators (“CSA”) has published CSA Staff Notice 51-356, Problematic Promotional Activities by Issuers (“CSA Staff Notice 51-356”). CSA staff have noted with concern instances by activities by some issuers that include questionable promotional or disclosure campaigns. These extend to the providing of...
- [BAX Securities Law’s Barbara Hendrickson Interviewed for Legal Entrepreneurs Podcast](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-interviewed-for-legal-entrepreneurs-podcast/) - Barbara Hendrickson, CEO and Founder of BAX Securities Law, was recently interviewed by Antonio DiMinno, host of the Legal Entrepreneurs Podcast. Barbara speaks about her background in the public sector, working for the Ontario Securities Commission (OSC), and in the private sector, and her experiences...
- [BAX Securities Law’s Barbara Hendrickson Announces Candidacy in the Law Society of Ontario 2019 Bencher Election](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-announces-candidacy-in-the-law-society-of-ontario-2019-bencher-election/) - Barbara Hendrickson, of BAX Securities Law has announced her candidacy in the Law Society of Ontario’s (LSO) 2019 Bencher Election. The Benchers, who sit on the LSO’s Convocation, play a vital role in determining policy and guidance regarding Ontario’s lawyers and paralegals. Benchers also sit...
- [BCSC Publishes Variation Order for BC Instrument 21-502, Exemption from Certain Filing Requirements for Out-of-Province Alternative Trading Systems](https://baxsecuritieslaw.com/bcsc-publishes-variation-order-for-bc-instrument-21-502-exemption-from-certain-filing-requirements-for-out-of-province-alternative-trading-systems/) - On February 15, 2019, the British Columbia Securities Commission (BCSC) published a variation order (the Variation Order) for BC Instrument 21-502, Exemption from Certain Filing Requirements for Out-of-Province Alternative Trading Systems (BCI 21-502), removing the exemption for out-of-province alternative trading systems (ATS) from reporting change...
- [CSA Staff Notice 45-324 Update on the Start-up Crowdfunding Registration and Prospectus Exemptions](https://baxsecuritieslaw.com/csa-staff-notice-45-324-update-on-the-start-up-crowdfunding-registration-and-prospectus-exemptions/) - On February 21, 2019, the Canadian Securities Administrators (CSA) published CSA Staff Notice 45-324 Update on the Start-up Crowdfunding Registration and Prospectus Exemptions (CSA Staff Notice 45-324), providing an update on the progress of a proposed national instrument (the proposed National Instrument) that will replace...
- [Ontario Securities Commission Publishes OSC Staff Notice 45-716, Exempt Market Report, 2018](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-osc-staff-notice-45-716-exempt-market-report-2018/) - On February 27, 2019, the Ontario Securities Commission released OSC Staff Notice 45-716, Exempt Market Report, 2018 (Staff Notice 45-716, The Exempt Market Report), which provides an overview on the state on the Ontario exempt markets in 2017. The findings highlighted in the Exempt Market...
- [Ontario Securities Commission Refuses to Issue Receipt for The Bitcoin Fund’s Prospectus](https://baxsecuritieslaw.com/ontario-securities-commission-refuses-to-issue-receipt-for-the-bitcoin-funds-prospectus/) - On February 15, 2019, the Ontario Securities Commission (OSC) declined to approve the prospectus (the prospectus) for The Bitcoin Fund (the Fund), which is managed by 3iQ Corp (the Manager). In his 17-page decision, the OSC’s Raymond Chan, Acting Director of Investment Funds and Structured...
- [BAX Securities Law’s Barbara Hendrickson Quoted in Law Times Article Profiling Solo Legal Practitioners Running in Law Society of Ontario’s Bencher Elections](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-quoted-in-law-times-article-profiling-solo-legal-practitioners-running-in-law-society-of-ontarios-bencher-elections/) - Barbara Hedrickson, of BAX Securities Law, was prominently quoted a recent article in the Law Times. The article, Solo lawyers, small firms strive for seats at Convocation, by staff writer Anita Balakrishnan, profiled solo legal practitioners and lawyers practicing in small firms who are running...
- [Ontario Securities Commission Issues Cease Trade Order for USI-Tech Ltd.](https://baxsecuritieslaw.com/ontario-securities-commission-issues-cease-trade-order-for-usi-tech-ltd/) - On February 22, 2019, the Ontario Securities Commission (OSC) issued an interjurisdictional order, permanently forbidding USI-Tech Management Limited (USI -Tech) from trading in or acquiring securities, and from trading in derivatives in the province of Ontario (the permanent order). The permanent order was issued after...
- [CSA and IIROC Publish Consultation Paper and Request for Comment on Proposed Regulatory Framework for Cryptoasset Trading Platforms](https://baxsecuritieslaw.com/csa-and-iiroc-publish-consultation-paper-and-request-for-comment-on-proposed-regulatory-framework-for-cryptoasset-trading-platforms/) - The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have published a joint consultation paper and a request for comment, Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms (The Consultation Paper), for a sixty-day comment period ending May 15,...
- [CSA Publishes Annex B, Amendments to National Instrument 31-303, Registration Requirements and Ongoing Registrant Obligations](https://baxsecuritieslaw.com/csa-publishes-annex-b-amendments-to-national-instrument-31-303-registration-requirements-and-ongoing-registrant-obligations/) - On March 14, 2019, the Canadian Securities Administrators (CSA) published Annex B, Amendments to National Instrument 31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations (The Amendments). Together, the Amendments replace subsections 14.6.1(1) and (2) of National Instrument 31-303, Registration Requirements and Ongoing Registrant Obligations (NI-303):...
- [Stablecoins](https://baxsecuritieslaw.com/stablecoins/) - By: Barbara Hendrickson and Ray Luckiram[1] March 19, 2019 Introduction Stablecoins have become increasingly popular over the last few years. Stablecoins differ from other cryptocurrencies and digital assets because they are ‘pegged’ to an underlying asset. When a cryptocurrency is said to be ‘pegged,’ it...
- [SEC’s Latest Guidance on Digital Assets Reinforces Importance of Howey](https://baxsecuritieslaw.com/secs-latest-guidance-on-digital-assets-reinforces-importance-of-howey/) - The most recent guidance published by the Securities and Exchange Commission (SEC) goes even further to reinforce the importance of the concept of the “investment contract” and the Howey Test when determining if a digital asset is a security. The SEC relies heavily upon the...
- [TSX Staff Notice 2019-0002: The TSX Sandbox](https://baxsecuritieslaw.com/tsx-staff-notice-2019-0002-the-tsx-sandbox/) - On April 12 2019, the Toronto Stock Exchange (TSX) published its latest guidance on the TSX Sandbox, TSX Staff Notice 2019-0002 (the Staff Notice). The Toronto Stock Exchange created the TSX Sandbox to facilitate listing applications that ordinarily would not satisfy the requirements and guidelines...
- [IIROC Publishes Rules Notice and Request for Comment Regarding Proposed Alternative Forms of Discipline](https://baxsecuritieslaw.com/iiroc-publishes-rules-notice-and-request-for-comment-regarding-proposed-alternative-forms-of-discipline/) - On April 25, 2019, the Investment Industry Regulatory Organization of Canada (IIROC) published Rule Notice and Request for Comment 19-0076, (the rule notice and request for comment) for a period ending July 24, 2019, regarding two proposed alternative forms of disciplinary action. The two proposed...
- [Canadian Securities Regulators Publish IIROC Oversight Review Report](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-iiroc-oversight-review-report/) - On April 18, 2019, the Canadian Securities Administrators (CSA), along with seven participating jurisdictions, released its oversight review (the Review) of the Industry Regulatory Organization of Canada (IIROC). The risk-based review of IIROC’s functional areas and key processes was carried out under the mandates of...
- [Canadian Securities Administrators Take First Steps to Replacing SEDAR](https://baxsecuritieslaw.com/canadian-securities-administrators-take-first-steps-to-replacing-sedar/) - The Canadian Securities Administrators (CSA) have taken the first steps to replace the current range of electronic records filing systems used In Canada’s capital markets. The CSA is proposing to replace the System for Electronic Document Analysis and Retrieval (SEDAR), the System for Electronic Disclosure...
- [What is a Simple Agreement for Future Equity or SAFE?](https://baxsecuritieslaw.com/what-is-a-simple-agreement-for-future-equity-or-safe/) - A Simple Agreement for Future Equity (SAFE) is a financing contract used by start-ups and investors where operating capital is exchanged for the right to acquire equity at a future time or event, such as the closing of an equity financing round, an M&A transaction...
- [SEC Charges Waterloo-based Kik Interactive Inc. over Unregistered ICO](https://baxsecuritieslaw.com/sec-charges-waterloo-based-kik-interactive-inc-over-unregistered-ico/) - The United States Securities and Exchange Commission (SEC) today commenced an enforcement action against Waterloo, Ontario-based Kik Interactive Inc. (Kik) for what it alleges is an illegal USD $100 million ICO Initial Coin Offering (ICO). The SEC alleges that Kik sold the tokens to U.S....
- [Ontario Government Replaces FSCO, DICO with new Financial Services Regulator](https://baxsecuritieslaw.com/ontario-government-replaces-fsco-dico-with-new-financial-services-regulator/) - The government of Ontario has announced that a new independent agency, the Financial Services Regulatory Authority of Ontario (FSRA), will replace both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO), effective June 8, 2019. The new agency will...
- [Canadian Securities Administrators Publish Fiscal Year 2018/2019 Enforcement Report](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-fiscal-year-2018-2019-enforcement-report/) - The Canadian Securities Administrators (CSA) have published the Fiscal Year 2018/2019 Enforcement Report (the Report) which details the enforcement actions the regulator took during the past year. As well, the Report highlighted cooperation between different jurisdictions and the investments in new technology that have enabled...
- [CSA, IIROC Provide Update on Conflict of Interest Resulting from Soliciting Dealer Requirements](https://baxsecuritieslaw.com/csa-iiroc-provide-update-on-conflict-of-interest-resulting-from-soliciting-dealer-requirements/) - In April 2018, the Canadian Securities Administrators issued (CSA) CSA Staff Notice 61-303, Soliciting Dealer Requirements and Request for Comment (the CSA Staff Notice and Request for Comment) for stakeholder consultation. After the comment period ended and after reviewing the feedback, the CSA and IIROC...
- [OSC Reduces Regulatory Burden on Investment Fund Managers of Pooled Funds](https://baxsecuritieslaw.com/osc-reduces-regulatory-burden-on-investment-fund-managers-of-pooled-funds/) - The Ontario Securities Commission (OSC) has lifted some of the regulatory burden for investment fund managers of pooled funds. Fund managers of pooled funds now no longer need to apply for approval to act as trustees. As registrants, the OSC deems that fund managers are...
- [Canadian and Foreign Cryptocurrency  Exchanges to be Required to Register with FINTRAC](https://baxsecuritieslaw.com/canadian-and-foreign-cryptocurrency-exchanges-to-be-required-to-register-with-fintrac/) - Effective June 1, 2020, Canadian cryptocurrency exchanges and foreign cryptocurrency exchanges serving Canadians will be required by Canada’s Finance Department to register as Money Service Bureaus (MSBs) with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to comply with recent amendments to the Proceeds...
- [FSRA Announces its Priorities for Auto Insurance, Syndicated Mortgages, Pension Plans, Credit Unions Sectors](https://baxsecuritieslaw.com/fsra-announces-its-priorities-for-auto-insurance-syndicated-mortgages-pension-plans-credit-unions-sectors/) - Ontario’s newest financial services regulatory body, the Financial Services Regulatory Authority of Ontario (FSRA), has announced its priorities for the sectors it watches over, intending to provide sector-specific burden reductions while maintaining regulatory effectiveness. Currently, the regulator is in consultations with sectoral stakeholders and reviewing...
- [Ontario Securities Commission approves settlement with CoinLaunch](https://baxsecuritieslaw.com/ontario-securities-commission-approves-settlement-with-coinlaunch/) - An Ontario Securities Commission (OSC) panel has approved a settlement with CoinLaunch Corp. (CoinLaunch) which had formerly operated in the crypto-asset space, penalizing it for engaging in the business of trading in securities without a registration. CoinLaunch, which ultimately chose to cease operations rather than...
- [CSA issues Guidance on Climate-Change Related Disclosure](https://baxsecuritieslaw.com/csa-issues-guidance-on-climate-change-related-disclosure/) - With the publication of CSA Staff Notice 51-358, Reporting of Climate Change-Related Risks (the Staff Notice), the Canadian Securities Administrators (CSA) continue to set forth their expectations regarding the disclosure by issuers of material risks posed by climate change. While the Staff Notice does not...
- [OSC Publishes Summary Report for Dealers, Advisers, and Investment Fund Managers](https://baxsecuritieslaw.com/osc-publishes-summary-report-for-dealers-advisers-and-investment-fund-managers/) - The Ontario Securities Commission (OSC) has published Staff Notice 33-750 Summary Report for Dealers, Advisers and Investment Fund Managers (the Staff Notice or Summary Report), which reviews information impacting registration, information from compliance reviews, and policy initiatives that affect registrants. The four-part Summary Report prepared...
- [CSA Staff Notice 31-335: OBSI 2018 Joint Regulators Annual Report](https://baxsecuritieslaw.com/csa-staff-notice-31-335-obsi-2018-joint-regulators-annual-report/) - The 2018 Annual Report of the Joint Regulators Committee (JRC) of the Ombudsman for Banking Services and Investments (OBSI) (the Annual Report) has been published jointly by its member organizations: the Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC), and the...
- [FSRA Issues Request for Comment on Proposed Supervision Approach to High-Risk Syndicated Mortgages and Publishes New Fee Rule for Non Qualified Syndicated Mortgages](https://baxsecuritieslaw.com/fsra-issues-request-for-comment-on-proposed-supervision-approach-to-high-risk-syndicated-mortgages-and-publishes-new-fee-rule-for-non-qualified-syndicated-mortgages/) - The Financial Services Regulatory Authority (FSRA) of Ontario’s approach to syndicated mortgage investments started to take shape with the publication of two key documents early in August. The first was the regulator’s Request for Comment - Proposed Supervision Approach for High-risk Syndicated Mortgage Investments (the Proposed...
- [Ontario Securities Commission Issues Staff Notice 11-787 Improving Fee Disclosure Through Behavioural Insights](https://baxsecuritieslaw.com/ontario-securities-commission-issues-staff-notice-11-787-improving-fee-disclosure-through-behavioural-insights/) - The Ontario Securities Commission (OSC) has issued Staff Notice 11-787 Improving Fee Disclosure Through Behavioural Insights (the Staff Notice), outlining the findings of a research report (the Report) aimed at improving the investor’s experience with correspondingly better market outcomes through behaviorally-informed tactics for designing more...
- [Canadian Securities Administrators Issue Staff Notice 31-356, Guidance on Compliance Consultants Engaged by Firms Following a Regulatory Decision](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-staff-notice-31-356-guidance-on-compliance-consultants-engaged-by-firms-following-a-regulatory-decision/) - The Canadian Securities Administrators (CSA) has provided guidance to firms seeking to engage the services of compliance consultants (Consultants) following a regulatory decision. CSA Staff Notice 31-356, Guidance on Compliance Consultants (The Staff Notice) defines the scope and role of compliance consultants. In detail, the...
- [Royal Bank of Canada, Toronto Dominion Bank to Pay OSC Over $24 Million for Foreign Exchange Compliance Failures](https://baxsecuritieslaw.com/royal-bank-of-canada-toronto-dominion-bank-to-pay-osc-over-24-million-for-foreign-exchange-compliance-failures/) - The Royal Bank of Canada (RBC) and the Toronto Dominion Bank (TD) have agreed to pay the Ontario Securities Commission (OSC) over CAD $24 million for their failure to properly supervise their respective Foreign Exchange (FX) traders who exchanged confidential client information via online chatrooms....
- [CSA Seeks Comment on Proposed Amendments to Business Acquisition Report Requirements](https://baxsecuritieslaw.com/csa-seeks-comment-on-proposed-amendments-to-business-acquisition-report-requirements/) - The Canadian Securities Administrators (CSA) have published for a request for comment to proposed amendments to the business acquisition report (BAR) requirements for reporting issuers that are not venture issuer (e.g. an investment fund). The ninety-day comment period ends December 4, 2019. The proposed amendments...
- [Canadian Securities Administrators Introduce Eight Initiatives to Reduce Regulatory Burden for Investment Funds](https://baxsecuritieslaw.com/canadian-securities-administrators-introduce-eight-initiatives-to-reduce-regulatory-burden-for-investment-funds/) - The Canadian Security Administrators (CSA) have introduced for a ninety-day comment period ending December 11, 2019, eight initiatives (collectively, The Proposed Amendments) that seek to reduce the regulatory burden on investment funds by eliminating duplicate requirements, streamlining regulatory processes, codifying frequently-granted exemptions from certain rules...
- [Ontario Securities Commission Publishes 2019 Annual Report](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-2019-annual-report/) - The Ontario Securities Commission (OSC) has published its 2019 Annual Report (the Annual Report), providing a snapshot of the regulator’s initiatives and actions over the past year. In the Annual Report, the OSC noted that in 2018 -2019: • there were 68,366 registered individuals in...
- [Ontario Securities Commission Introduces Flexible Fee Certification Process for Market Participants](https://baxsecuritieslaw.com/ontario-securities-commission-introduces-flexible-fee-certification-process-for-market-participants/) - The Ontario Securities Commission (OSC) has announced that it is amending the fee rules (the Rules) for the submitting of annual capital market participation fee forms (the Fee Forms) to the OSC to allow market participants great flexibility. All market participants are required on an...
- [BCSC Imposes $1.7 M in Fines, Lifetime Bans for on Three Men, two MICs for Fraud](https://baxsecuritieslaw.com/bcsc-imposes-1-7-m-in-fines-lifetime-bans-for-on-three-men-two-mics-for-fraud/) - A British Columbia Securities Commission (BCSC) panel has imposed a total of CAD $1.7 million in fines and lifetime securities trading bans on three British Columbia men and two Mortgage Investment Corporations (MICs) after finding them guilty of committing fraud. At the time, David Scott...
- [BCSC Issues Guidelines and Expectations for the Electronic Filing of Reports of Exempt Distribution](https://baxsecuritieslaw.com/bcsc-issues-guidelines-and-expectations-for-the-electronic-filing-of-reports-of-exempt-distribution/) - With the publication of BC Instrument 13-502, Electronic filing of Reports of Exempt Distribution (the Instrument) and its Companion Policy, 13-502CP (the Companion Policy), the British Columbia Securities Commission (BCSC) has set forth procedures and expectations for the electronic filing of Reports of Exempt Distribution...
- [CSA Publishes Results of Fifth Staff Review of Disclosure Regarding Women on Boards and in Executive Officer Positions](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-multilateral-staff-notice-58-310-report-on-fourth-staff-review-of-disclosure-regarding-women-on-boards-and-in-executive-officer-positions-2/) - The Canadian Securities Administrators (CSA), along with its participating jurisdictions, have published Multilateral Staff Notice, 58-311, Report on Fifth Staff Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (the Report). In summary, the Report noted these key trends: • 73% of...
- [CSA Publishes Amendments to NI-31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations](https://baxsecuritieslaw.com/csa-publishes-amendments-to-ni-31-103-registration-requirements-exemptions-and-ongoing-registrant-obligations/) - The Canadian Securities Administrators (CSA), along with its participating jurisdictions, have published Amendments to NI-31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations, and to its allied companion policy, CP-31-103 (together, the Amendments). The Amendments once adopted will require registrants to address material conflicts of interest...
- [CSA Publishes Notice and Request for Comment Proposed Amendments to National Instrument 52-108 Auditor Oversight and Proposed Changes to Companion Policy 52-108 Auditor Oversight](https://baxsecuritieslaw.com/csa-publishes-notice-and-request-for-comment-proposed-amendments-to-national-instrument-52-108-auditor-oversight-and-proposed-changes-to-companion-policy-52-108-auditor-oversight/) - The Canadian Securities Administrators (CSA), along with its participating jurisdictions, have published Notice and Request for Comment Proposed Amendments to National Instrument 52-108 Auditor Oversight and Proposed Changes to Companion Policy 52-108 Auditor Oversight (together, the Proposed Amendments), for a comment period ending January 1st,...
- [TSX Venture Exchange Amends Corporate Finance Manual to Reduce Frequency of Filings](https://baxsecuritieslaw.com/tsx-venture-exchange-amends-corporate-finance-manual-to-reduce-frequency-of-filings/) - The TSX Venture Exchange (TSXV) has announced amendments (the Amendments) to its Corporate Finance Manual (the Manual) to reduce the frequency by which directors, officers, promoters, and other insiders (individuals) have to submit a Form 2A (The Personal Information Form or PIF). The Amendments are...
- [British Columbia Government Introduces Major Updates with the Securities Amendment Act, 2019](https://baxsecuritieslaw.com/british-columbia-government-introduces-major-updates-with-the-securities-amendment-act-2019/) - On October 2, 2019, the Government of British Columbia introduced proposed legislation that would provide a sweeping set of updates to existing provincial securities law, Bill 33 – 2019, the Securities Amendment Act, 2019 (the Act.) Once given Royal Assent and enacted into law, the...
- [Ontario Government Completes Review of Business Law, Asks for Recommendations](https://baxsecuritieslaw.com/ontario-government-completes-review-of-business-law-asks-for-recommendations/) - The Government of Ontario’s Ministry of Government and Consumer Services (MGCS) has completed its review of key elements of Ontario business law and is now requesting input from stakeholders. The proposed changes include amendments to the Business Corporations Act (OBCA) and amendments to the Arthur...
- [Canadian Securities Administrators Reviews Automatic Securities Disposition Plans](https://baxsecuritieslaw.com/canadian-securities-administrators-reviews-automatic-securities-disposition-plans/) - The Canadian Securities Administrators (CSA), along with its participating jurisdictions, is conducting a review of Automatic Securities Disposition Plans (ASDPs). ASDPs allow insiders to carry out preplanned sales of securities of an issuer through an arms-length administrator, according to a predetermined set of instructions. The...
- [Ontario Securities Commission Overturns Bitcoin Fund Ruling, Issues Receipt for Final Prospectus](https://baxsecuritieslaw.com/ontario-securities-commission-overturns-bitcoin-fund-ruling-issues-receipt-for-final-prospectus/) - The Ontario Securities Commission (OSC) has overturned a prior OSC ruling and has issued a receipt for the final prospectus of the Bitcoin Fund (the Fund). The Manager of the Fund (3iQ Corp.) announced in October 2018 that the Fund, had filed a non-offering prospectus...
- [Ontario Securities Commission Greenlights Limited-Time Pilot of Security Token](https://baxsecuritieslaw.com/ontario-securities-commission-greenlights-limited-time-pilot-of-security-token/) - The Ontario Securities Commission has granted limited-time approval to TokenGX Inc. (TokenGX or the Company) for the creation of a blockchain-based security token (token). TokenGX sought approval to create its blockchain-based security token trading platform (the Platform) through the OSC’s Launch Pad. The Company is...
- [BCSC Acts Against Two British Columbia Cryptocurrency Exchanges](https://baxsecuritieslaw.com/bcsc-acts-against-two-british-columbia-cryptocurrency-exchanges/) - The British Columbia Securities Commission (BCSC) has acted to protect the investors of one BC-based cryptocurrency exchange while launching an investigation against a second. On October 31, 2019 the counsel representing the Vancouver-based Einstein Exchange (Einstein) had informed the BCSC that its client had planned...
- [Canadian Securities Administrators Issue CSA Staff Notice 51-357, Staff Review of Reporting Issuers in the Cannabis Industry](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-staff-notice-51-357-staff-review-of-reporting-issuers-in-the-cannabis-industry-2/) - The Canadian Securities Administrators (CSA) has completed its review of the disclosure of 70 Canadian Cannabis industry registrants, CSA Staff Notice 51-357, Staff Review of Reporting Issuers in the Cannabis Industry (the Staff Notice). Prior to the Cannabis Act, 2018 (the Act), which permits the...
- [Canadian Securities Administrators Sign Fintech Cooperation Agreement with Monetary Authority of Singapore](https://baxsecuritieslaw.com/canadian-securities-administrators-sign-fintech-cooperation-agreement-with-monetary-authority-of-singapore/) - The Canadian Securities Administrators (CSA) and the participating jurisdictions of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, and Nova Scotia (the Participating Jurisdictions) have signed a cooperation agreement (the Agreement) with the Monetary Authority of Singapore (MAS), which is Singapore’s central bank and...
- [Ontario Securities Commission Publishes 2019 Burden Reduction Update](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-2019-burden-reduction-update/) - The Ontario Securities Commission (OSC) has published a year-end update on its burden reduction efforts for Ontario capital market participants, Reducing Regulatory Burden in Ontario’s Capital Markets, 2019 (the Update). In OSC Staff Notice 11-784, Burden Reduction (the Staff Notice), published in January 2019 and...
- [FINTRAC Updates Methods Used Identifying Individuals and Confirming the  Existence of Corporations or Other Entities](https://baxsecuritieslaw.com/fintrac-updates-methods-used-identifying-individuals-and-confirming-the-existence-of-corporations-or-other-entities/) - Canada’s financial watchdog, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has published updated requirements for the identification of certain individuals or corporations or entities, Methods to Verify the Identity of an Individual and Confirm the Existence of a Corporation or an Entity...
- [Financial Services Regulatory Authority of Ontario Provides Update for Burden Reduction of Syndicated Mortgage Investments](https://baxsecuritieslaw.com/financial-services-regulatory-authority-of-ontario-provides-update-for-burden-reduction-of-syndicated-mortgage-investments/) - The Financial Services Regulatory Authority of Ontario (FSRA) has provided an update for its intentions to provide burden reduction for syndicated mortgage investments. While earlier introducing a new supervisory approach to higher-risk syndicated mortgages marketed to retail investors, the regulator is now introducing amended disclosure...
- [Ontario Securities Commission and Financial Services Regulatory Authority of Ontario Provide Update of Transfer of Syndicated Mortgage Investments](https://baxsecuritieslaw.com/ontario-securities-commission-and-financial-services-regulatory-authority-of-ontario-provide-update-of-transfer-of-syndicated-mortgage-investments/) - The Ontario Securities Commission (OSC) and the Financial Services Regulatory Authority of Ontario (FSRA) have updated the timeline for the handover of responsibility of oversight of syndicated mortgage investments from FSRA to the OSC. The handover which was to occur at the start of 2020...
- [Canadian Securities Administrators Publish CSA Staff Notice 81-332, Next Steps on Proposals to Prohibit Certain Investment Fund Embedded Commissions](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-csa-staff-notice-81-332-next-steps-on-proposals-to-prohibit-certain-investment-fund-embedded-commissions/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"] The Canadian Securities Administrators (CSA) has published CSA Staff Notice 81-332, Next Steps on Proposals to Prohibit Certain Investment Fund Embedded Commissions (the Staff Notice). The document details the regulator’s ongoing plan to prohibit certain classes of embedded...
- [BAX Securities Law Welcomes Neil Mangan as New Associate Lawyer](https://baxsecuritieslaw.com/bax-securities-law-welcomes-neil-mangan-as-new-associate-lawyer/) - Press Release Toronto ON - January 1, 2020 - Barbara Hendrickson, Managing Partner and Founder of BAX Securities Law welcomed securities lawyer Neil Mangan to the company’s team of legal professionals. “We are proud to have Mr. Mangan practice in association with BAX Securities Law,”...
- [Bank of England Governor Mark Carney to Become United Nations Special Envoy on Climate Action and Finance](https://baxsecuritieslaw.com/bank-of-england-governor-mark-carney-to-become-united-nations-special-envoy-on-climate-action-and-finance/) - Mark Carney, OC, Governor of the Bank of England and former Governor of the Bank of Canada, has been appointed by United Nations Secretary-General António Guterres to serve as UN Special Envoy on Climate Action and Finance. Carney’s appointment a UN Special Envoy will commence...
- [What is an Unlimited Liability Corporation (ULC)?](https://baxsecuritieslaw.com/what-is-an-unlimited-liability-corporation-ulc/) - Co-Authored by: Artem Kobzev * This article only deals with US corporations and is not applicable to US individuals An unlimited liability corporation (“ULC”) is a unique corporate structure in which shareholders may incur personal liability for debts and liabilities of the corporation. While this...
- [Canadian Securities Administrators Publish Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-consultation-paper-51-405-consideration-of-an-access-equals-delivery-model-for-non-investment-fund-reporting-issuers/) - The Canadian Securities Administrators (CSA) has published CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (the Consultation Paper). The Consultation Paper seeks opinion from stakeholders regarding the appropriateness of introducing an “access equals delivery model” (the Proposed...
- [Has Sustainable Investing Finally Hit Its Stride?](https://baxsecuritieslaw.com/has-sustainable-investing-finally-hit-its-stride/) - With recent news breaking that Barron’s fourth-annual ranking of big-cap equity funds receiving a “high” or “above average” sustainability rating from Morningstar substantially outperforming those with lower sustainability ratings, you might be forgiven to think sustainable investing has finally hit its stride. And it might...
- [Canadian Securities Administrators Publish Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-staff-notice-21-327-guidance-on-the-application-of-securities-legislation-to-entities-facilitating-the-trading-of-crypto-assets/) - The Canadian Securities Administrators (CSA) published CSA Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets (the Staff Notice) on January 18, 2020. The objective of the Staff Notice is to clarify where securities legislation may...
- [Proposed New US Legislation to Regulate Stablecoins](https://baxsecuritieslaw.com/proposed-new-us-legislation-to-regulate-stablecoins/) - In the U.S., stablecoins may be regulated by two bills recently proposed by members of Congress. The first bill, “Stablecoins are Securities Act of 2019,” aims to classify “managed stablecoins” as securities. The second bill, which is still untitled, could limit directors and executives of...
- [Canadian Securities Administrators Publish CSA Notice 23-325,  Update on Trading Fee Rebate Pilot Study](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-csa-notice-23-325-update-on-trading-fee-rebate-pilot-study/) - The Canadian Securities Administrators (CSA) has published CSA Notice 23-325, Update on Trading Fee Rebate Pilot Study (the Update) on its plans to proceed with the Trading Fee Rebate Pilot Study (the Pilot Study), which would analyze the effects of the prohibition of marketplace trading...
- [Canadian Securities Administrators Issue CSA Multilateral Staff Notice 58-311, Report on Fifth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-csa-multilateral-staff-notice-58-311-report-on-fifth-staff-review-of-disclosure-regarding-women-on-boards-and-in-executive-officer-positions/) - The securities regulators of Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan (the participating jurisdictions) have jointly published CSA Multilateral Staff Notice 58-311 Report on Fifth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions (The Staff Notice). This...
- [Climate-Change Related Disclosure Becomes Hotter Topic in EU and US](https://baxsecuritieslaw.com/climate-change-related-disclosure-becomes-hotter-topic-in-eu-and-us/) - Two recent announcements, one in the United States, and the other in the European Union, provide further evidence that securities regulators are paying closer to attention to climate change disclosure by market participants. A recent address by Jay Clayton, Chairman of the Securities and Exchange...
- [Canadian Securities Administrators Publish Staff Notice 21-326, Order Protection Rule: Market Share Threshold](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-staff-notice-21-326-order-protection-rule-market-share-threshold/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 23-326, Order Protection Rule: Market Share Threshold for the period April 1, 2020 to March 31, 2021 (the Staff Notice and Proposed Rule), for a second notice and comment period ending May 13, 2020. The...
- [Mutual Fund Dealers Association of Canada Proposes New “Purpose Built” Securities Regulator](https://baxsecuritieslaw.com/mutual-fund-dealers-association-of-canada-proposes-new-purpose-built-securities-regulator/) - In its recent MFDA Special Report on Securities Industry Self-Regulation (the Report), The Mutual Fund Dealers Association (MFDA) has proposed the creation of a new securities regulator that if adopted, would replace MFDA. The Report, which explores the self-regulatory organization (SRO) environment in Canada, proposes...
- [Canadian Securities Administrators Adopt Ban on Deferred Sales Charges on Mutual Funds](https://baxsecuritieslaw.com/canadian-securities-administrators-adopt-ban-on-deferred-sales-charges-on-mutual-funds/) - The Canadian Securities Administrators (CSA) have adopted a ban on deferred sales charges (the DSC Option) on mutual funds. Specifically, the ban will prohibit the payment by fund organizations of upfront sales commissions to dealers, which will result in the discontinuation of all forms of...
- [Canadian Securities Administrators Propose New National Harmonized Crowdfunding Rules](https://baxsecuritieslaw.com/canadian-securities-administrators-propose-new-national-harmonized-crowdfunding-rules/) - The Canadian Securities Administrators (CSA) have published Proposed National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions (the Proposed National Instrument), for a 90-day comment period ending May 27, 2020. The Proposed National Instrument would replace and further harmonize the crowdfunding requirements currently in effect in...
- [Regulators Batten Down the Financial Hatches as Coronavirus Impacts Markets](https://baxsecuritieslaw.com/regulators-batten-down-the-financial-hatches-as-coronavirus-impacts-markets/) - As the COVID-19 coronavirus spreads across the globe, investor uncertainty over the economic impact of the coronavirus is increasingly reflected in the markets. Financial regulators have begun to take note and react. Early in March, in the United States, the Securities and Exchange Commission (SEC)...
- [Ontario Securities Commission Publishes Proposed Rule on Deferred Sales Charges on Mutual Funds for Comment](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-proposed-rule-on-deferred-sales-charges-on-mutual-funds-for-comment/) - The Ontario Securities Commission (OSC) has published for comment Proposed Ontario Securities Rule 81-502, Restrictions on the use of the Deferred Sales Charge Option for Mutual Funds (The Proposed Rule) restricting the use of deferred sales charges (the DSC Option) on mutual funds, for a...
- [Canadian Securities Administrators Publish CSA Staff Notice 21-328  Regulatory Approach to Foreign Marketplaces Trading Fixed Income Securities](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-csa-staff-notice-21-328-regulatory-approach-to-foreign-marketplaces-trading-fixed-income-securities/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 21-328 Regulatory Approach to Foreign Marketplaces Trading Fixed Income Securities(the Staff Notice). The Staff Notice discusses the framework developed by the CSA that will grant exemptions to foreign alternative trading systems trading fixed income securities...
- [Canadian Securities Administrators Adopt Harmonized Pre-File Review of Prospectus](https://baxsecuritieslaw.com/canadian-securities-administrators-adopt-harmonized-pre-file-review-of-prospectus/) - The Canadian Securities Administrators (CSA) have issued CSA Staff Notice 43-310 Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) (the Staff Notice). The Staff Notice expands the availability of confidential pre-file reviews that some CSA jurisdictions are already conducting. Pre-file review (the pre-file process)...
- [Canadian securities regulators provide update on COVID-19 and potential filing delays by reporting issuers](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-update-on-covid-19-and-potential-filing-delays-by-reporting-issuers/) - On March 16, 2020 the Canadian Securities Administrators (CSA) issued a press release which encourages reporting issuers to contact their principal regulator to discuss any potential effect of the current COVID-19 outbreak on their ability to comply with their obligations under securities legislation, including filing deadlines...
- [Canadian securities regulators propose changes to tackle financial exploitation and diminished mental capacity of older and vulnerable clients](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-changes-to-tackle-financial-exploitation-and-diminished-mental-capacity-of-older-and-vulnerable-clients/) - The Canadian Securities Administrators (CSA) published for comment on March 5, 2020 proposed amendments designed outline how registrants can address situations involving diminished mental capacity or the potential financial exploitation of vulnerable clients. Under the proposed amendments, registrants will be required to take reasonable steps...
- [Canadian securities regulators to provide blanket relief for market participants due to COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-to-provide-blanket-relief-for-market-participants-due-to-covid-19/) - The Canadian Securities Administrators (CSA) announced on March 18, 2020 will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020 in light of recent COVID-19 developments and their impact on market participants, The blanket relief will provide...
- [Canadian securities regulators warn public of coronavirus-related investment scams and the OSC reports on reduction of services due to COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-warn-public-of-coronavirus-related-investment-scams-and-the-osc-reports-on-reduction-of-services-due-to-covid-19/) - The Canadian Securities Administrators (CSA) published a notice on March 19, 2020 warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection. According to the notice fraudsters taking advantage of the current situation to attract potential...
- [Canadian securities regulators publish blanket relief for market participants due to COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-blanket-relief-for-market-participants-due-to-covid-19/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"] Further to its announcement on March 18, the Canadian Securities Administrators (CSA) announced on March 23, 2020 a temporary blanket relief for market participants from certain regulatory filings, as a result of COVID-19. The blanket relief provides a 45-day extension...
- [TSX Venture Exchange Extends Deadlines for AGM and Stock Option Plan Approval](https://baxsecuritieslaw.com/tsx-venture-exchange-extends-deadlines-for-agm-and-stock-option-plan-approval/) - TSX Venture Exchange (the “Exchange”) on March 23, 2020 has announced temporary blanket relief (the “Temporary Relief”) from certain provisions of the Exchange’s Corporate Finance Manual (the “Manual”) as described in more detail below. The Exchange is extending the timeframe within which Issuers must hold...
- [Mutual Fund Dealers Association of Canada Publishes for Comment Amendments to MFDA Continuing Education Process](https://baxsecuritieslaw.com/mutual-fund-dealers-association-of-canada-publishes-for-comment-amendments-to-mfda-continuing-education-process/) - The Mutual Fund Dealers Association of Canada (MFDA) is publishing for a 135 -day comment period proposed amendments to MFDA Policy No. 9 Continuing Education (CE) Requirements (The Amendments). The comment period ends August 10, 2020. The Amendments intend to establish the MFDA’s CE accreditation...
- [British Columbia Government Declares Capital Markets an Essential Service](https://baxsecuritieslaw.com/british-columbia-government-declares-capital-markets-an-essential-service/) - The British Columbia government has declared the capital markets and its regulator, the British Columbia Securities Commission (BCSC), as essential services during the COVID-19 pandemic. In addition to the BCSC, the province has specifically identified the following as part of the capital markets: self-regulatory organizationsexchangesclearing...
- [Canadian Securities Administrators Adopt CSA Multilateral Notice 24-317, Notice of Relief from Certain Filing Provisions under National Instrument 24-101 Institutional Trade Matching and Settlement](https://baxsecuritieslaw.com/canadian-securities-administrators-adopt-csa-multilateral-notice-24-317-notice-of-relief-from-certain-filing-provisions-under-national-instrument-24-101-institutional-trade-matching-and-settlement/) - The Participating Jurisdictions of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Nunavut, the Northwest Territories, and Yukon (the Participating Jurisdictions) of the Canadian Securities Administrators (CSA) have adopted CSA Staff Notice 24-317, Notice of Relief from...
- [TSX Venture Exchange Extends Deadline for Payment of Sustaining Fees](https://baxsecuritieslaw.com/tsx-venture-exchange-extends-deadline-for-payment-of-sustaining-fees/) - The TSX Venture Exchange (the “Exchange”) is extending the deadline by which Issuers must pay their 2020 annual sustaining fees from March 31, 2020 to May 31, 2020. This is the latest move by the Exchange in response to the COVID-19 pandemic. To provide additional...
- [BAX Securities Law’s Barbara Hendrickson Quoted in Law Times Article on New Crowdfunding Proposals](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-quoted-in-law-times-article-on-new-crowdfunding-proposals/) - Barbara Hendrickson, of BAX Securities Law, was prominently quoted in a recent article in the Law Times. The article, “CSA’s equity crowdfunding proposals unlikely to draw more investors: securities lawyers”, by staff writer Luis Mullan, discusses the recent Canadian Securities Administrators (CSA) equity crowdfunding proposals....
- [Ontario Government Issues Emergency Order Regarding Meeting Flexibility](https://baxsecuritieslaw.com/ontario-government-issues-emergency-order-regarding-meeting-flexibility/) - In light of the COVID-19 pandemic, the Government of Ontario has acted to support business corporations, not-for-profit corporations, insurers, and share capital social clubs by issuing an Emergency Order (the Emergency Order) to provide flexibility for corporate meetings. The Emergency Order is in effect province-wide...
- [Canadian Securities Administrators Publish CSA Staff Notice 51-360 Frequently asked Questions Regarding Filing Extension Relief Granted by Way of a Blanket Order in Response to COVID-19](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-csa-staff-notice-51-360-frequently-asked-questions-regarding-filing-extension-relief-granted-by-way-of-a-blanket-order-in-response-to-covid-19/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 51-360 Frequently asked Questions Regarding Filing Extension Relief Granted by Way of a Blanket Order in Response to COVID-19 (the Staff Notice). The Staff Notice contains CSA staff’s views on frequently asked questions (FAQs) about...
- [TSX announces temporary relief of $0.05 Minimum Pricing Requirement](https://baxsecuritieslaw.com/tsx-announces-temporary-relief-of-0-05-minimum-pricing-requirement/) - TSX Venture Exchange (the “Exchange”) announced on April 8, 2020 that it is providing notice of further measures in response to the COVID-19 pandemic. Given the current extraordinary ongoing situation, the Exchange will provide temporary relief (the “Temporary Relief”) from certain requirements of the Exchange’s...
- [Joint statement by Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada on recent volatility in Canadian equity markets](https://baxsecuritieslaw.com/joint-statement-by-canadian-securities-administrators-and-investment-industry-regulatory-organization-of-canada-on-recent-volatility-in-canadian-equity-markets/) - The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) issued a joint statement on April 9th, 2020. According to the statement, IIROC’s market monitoring and surveillance functions remain robust, secure and resilient and that over the past several weeks, IIROC...
- [Canadian securities administrators provide update on syndicated mortgage regime](https://baxsecuritieslaw.com/canadian-securities-administrators-provide-update-on-syndicated-mortgage-regime/) - The Canadian Securities Administrators (CSA) on April 16, 2020 announced that it is adjusting the timeline to implement changes that will harmonize the regulation of syndicated mortgages across Canada. In December 2019, the CSA published an update on its next steps related to syndicated mortgages, including an...
- [Canadian securities regulators temporarily increase short-term borrowing limits for mutual funds investing in fixed income](https://baxsecuritieslaw.com/canadian-securities-regulators-temporarily-increase-short-term-borrowing-limits-for-mutual-funds-investing-in-fixed-income/) - The Canadian Securities Administrators (CSA) announced on April 17, 2020 temporary blanket relief that permits mutual funds to engage in additional short-term borrowing from April 17, 2020 to July 31, 2020. The conditional temporary relief is available to any mutual fund in Canada that invests a portion...
- [CSA Notice 31-357 Blanket Orders/Class Orders in respect of Certain Client Focused Reforms Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations](https://baxsecuritieslaw.com/csa-notice-31-357-blanket-orders-class-orders-in-respect-of-certain-client-focused-reforms-provisions-of-national-instrument-31-103-registration-requirements-exemptions-and-ongoing-registrant-obligat/) - On April 16, 2020, the Canadian Securities Administrators (the CSA) published CSA Notice 31-357 which will allow more time for registered firms and individuals (registrants) to implement certain provisions of the Client Focused Reforms (CFRs). All members of the CSA have issued parallel orders extending...
- [CSA Staff Notice 51-360 (Updated) Frequently asked questions regarding filing extension relief granted by way of a blanket order in response to COVID-19](https://baxsecuritieslaw.com/csa-staff-notice-51-360-updated-frequently-asked-questions-regarding-filing-extension-relief-granted-by-way-of-a-blanket-order-in-response-to-covid-19/) - On April 16, 2020 the Canadian Securities Administrators (CSA) published an update to CSA Staff Notice 51-360 “Frequently asked questions regarding filing extension relief granted by way of a blanket order in response to COVID-19” (CSA Staff Notice) which was first published on April 3,...
- [OSC temporarily waives all late fees for market participants](https://baxsecuritieslaw.com/osc-temporarily-waives-all-late-fees-for-market-participants/) - The Ontario Securities Commission (OSC) has provided temporary relief to market participants by waiving all late fees that accumulate between April 17, 2020 and June 1, 2020. This is estimated to result in over $300,000 of relief to issuers, registrants and insiders during the relief period. Recently, blanket...
- [Canadian Bar Association submission on CSA Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Reporting Issuers](https://baxsecuritieslaw.com/canadian-bar-association-submission-on-csa-consultation-paper-51-405-consideration-of-an-access-equals-delivery-model-for-reporting-issuers/) - On January 9, 2019 the Canadian Securities Administrator (CSA) including the Ontario Securities Commission (OSC) published a consultation paper ‘Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers’ (the Consultation Paper) to provide a forum for discussion on the appropriateness of an access...
- [CSA Staff Notice 51-360 (Updated) Frequently asked questions regarding filing extension relief granted by way of a blanket order in response to COVID-19](https://baxsecuritieslaw.com/csa-staff-notice-51-360-updated-frequently-asked-questions-regarding-filing-extension-relief-granted-by-way-of-a-blanket-order-in-response-to-covid-19-2/) - On May 1st, 2020 the Canadian Securities Administrators (“CSA”) published an update to the CSA staff’s views on frequently asked questions (FAQs) about the exemptions from certain corporate finance requirements provided by the CSA that apply to reporting issuers and other issuers that are not...
- [Canadian securities regulators provide temporary relief to public companies with delayed annual meetings due to COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-temporary-relief-to-public-companies-with-delayed-annual-meetings-due-to-covid-19/) - The Canadian Securities Administrators (CSA) announced on May 1, 2020 it is providing public companies with temporary blanket relief from certain filing and delivery requirements, which are generally tied to the sending of materials for annual general meetings (AGMs) of public companies. Ontario Instrument 51-504 ‘Temporary Exemptions...
- [Temporary relief from certain regulatory filings available to investment funds and non-investment fund issuers due to COVID-19](https://baxsecuritieslaw.com/temporary-relief-from-certain-regulatory-filings-available-to-investment-funds-and-non-investment-fund-issuers-due-to-covid-19/) - Toronto – The Canadian Securities Administrators (CSA) published on May 20, 2020 blanket orders that provide investment funds and non-investment fund issuers with temporary relief from certain regulatory filings and delivery obligations, as a result of the COVID-19 pandemic. The conditions of the relief are substantially the same...
- [CSA Staff Notice 51-360 (Updated) Frequently asked questions regarding filing extension relief granted by way of a blanket order in response to COVID-19](https://baxsecuritieslaw.com/csa-staff-notice-51-360-updated-frequently-asked-questions-regarding-filing-extension-relief-granted-by-way-of-a-blanket-order-in-response-to-covid-19-3/) - First Published April 3, 2020; Updated April 16, 2020, May 1, 2020 and May 13, 2020 On May 13, 2020 the Canadian Securities Administrators (“CSA”) published an update to the CSA staff’s views on frequently asked questions (FAQs) about the exemptions from certain corporate finance...
- [Canadian Securities Administrators Implement Mandatory Debt Market Transparency](https://baxsecuritieslaw.com/canadian-securities-administrators-implement-mandatory-debt-market-transparency/) - The Canadian Securities Administrators (CSA) recently finalized and expanded the mandatory transparency requirements (the transparency requirements) regarding for government debt securities and corporate debt securities. These changes amend National Instrument 21-101 Marketplace Operation and its related Companion Policy (together, NI -21-101). With these changes, information...
- [OSC continues to temporarily waive late fees for market participants due to COVID-19](https://baxsecuritieslaw.com/osc-continues-to-temporarily-waive-late-fees-for-market-participants-due-to-covid-19/) - The Ontario Securities Commission (OSC) announced on May 29, 2020 that it will continue to temporarily waive late fees for market participants impacted by the COVID-19 pandemic. The extensions build on the temporary relief the on April 17, 2020. Late fees will be waived for...
- [Canadian securities regulators reinforce disclosure expectations for mining issuers’ mineral resource estimates](https://baxsecuritieslaw.com/canadian-securities-regulators-reinforce-disclosure-expectations-for-mining-issuers-mineral-resource-estimates/) - On June 4, 2020, the Canadian Securities Administrators (CSA) released a notice that summarizes the results of a review on the mineral resource estimates disclosed in mining issuers’ technical reports under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The notice explains how regulators assess...
- [Canadian securities regulators remind issuers of importance of disclosure in financial reporting](https://baxsecuritieslaw.com/canadian-securities-regulators-remind-issuers-of-importance-of-disclosure-in-financial-reporting/) - The Canadian Securities Administrators (CSA) released a notice on May 29, 2020 reminding reporting issuers of the importance of disclosing high quality financial information to investors. The CSA encourages issuers to visit the CSA COVID-19 Information Hub for further guidance and information, including COVID-19: Continuous Disclosure Obligations and...
- [Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19](https://baxsecuritieslaw.com/temporary-relief-from-certain-regulatory-filings-available-to-registrants-and-unregistered-capital-markets-participants-due-to-covid-19/) - The securities regulatory authorities in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) published on May 29, 2020 temporary blanket relief for registrants and unregistered capital markets participants from certain financial...
- [Canadian securities regulators streamline at-the-market distribution regime](https://baxsecuritieslaw.com/canadian-securities-regulators-streamline-at-the-market-distribution-regime/) - The Canadian Securities Administrators published on June 4, 2020 final amendments that streamline at-the-market (ATM) distributions in Canada, and reduce regulatory burden for issuers, exchanges and investment dealers. ATM distributions will now be available to issuers without having to incur the time and cost of applying for...
- [Canadian securities regulators make it easier for portfolio managers to use client relationship management specialists](https://baxsecuritieslaw.com/canadian-securities-regulators-make-it-easier-for-portfolio-managers-to-use-client-relationship-management-specialists/) - On June 10, 2010 the Canadian Securities Administrators (CSA) announced steps to facilitate portfolio managers’ use of client relationship management specialists. These actions aim to better align the CSA’s assessment of relevant investment management experience with portfolio managers’ evolving business models. Many portfolio managers now...
- [IIROC calls for consolidation of self-regulators](https://baxsecuritieslaw.com/iiroc-calls-for-consolidation-of-self-regulators/) - On June 9, 2020 the Investment Industry Regulatory Organization of Canada (IIROC) released its proposal, "Improving Self-Regulation for Canadians", outlining the benefits of bringing together IIROC and the Mutual Fund Dealers Association of Canada (MFDA) as divisions of a consolidated self-regulatory organization (SRO). In the...
- [CSA Fiscal Year 2019/20 Enforcement Report](https://baxsecuritieslaw.com/csa-fiscal-year-2019-20-enforcement-report/) - On June 23, 2020, the Canadian Securities Administrators (CSA) released its fiscal year 2019/20 Enforcement Report which outlines how securities regulators are protecting investors and the integrity of Canada’s capital markets. Highlights from the fiscal year 2019/20 Enforcement Report include: 66 Investor Alerts were issued to...
- [OSC publishes investigative report of QuadrigaCX](https://baxsecuritieslaw.com/osc-publishes-investigative-report-of-quadrigacx/) - On June 11, 2020 the Ontario Securities Commission (OSC) published report on a review conducted OSC Staff, of the crypto asset trading platform QuadrigaCX (Quadriga). The collapse of Quadriga in 2019 caused massive losses for 76,000 investors from Canada and around the world, who collectively...
- [Canadian securities regulators release interim report on the CSA 2019-2022 Business Plan](https://baxsecuritieslaw.com/canadian-securities-regulators-release-interim-report-on-the-csa-2019-2022-business-plan/) - The Canadian Securities Administrators (CSA) on June 30, 20 released an interim progress reports on initiatives published in its CSA 2019-2022 Business Plan, which sets out the priorities of its members over the course of the next three-year period. The progress report provides an update...
- [CSA Consultation Paper 25-402: Consultation on the Self-Regulatory Organization Framework](https://baxsecuritieslaw.com/csa-consultation-paper-25-402-consultation-on-the-self-regulatory-organization-framework/) - Read the article here.
- [Canadian securities regulators introduce guidance for flexible chief compliance officer arrangements for businesses](https://baxsecuritieslaw.com/canadian-securities-regulators-introduce-guidance-for-flexible-chief-compliance-officer-arrangements-for-businesses/) - July 2, 2020 staff of the Canadian Securities Administrators (CSA) issued a notice (Notice) setting out guidance regarding the registration requirements for chief compliance officers (CCOs) under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) for certain Chief Compliance Officer models....
- [Canadian Securities Administrators Publish IIROC Oversight Report](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-iiroc-oversight-report/) - The Canadian Securities Administrators (CSA) recently published their Oversight Report (the Report) regarding the Investment Industry Regulatory Organization of Canada (IIROC). The report, written by CSA staff, looks at whether IIROC has complied with the terms and conditions of its Recognition Orders, and whether specific...
- [Canadian Securities Administrators Publish Final Amendments to Syndicated Mortgage Regime](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-final-amendments-to-syndicated-mortgage-regime/) - The Canadian Securities Administrators (CSA) recently published final amendments that substantially harmonize the regulatory framework for syndicated mortgages in Canada. These final amendments will: remove the prospectus and registration exemptions that currently apply to syndicated mortgages in certain jurisdictions to substantially harmonize the regulatory framework...
- [The CSA grant relief to Wealthsimple Digital Assets Inc. to operate a Crypto Asset Platform](https://baxsecuritieslaw.com/the-csa-grant-relief-to-wealthsimple-digital-assets-inc-to-operate-a-crypto-asset-platform/) - On August 7, 2020 the Canadian Securities Administrators (CSA) granted relief to Wealthsimple Digital Assets Inc. (Wealthsimple) from certain registrant obligations, prospectus requirement and trade reporting requirements and suitability requirements to allow Wealthsimple to distribute Crypto Contracts Rights (as defined below) and operate a platform...
- [Ontario introduces interim registration and prospectus exemptions to facilitate start-up securities crowdfunding](https://baxsecuritieslaw.com/ontario-introduces-interim-registration-and-prospectus-exemptions-to-facilitate-start-up-securities-crowdfunding/) - The Canadian Securities Administrators (CSA) announced on July 30, 2020 that in light of COVID-19 and the challenges it presents to small businesses seeking to raise capital, the Ontario Securities Commission (OSC) made an interim local order that adopts the start-up crowdfunding regime currently in...
- [BAX Securities Law’s Barbara Hendrickson Quoted in the CBA National Magazine on the Ontario Capital Markets Modernization Taskforce](https://baxsecuritieslaw.com/bax-securities-laws-barbara-hendrickson-quoted-in-the-cba-national-magazine-on-the-ontario-capital-markets-modernization-taskforce/) - Barbara Hendrickson, of BAX Securities Law, was prominently quoted in a recent article in the Canadian Bar Association National Magazine. The article, “Going it Alone” by staff writer Doug Beazley, discusses the recent consultation report of the Ontario Capital Markets Modernization Taskforce published in July...
- [Notice of General Order – Ontario Instrument 45-505 Relief in respect of the Distribution of Securities through a Funding Portal Operated by Silver Maple Ventures Inc.](https://baxsecuritieslaw.com/notice-of-general-order-ontario-instrument-45-505-relief-in-respect-of-the-distribution-of-securities-through-a-funding-portal-operated-by-silver-maple-ventures-inc/) - The Ontario Securities Commission (OSC) recently published Ontario Instrument 45-505 Relief in respect of the Distribution of Securities through a Funding Portal Operated by Silver Maple Ventures Inc. The OSC is providing issuers with relief from the requirement to file a prospectus in respect of...
- [Barbara Hendrickson to serve on OBA Council for 2020-2021 term](https://baxsecuritieslaw.com/barbara-hendrickson-to-serve-on-oba-council-for-2020-2021-term/) - BAX Securities Law is pleased to announce that Barbara Hendrickson has been appointed to serve on the Ontario Bar Association’s Council for the 2020-2021 year. The role of Council is to communicate with their constituents and share information about the OBA’s activities and initiatives. Throughout their...
- [CSA Notice of Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Changes to Certain Policies Related to the Business Acquisition Report Requirements](https://baxsecuritieslaw.com/csa-notice-of-amendments-to-national-instrument-51-102-continuous-disclosure-obligations-and-changes-to-certain-policies-related-to-the-business-acquisition-report-requirements/) - The Canadian Securities Administrators (CSA) on August 20, 2020 announced amendments and changes to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) (Amendments). The Amendments which are expect to be effective on November 18, 2020 are being made to the business acquisition report requirements. A...
- [CSA Notice of Amendments to NI 45-106, NI 31- 103, 45-106CP  and 31-103CP relating to Syndicated Mortgages](https://baxsecuritieslaw.com/csa-notice-of-amendments-to-ni-45-106-ni-31-103-45-106cp-and-31-103cp-relating-to-syndicated-mortgages/) - The Ontario Securities Commission (OSC) recently published that an email was sent to stakeholders who the OSC identified as likely being impacted by the transfer of regulatory oversight of certain syndicated mortgage investment (SMI) activity to the OSC. The OSC posted the e-mail that was...
- [SEC Modernizes the Accredited Investor Definition](https://baxsecuritieslaw.com/sec-modernizes-the-accredited-investor-definition/) - The U.S. Securities and Exchange Commission (SEC) announced on August 26, 2020 that it was adopting amendments to the “accredited investor” definition, one of the principal tests for determining who is eligible to participate in private capital markets. The amendments allow investors to qualify as...
- [Canadian Securities Administrators Postpone Issuing Annual Report of Women on Boards and in Executive Positions](https://baxsecuritieslaw.com/canadian-securities-administrators-postpone-issuing-annual-report-of-women-on-boards-and-in-executive-positions/) - The securities regulators of Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan (the participating jurisdictions) have jointly announced they are postponing the publication CSA Multilateral Staff Notice 58-311 Report on Fifth Staff Review of Disclosure regarding Women on Boards and in Executive Officer...
- [CSA Notice of Amendments to NI 81-105 Prohibition of Mutual Fund Trailing Commissions Where No Suitability Determination Was Required](https://baxsecuritieslaw.com/csa-notice-of-amendments-to-ni-81-105-prohibition-of-mutual-fund-trailing-commissions-where-no-suitability-determination-was-required/) - On September 17, 2020 the Canadian Securities Administrators (CSA) published a notice (Notice) that the CSA are adopting amendments (Amendments) to National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105), changes to Companion Policy 81-105CP Mutual Fund Sales Practices (81-105CP) and related consequential amendments to...
- [CSA Staff Notice 81-333 Guidance on Effective Liquidity Risk Management for Investment Funds](https://baxsecuritieslaw.com/csa-staff-notice-81-333-guidance-on-effective-liquidity-risk-management-for-investment-funds/) - The Canadian Securities Administrators (CSA) published on September 18, 2020 in a notice (Notice) guidance to help investment fund managers develop and maintain effective liquidity risk management frameworks for investment funds. The Notice states that liquidity risk is the risk that a fund is unable to...
- [45-106 - CSA Notice and Request for Comment: Proposed Amendments to NI 45-106 and 45-106CP Relating to the Offering Memorandum Prospectus Exemption](https://baxsecuritieslaw.com/45-106-csa-notice-and-request-for-comment-proposed-amendments-to-ni-45-106-and-45-106cp-relating-to-the-offering-memorandum-prospectus-exemption/) - The Canadian Securities Administrators (CSA) published a notice on September 17, 2020 for comment proposed changes to the offering memorandum prospectus exemption. The changes are reflected in proposed amendments to National Instrument 45-106 Prospectus Exemptions (NI 45-106), as well as proposed changes to Companion Policy 45-106CP Prospectus Exemptions (proposed...
- [TSX BULLETIN Re: Temporary Relief of $0.05 Minimum Pricing Requirement - Extension](https://baxsecuritieslaw.com/tsx-bulletin-re-temporary-relief-of-0-05-minimum-pricing-requirement-extension/) - On September 16, 2020 the TSX Venture Exchange (the “Exchange”) issued a bulletin on minimum pricing requirements. The Exchange had previously issued a bulletin (the “April 8, 2020 Bulletin”) providing notice that in response to the COVID-19 pandemic, the Exchange would provide temporary relief (the...
- [New Trends in OSC Enforcement](https://baxsecuritieslaw.com/new-trends-in-osc-enforcement/) - On October 8, 2020 Barbara Hendrickson gave a Zoom presentation to the Toronto Business Lawyers Association on recent enforcement initiatives by the Ontario Securities Commission against participants in the securities markets. The presentation discusses recent changes in securities laws and enforcement actions by the OSC...
- [Barbara Hendrickson on ReferToHer List](https://baxsecuritieslaw.com/barbara-hendrickson-on-refertoher-list/) - Barbara Hendrickson, the managing partner and founder of BAX Securities Law, has been placed on the ReferToHer list as an expert in the Securities & Capital Markets area. ReferToHer was launched in June 2019, as a directory of experienced women lawyers in Canada. (see: https://refertoher.com)...
- [OSC Publishes Charter for Innovation Office](https://baxsecuritieslaw.com/osc-publishes-charter-for-innovation-office/) - On October 29, 2020, the Ontario Securities Commission (OSC) announced that it has created a new branch - the Office of Economic Growth & Innovation (Innovation Office), which is “focused on supporting economic growth and innovation in Ontario’s capital markets.” and a Charter “to build a...
- [Canadian Securities Regulators Provide Guidance To Issuers On Reporting Impact Of COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-guidance-to-issuers-on-reporting-impact-of-covid-19/) - The Canadian Securities Administrators (CSA) on October 29, 2020 published its biennial report on its continuous disclosure review program (Report). The CSA’s continuous disclosure review program assesses the compliance of issuers’ continuous disclosure documents with securities law and aims to help improve the completeness, quality...
- [OSC, ASC and AMF invite businesses to participate in cross-border testing](https://baxsecuritieslaw.com/osc-asc-and-amf-invite-businesses-to-participate-in-cross-border-testing/) - On October 29, 2020 the Ontario Securities Commission (OSC), Alberta Securities Commission (ASC) and Autorité des marchés financiers (AMF) announced that they are inviting businesses in their respective markets to apply to test innovative products, services and business models across international borders. The initiative allows eligible...
- [Barbara Hendrickson joins the British Columbia Securities Commission Fintech Advisory Forum](https://baxsecuritieslaw.com/barbara-hendrickson-joins-the-british-columbia-securities-commission-fintech-advisory-forum/) - BAX Securities Law is pleased to announce that Barbara Hendrickson has been appointed to BCSC Fintech Advisory Forum for a two year term. The Forum is made up of financial technology (fintech) industry professionals and experts. The Forum advises BCSC staff on fintech trends and...
- [Canadian securities regulators provide guidance to issuers on reporting impact of COVID-19](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-guidance-to-issuers-on-reporting-impact-of-covid-19-2/) - On November 18, 2020 the Canadian Securities Administrators (CSA) published its biennial report (CSA Multilateral Staff Notice 51-361 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2020 and March 31, 2019) on its continuous disclosure review program including guidance on reporting...
- [Alberta And Saskatchewan Securities Regulators Seek Comment On Proposed New Exemption Designed To Facilitate Access To Capital](https://baxsecuritieslaw.com/alberta-and-saskatchewan-securities-regulators-seek-comment-on-proposed-new-exemption-designed-to-facilitate-access-to-capital/) - On November 20, 2020, of the Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) announced a proposed new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and...
- [OSC awards over half a million to three whistleblowers](https://baxsecuritieslaw.com/osc-awards-over-half-a-million-to-three-whistleblowers/) - The Ontario Securities Commission (OSC) announced on November 17, 2020 that it has awarded a total of CAD $585,000 to three whistleblowers, each of whom provided timely, specific and credible information that helped advance enforcement action resulting in monetary payments to the OSC. According to...
- [Canadian securities regulators outline recent developments on interest rate benchmarks](https://baxsecuritieslaw.com/canadian-securities-regulators-outline-recent-developments-on-interest-rate-benchmarks/) - On November 26, 2020, the Canadian Securities Administrators (CSA) published a staff notice on recent developments regarding interest rate benchmarks (Notice). According to the Notice, Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator of Canadian Dollar Offered Rate (CDOR), announced on November 12, 2020 that...
- [Climate Change Legislation](https://baxsecuritieslaw.com/climate-change-legislation/) - On 19 November 2020, the Minister of Environment and Climate Change (Minister) introduced Bill C-12 An Act respecting transparency and accountability in Canada's efforts to achieve net-zero greenhouse gas emissions by the year 2050 (Canadian Net-Zero Emissions Accountability Act), in the House of Commons and...
- [Barbara Hendrickson Joins the Women’s Law Association of Ontario’s Advisory Council](https://baxsecuritieslaw.com/barbara-hendrickson-joins-the-womens-law-association-of-ontarios-advisory-council/) - BAX Securities Law is pleased to announce that Barbara Hendrickson, its founder and managing partner has been invited to join to the Women’s Law Association of Ontario’s Advisory Council. The Council is made up to past presidents, past board members and long serving members. The Women’s...
- [CSA Consultation Paper 25-403: Activist Short Selling](https://baxsecuritieslaw.com/csa-consultation-paper-25-403-activist-short-selling/) - On December 3, 2020 the Canadian Securities Administrators (CSA) published a consultation paper ( Consultation Paper) is to facilitate discussion of concerns relating to activist short selling and its potential impact on Canadian capital markets. The Consultation Paper summarizes stakeholder concerns about activist short selling,...
- [Bank of Canada and OSFI announce Climate Change Risk Scenarios Pilot Project](https://baxsecuritieslaw.com/bank-of-canada-and-osfi-announce-climate-change-risk-scenarios-pilot-project/) - On November 16, 2020 the Bank of Canada (Bank) and the Office of the Superintendent of Financial Institutions (OSFI) today announced plans for a pilot project to use climate-change scenarios to better understand the risks to the financial system related to a transition to a...
- [The TSXV announces Changes to Re: Policy 2.4 - Capital Pool Companies](https://baxsecuritieslaw.com/the-tsxv-announces-changes-to-re-policy-2-4-capital-pool-companies/) - On December 1, 2020, the TSX Venture Exchange (the “TSXV”) announced changes to its Capital Pool Company (“CPC”) program found in Policy 2.4 Capital Pool Companies which according to the press release accounted for almost 50% of new TSXV listings over the past 10 years....
- [Canadian securities regulators publish guidance on automatic securities disposition plans](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-guidance-on-automatic-securities-disposition-plans/) - On December 10, 2020, the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC) announced that it was publishing guidance for issuers and insiders on the establishment, use and disclosure of automatic securities disposition plans (ASDPs). ASDPs enable insiders to make preplanned sales of...
- [OSC, ASC, AMF and BCSC invite businesses to participate in cross-border testing of innovative products](https://baxsecuritieslaw.com/osc-asc-amf-and-bcsc-invite-businesses-to-participate-in-cross-border-testing-of-innovative-products/) - On December 9, 2020, and British Columbia Securities Commission (BCSC) joined the Ontario Securities Commission (OSC), Alberta Securities Commission (ASC), and the Autorité des marchés financiers (AMF) inviting businesses to apply to test innovative products, services and business models across international borders. According to the release,...
- [OSC proposes elimination of routine exemptive relief applications for international firms](https://baxsecuritieslaw.com/osc-proposes-elimination-of-routine-exemptive-relief-applications-for-international-firms/) - On December 1, 2020 the Ontario Securities Commission (OSC) announced a proposal that would reduce the regulatory burden for international dealers and advisers that provide trading or advisory services to institutional investors in Ontario. The proposal would eliminate the need for these firms to file routine...
- [BCSC gaining greater insight on fintech through new stakeholder forum](https://baxsecuritieslaw.com/bcsc-gaining-greater-insight-on-fintech-through-new-stakeholder-forum/) - The British Columbia Securities Commission (BCSC) announced that the first meeting of its Fintech Advisory Forum, was held on November 24, 2020. The Forum advises BCSC staff on trends and development in the fintech space, as well as the unique situations faced by innovative businesses in...
- [You're Invited! - Selling Your Law Firm (February 11, 2021)](https://baxsecuritieslaw.com/youre-invited-selling-your-law-firm-february-11-2021/) - Vitaly Timokhov of Tax Chambers and Barbara Hendrickson of BAX Securities Law will walk you through issues to be considered in selling your law firm from valuation to through negotiation of the sale including: Opportunities for small and mid-size law firmsValuation of the practiceDo you...
- [Ontario Capital Markets Modernization Taskforce Recommended Changes To The Definition Of Accredited Investor For Reporting Issuers](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommended-changes-to-the-definition-of-accredited-investor-for-reporting-issuers/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommended Changes To Financial Reporting Disclosure](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommended-changes-to-financial-reporting-disclosure/) - Introduction On January 22, 2021 the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommended Changes To Dealer Registration Requirements](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommended-changes-to-dealer-registration-requirements/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Alternative Offering Model For Reporting Issuers](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-alternative-offering-model-for-reporting-issuers/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends New “Finder” Category Of Registration](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-new-finder-category-of-registration/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends New Investment Professional Category Of Accredited Investors](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-new-investment-professional-category-of-accredited-investors/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Changes To Offering Memorandum Exemption](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-changes-to-offering-memorandum-exemption/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Changes To Liability For Misrepresentations In An Offering Memorandum](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-changes-to-liability-for-misrepresentations-in-an-offering-memorandum/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Enhanced Environmental, Social And Governance Disclosure Requirements](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-enhanced-environmental-social-and-governance-disclosure-requirements/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Alternative Offering Model For Reporting Issuers](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-alternative-offering-model-for-reporting-issuers-2/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Market Participants To Provide Open Data](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-market-participants-to-provide-open-data/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends The Prohibition Of Short Selling In Connection With Prospectus Offerings And Private Placements](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-the-prohibition-of-short-selling-in-connection-with-prospectus-offerings-and-private-placements/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [Ontario Capital Markets Modernization Taskforce Recommends Enhanced Diversity Requirements](https://baxsecuritieslaw.com/ontario-capital-markets-modernization-taskforce-recommends-enhanced-diversity-requirements/) - Introduction On January 22, 2021, the Capital Markets Modernization Taskforce (Taskforce) released its final report (Report). The Taskforce was established by the Ontario Provincial Government to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to...
- [CSA Multilateral Staff Notice 58-312 – Report on Sixth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions](https://baxsecuritieslaw.com/csa-multilateral-staff-notice-58-312-report-on-sixth-staff-review-of-disclosure-regarding-women-on-boards-and-in-executive-officer-positions/) - On March 10, the securities regulatory authorities in Alberta, Manitoba, Saskatchewan, Ontario, Quebec, New Brunswick, and Nova Scotia published a report outlining key trends from a recent review of public disclosure regarding women on boards and in executive officer positions as required by Form 58-101F1...
- [CSA Notice 51-362 Staff Review of COVID-19 Disclosures and Guide for Disclosure Improvements](https://baxsecuritieslaw.com/csa-notice-51-362-staff-review-of-covid-19-disclosures-and-guide-for-disclosure-improvements/) - On February 25, 2021, the Canadian Securities Administrators (CSA) published key findings of recently completed reviews of issuers’ COVID-19 disclosure to explain the impact of COVID-19 on their industry, operations, customers and suppliers (notice). CSA staff identified some areas where disclosure could be improved, including...
- [Observations on Disclosure of Crypto Asset Reporting Issuers CSA Notice 51-363](https://baxsecuritieslaw.com/observations-on-disclosure-of-crypto-asset-reporting-issuers-csa-notice-51-363/) - On March 11, 2021, the Canadian Securities Administrators (CSA) published a staff notice regarding continuous disclosure and other public filings for reporting issuers with crypto and digital assets including cryptocurrencies, tokens, stablecoins, and other digital assets relying on blockchain technology who engage materially with crypto...
- [CSA Staff Notice 41-307 (Revised) Concerns regarding an issuer’s financial condition and the sufficiency of proceeds from a prospectus offering](https://baxsecuritieslaw.com/csa-staff-notice-41-307-revised-concerns-regarding-an-issuers-financial-condition-and-the-sufficiency-of-proceeds-from-a-prospectus-offering/) - On March 25, 2021, the Canadian Securities Administrators (CSA) published Staff Notice 41-307 (Revised) Concerns regarding an issuer’s financial condition and the sufficiency of proceeds from a prospectus offering (Notice). The Notice alerts alert issuers (other than investment fund issuers) and their advisors about the...
- [Joint CSA/IIROC Staff Notice 21-329 - Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements](https://baxsecuritieslaw.com/joint-csa-iiroc-staff-notice-21-329-guidance-for-crypto-asset-trading-platforms-compliance-with-regulatory-requirements/) - On March 29, 2021, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a Notice to provide guidance on how securities legislation applies to platforms (Crypto Asset Trading Platforms) that facilitate or propose to facilitate the trading of: crypto...
- [BC Notice 2021/02 Clarification of Requirements for Crypto Asset Trading Platforms](https://baxsecuritieslaw.com/bc-notice-2021-02-clarification-of-requirements-for-crypto-asset-trading-platforms/) - On April 7, 2021, the British Columbia Securities Commission (BCSC) published BC Notice 2021/02 Clarification of Requirements for Crypto Asset Trading Platforms Vancouver – to clarify expectations for crypto asset trading platforms (platforms) (Notice) operating in British Columbia in light of Joint Staff Notice 21-329,...
- [Alberta and Saskatchewan publish Proposed Multilateral Notice 45-539 Proposed Prospectus Exemption for Small Business Financing](https://baxsecuritieslaw.com/alberta-and-saskatchewan-publish-proposed-multilateral-notice-45-539-proposed-prospectus-exemption-for-small-business-financing/) - On March 25, 2021, the Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) published Multilateral Notice and Request for Comment 45-539 Proposed Prospectus Exemption for Small Business Financing. The proposed new small business financing prospectus exemption would allow Alberta and Saskatchewan...
- [The ASC and the FCAA publishes proposed CSA Multilateral Notice of Implementation 45-538 Self-Certified Investor Prospectus](https://baxsecuritieslaw.com/the-asc-and-the-fcaa-publishes-proposed-csa-multilateral-notice-of-implementation-45-538-self-certified-investor-prospectus/) - On March 31, 2021, the Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) adopted a new prospectus exemption CSA Multilateral Notice of Implementation 45-538 Self-Certified Investor Prospectus Under the new prospectus, exemption investors who certify to having certain financial and...
- [Barbara Hendrickson speaks at Law Society of Ontario Conference - Emerging Issues in Directors’ and Officers’ Liability 2021](https://baxsecuritieslaw.com/barbara-hendrickson-speaks-at-law-society-of-ontario-conference-emerging-issues-in-directors-and-officers-liability-2021/) - On April 21, 2021, Barbara Hendrickson spoke at a virtual conference sponsored by the Law Society of Ontario on “The COVID Pandemic: Implications for Directors and Officers”. To view the PowerPoint presentation: The COVID Pandemic: Implications for Directors and OfficersDownload For more information, please call...
- [Canadian securities regulators adopt new nationally harmonized start-up crowdfunding rules](https://baxsecuritieslaw.com/canadian-securities-regulators-adopt-new-nationally-harmonized-start-up-crowdfunding-rules/) - On June 23, 2021, the Canadian Securities Administrators (CSA) harmonized rules for securities crowdfunding. National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions (Start-up Crowdfunding Rule) introduces a single, uniform set of rules that replaces and enhances the requirements currently in effect in, British Columbia, Alberta, Saskatchewan, Manitoba,...
- [BCSC tackles stock promotions with proposal for greater disclosure](https://baxsecuritieslaw.com/bcsc-tackles-stock-promotions-with-proposal-for-greater-disclosure/) - On May 26, 2021, the British Columbia Securities Commission (BCSC) published for comment a new rule that is designed to make promotions of companies with a connection to British Columbia to become more transparent. According to the BCSC, the new rules are designed to enable...
- [Canadian securities regulators sign fintech co-operation agreement with the Financial Services Commission, Mauritius](https://baxsecuritieslaw.com/canadian-securities-regulators-sign-fintech-co-operation-agreement-with-the-financial-services-commission-mauritius/) - On June 23, 2021, certain members of the Canadian Securities Administrators (CSA) signed a fintech co-operation agreement with the Financial Services Commission, Mauritius (FSC Mauritius). The members are the securities regulatory authorities in British Columbia, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, and Nova Scotia. Notably...
- [Canadian securities regulators seek comment on proposal to streamline continuous disclosure requirements](https://baxsecuritieslaw.com/canadian-securities-regulators-seek-comment-on-proposal-to-streamline-continuous-disclosure-requirements/) - On May 20, 2021, the Canadian Securities Administrators (CSA) published changes to the continuous disclosure requirements for non-investment fund reporting issuers. The proposed amendments: Streamline and clarify certain disclosure requirements in the management’s discussion and analysis (MD&A) and the annual information form (AIF) for non-investment...
- [Canadian securities regulators publish final rule for non-GAAP and other financial measures](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-final-rule-for-non-gaap-and-other-financial-measures/) - On May 27, 2021, the Canadian Securities Administrators (CSA) today published disclosure requirements for issuers that disclose non-GAAP (generally accepted accounting principles) and other financial measures on a voluntary basis )National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112)). NI 52-112, according to the CSA,...
- [TSXV Temporary Relief of $0.05 Minimum Pricing Requirement – Further Extension](https://baxsecuritieslaw.com/tsxv-temporary-relief-of-0-05-minimum-pricing-requirement-further-extension/) - On June 17, 2021, the TSX Venture Exchange (the “Exchange”) followed up on a previously issued bulletin (the “April 8, 2020 Bulletin”) that provided notice that, in response to the COVID-19 pandemic, the Exchange would provide temporary relief (the “Temporary Relief”) from certain requirements of...
- [CSA Position Paper 25-404 - New Self-Regulatory Organization Framework](https://baxsecuritieslaw.com/csa-position-paper-25-404-new-self-regulatory-organization-framework/) - On August 3, 2021, the Canadian Securities Administrators (CSA) released a framework for replacing the two major Canadian Self- Regulatory Organizations (SROs) – the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) with a single regulatory entity (Position Paper)....
- [The CSA sign Fintech co-operation agreement with the Securities and Futures Commission of Hong Kong](https://baxsecuritieslaw.com/the-csa-sign-fintech-co-operation-agreement-with-the-securities-and-futures-commission-of-hong-kong/) - On July 8, 2021, the Canadian Securities Administrators (CSA) signed an innovative functions co-operation agreement with the Securities and Futures Commission of Hong Kong (SFC). The members are the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia....
- [CSA Notice and Request for Comment: Proposed Changes to Companion Policy 41-101CP to National Instrument 41-101 General Prospectus Requirements Related to Financial Statement Requirements](https://baxsecuritieslaw.com/csa-notice-and-request-for-comment-proposed-changes-to-companion-policy-41-101cp-to-national-instrument-41-101-general-prospectus-requirements-related-to-financial-statement-requirements/) - On August 12, 2021, the Canadian Securities Administrators (CSA) are published for a 60-day comment period proposed changes (the Proposed Changes) National Instrument 41-101 General Prospectus Requirements (41-101CP) and its Companion Policy 41-101CP. The proposed changes will amend Form 41-101F1 Information Required in a Prospectus...
- [Canadian securities regulators publish final amendments to enhance protection of older and vulnerable clients](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-final-amendments-to-enhance-protection-of-older-and-vulnerable-clients/) - On July 15, 2021, the Canadian Securities Administrators (CSA) published final amendments of National Instrument 31-101 Registration Requirements, Exemptions and Ongoing Registration Obligations designed to improve protection of older and vulnerable clients across Canada. According to the CSA, the amendments strengthen protection of older and...
- [CSA Notice and request for Comment Proposed Amendments to 45-106 Prospectus Exemptions to introduce the Listed Issuer Financing Exemption](https://baxsecuritieslaw.com/csa-notice-and-request-for-comment-proposed-amendments-to-45-106-prospectus-exemptions-to-introduce-the-listed-issuer-financing-exemption/) - On July 28, 2021, the Canadian Securities Administrators (CSA) published, for comment, proposed amendments to National Instrument 45-106 Prospectus Exemptions (NI 45-106) to introduce a new prospectus exemption available to reporting issuers that are listed on a Canadian stock exchange (the Listed Issuer Financing Exemption)....
- [Notice Of Ministerial Approval of National Instrument 45-110 Start-Up Crowdfunding Registration and Prospectus Exemptions](https://baxsecuritieslaw.com/notice-of-ministerial-approval-of-national-instrument-45-110-start-up-crowdfunding-registration-and-prospectus-exemptions/) - On September 23, 2021 the Ontario Minister of Finance recently approved National Instrument 45-110 Start-Up Crowdfunding Registration and Prospectus Exemptions (NI 45-110) and consequential amendments to other instruments (the Consequential Amendments). NI 45-110 provides harmonized national registration and prospectus exemptions to facilitate securities crowdfunding for...
- [Consultation Climate-related Disclosure Update and CSA Notice and Request for Comment Proposed National Instrument 51-107 Disclosure of Climate-related Matters](https://baxsecuritieslaw.com/consultation-climate-related-disclosure-update-and-csa-notice-and-request-for-comment-proposed-national-instrument-51-107-disclosure-of-climate-related-matters/) - On October 18, 2021, the Canadian Securities Administrators (CSA) published, for comment, a notice (Notice) regarding proposed National Instrument 51-107 Disclosure of Climate-related Matters (Proposed Instrument). The Proposed Instrument would introduce disclosure requirements regarding climate-related matters for reporting issuers (other than investment funds). According to...
- [Ontario Government Proposes New Capital Markets Act](https://baxsecuritieslaw.com/ontario-government-proposes-new-capital-markets-act/) - On October 12, 2021, the Ontario government, as part of its Capital Markets Modernization Review, published a draft Capital Markets Act (CMA) and a Capital Markets Act Consultation Commentary (CMA Consultation Commentary). According to the CMA Consultation Commentary, the CMA sets out the regulatory framework...
- [IOSCO Sustainable Finance Task Force publishes final report on sustainability-related practices, policies, procedures and disclosure in asset management](https://baxsecuritieslaw.com/iosco-sustainable-finance-task-force-publishes-final-report-on-sustainability-related-practices-policies-procedures-and-disclosure-in-asset-management/) - On November 4, 2021, the Ontario Securities Commission issued a press release referencing the Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management (the Final Report) published by the Sustainable Finance Task Force (STF) of the International Organization of Securities Commissions (IOSCO) on...
- [Real Estate Syndication - the use of REITs and Limited Partnerships November 17, 2021](https://baxsecuritieslaw.com/real-estate-syndication-the-use-of-reits-and-limited-partnerships-october-1-2018-2/) - In recent years the use of REITs and Limited Partnerships have expanded in the last few years and investments in real estate through these types of structure have become a common way for investors to participate in real estate projects. The attached presentation provide a...
- [TSXV publishes changes to Security Based Compensation](https://baxsecuritieslaw.com/tsxv-publishes-changes-to-security-based-compensation/) - On November 24, 2021, the TSX Venture Exchange (the TSXV) announced changes to the TSXV’s Corporate Finance Manual regarding Security Based Compensation. The following amendments have been made: Policy 4.4 – Incentive Stock Options has been amended and renamed Policy 4.4 – Security Based Compensation...
- [Canadian securities regulators introduce exemptions for qualified issuers from certain base shelf prospectus requirements](https://baxsecuritieslaw.com/canadian-securities-regulators-introduce-exemptions-for-qualified-issuers-from-certain-base-shelf-prospectus-requirements/) - On December 6, 2021, the Canadian Securities Administrators (CSA) published a notice regarding temporary exemptions from certain base shelf prospectus requirements for qualifying well-known seasoned issuers (WKSI). The exemptions allow an issuer that meets WKSI qualifications and certain conditions, to file a final base shelf...
- [BAX Included in Short List for Top Canadian Corporate Boutique Law Firm](https://baxsecuritieslaw.com/bax-included-in-short-list-for-top-canadian-corporate-boutique-law-firm/) - Dear Friends and Colleagues, BAX Securities Law, a firm that I founded in 2013, has been included by the Canadian Lawyer on a shortlist of top Canadian boutique law firms that practise in the corporate law area. I am honoured that BAX Securities Law received...
- [CSA Publishes Amendments to National Instrument 52-108 Auditor Oversight and Changes to Companion Policy 52-108 Auditor Oversight](https://baxsecuritieslaw.com/csa-publishes-amendments-to-national-instrument-52-108-auditor-oversight-and-changes-to-companion-policy-52-108-auditor-oversight/) - In early January 2022, the Canadian Securities Administrators (CSA) published the Amendments to National Instrument 52-108 Auditor Oversight (Amendments) and Changes to Companion Policy 52-108 Auditor Oversight (CP Changes), (collectively, the Revisions). The Amendments require actions by reporting issuers and participating audit firms that will...
- [CSA Publishes Amendments to National Instrument 33-109 Registration Information, and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations](https://baxsecuritieslaw.com/csa-publishes-amendments-to-national-instrument-33-109-registration-information-and-national-instrument-31-103-registration-requirements-exemptions-and-ongoing-registrant-obligations/) - In late December 2021, the Canadian Securities Administrators (CSA) published the final amendments to National Instrument 33-109 Registration Information (NI-33-109), its related Companion Policy CP 33-109 (CP 33-109) and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI-3103) and the related Companion Policy CP-103 (CP-103)...
- [CSA Seeks Comments on the Proposed Modernization of the Prospectus Filings Models for Investment Funds](https://baxsecuritieslaw.com/csa-seeks-comments-on-the-proposed-modernization-of-the-prospectus-filings-models-for-investment-funds/) - The Canadian Securities Administrators (CSA) has published for comment a two-staged proposal to modernize the prospectus filing model for investment funds. In keeping with current requirements, investor access to continuous disclosure documents as well as delivery of the Fund Facts and the ETF Facts –...
- [CSA Warns Regarding Fraudulent Investment Solicitations Involving Crypto Assets](https://baxsecuritieslaw.com/csa-warns-regarding-fraudulent-investment-solicitations-involving-crypto-assets/) - The Canadian Securities Administrators (CSA) is warning the public about investment schemes involving fraudulent websites that solicit investments in foreign exchange (“forex”), binary options and/or crypto assets. In particular, fraudsters continue to capitalize on market interest in crypto assets to lure investors into scams, using...
- [CSA Publishes Staff Notice 81-334, ESG-Related Investment Fund Disclosure](https://baxsecuritieslaw.com/csa-publishes-staff-notice-81-334-esg-related-investment-fund-disclosure/) - In January 2022, the Canadian Securities Administrators published Staff Notice 81-334, ESG-Related Investment Fund Disclosure (the Staff Notice). The purpose of the Staff Notice is to provide guidance on the disclosure practices of investment funds as they relate to environmental, social and governance (ESG) considerations....
- [Barbara Hendrickson Recognized As A Lexpert-Ranked Lawyer In The 2022 Canadian Legal Lexpert Directory](https://baxsecuritieslaw.com/barbara-hendrickson-recognized-as-a-lexpert-ranked-lawyer-in-the-2022-canadian-legal-lexpert-directory/) - BAX Securities law is pleased to announce that its founder, Barbara Hendrickson, is recognized in the 2022 Canadian Legal Lexpert Directory as a leading lawyer in the area of Corporate Finance & Securities. Barbara Hendrickson was voted as one of the 2022 Leading Legal Practitioners across Canada based on an...
- [Canadian securities regulators provide updated guidance on virtual shareholder meetings](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-updated-guidance-on-virtual-shareholder-meetings/) - The Canadian Securities Administrators (CSA) have provided reporting issuers with guidance on virtual shareholder meetings. Since the emergence of the COVID-19 pandemic, many reporting issuers have adopted a virtual format for their shareholder meetings. These meetings are typically conducted either entirely virtually, in place of...
- [CSA Issues Statement Regarding Amended Special Economic Measures (Russia) Regulations](https://baxsecuritieslaw.com/csa-issues-statement-regarding-amended-special-economic-measures-russia-regulations/) - The Canadian Securities Administrators (CSA) is alerting all market participants to economic sanctions imposed recently by the Government of Canada under amendments to the Special Economic Measures (Russia) Regulations (the Regulations). The Regulations, which were amended due to Russia’s invasion of Ukraine, impose broad categories of sanctions...
- [SEC Welcomes Public Input on Climate Change Disclosures](https://baxsecuritieslaw.com/sec-welcomes-public-input-on-climate-change-disclosures/) - The U.S. Securities and Exchange Commission (SEC) is requesting public input from investors, registrants, and other market participants on climate change disclosure. The SEC has periodically evaluated its regulation of climate change disclosures within the context of its integrated disclosure system. In 2010, the SEC...
- [Canadian Web3 Council Formed to Promote Blockchain, Cryptocurrency](https://baxsecuritieslaw.com/canadian-web3-council-formed-to-promote-blockchain-cryptocurrency/) - The Canadian Web3 Council was recently launched by industry leaders to promote the wider use of Web3 technology including blockchain and cryptocurrency. The goal of the Council, a non-profit trade association, is to encourage the growth of Web3 technology through policy innovation. The Council aims...
- [Canada Climate Law Initiative (CCLI) Releases Response to proposed National Instrument 51-107 Disclosure of Climate-related Matters](https://baxsecuritieslaw.com/canada-climate-law-initiative-ccli-releases-response-to-proposed-national-instrument-51-107-disclosure-of-climate-related-matters/) - The Canada Climate Law Initiative (CCLI) today released a report summarizing the 131 submissions the lobby group made to the Canadian Securities Administrators (CSA) on the proposed National Instrument 51-107 Disclosure of Climate-related Matters (NI 51-107). According to its authors, the report reveals strong support for strengthening...
- [Canadian Securities Administrators Request Comment on Proposed Access Equals Delivery Model for Non-Investment Fund Reporting Issuers](https://baxsecuritieslaw.com/canadian-securities-administrators-request-comment-on-proposed-access-equals-delivery-model-for-non-investment-fund-reporting-issuers/) - The Canadian Securities Administrators (CSA) has published for comment a series of proposed amendments and proposed changes to implement an access equals delivery model for non-investment fund reporting issuers (the Proposed Amendments). The comment period will last 90 days. The Proposed Amendments will affect the...
- [Investment Industry Regulatory Organization of Canada (IIROC) Republishes Proposed Amendments Respecting the Derivatives Rule Modernization, Stage 1 – Request for Comment](https://baxsecuritieslaw.com/investment-industry-regulatory-organization-of-canada-iiroc-republishes-proposed-amendments-respecting-the-derivatives-rule-modernization-stage-1-request-for-comment/) - The Investment Industry Regulatory Organization of Canada (IIROC) has republished, for public comment for a period ending June 13, 2022, proposed amendments to the IIROC Rules (the Proposed Amendments). The goal of the Proposed Amendments (previously published in IIROC Rules Notice 19-0200) is to modernize...
- [Canadian Securities Administrators move to Further Reduce Regulatory Burden](https://baxsecuritieslaw.com/canadian-securities-administrators-move-to-further-reduce-regulatory-burden/) - The Canadian Securities Administrators (CSA) recently published changes to harmonize the interpretation of the financial statement requirements for a long-form prospectus, such as in an issuer’s initial public offering (IPO) (the changes). Specifically, the changes apply in situations where an issuer has acquired a business,...
- [Canadian Financial Regulators Propose Enhanced Total Cost Report for Investment Funds and Segregated Funds](https://baxsecuritieslaw.com/canadian-financial-regulators-propose-enhanced-total-cost-report-for-investment-funds-and-segregated-funds/) - The Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) recently published proposals that would enhance total cost reporting for investment funds and segregated funds (The Proposed Changes). The Proposed Changes aim to improve the transparency of total fees and costs paid by mutual...
- [TSX Venture Exchange Publishes Bulletin Regarding Sustaining Fees](https://baxsecuritieslaw.com/tsx-venture-exchange-publishes-bulletin-regarding-sustaining-fees/) - The TSX Venture Exchange (TSX-V) has published a bulletin to issuers reminding them that the 2022 annual sustaining fees were due and payable March 31, 2022. In the bulletin, TSX-V staff note that late payment can result in a late payment fee and that failure...
- [Canadian securities regulators propose changes to enhance derivatives data reporting](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-changes-to-enhance-derivatives-data-reporting/) - Members of the Canadian Securities Administrators (CSA) recently published for comment for a five-month period ending October 7, 2022, a set of proposals (the Proposed Amendments) designed to streamline and internationally harmonize over-the-counter derivatives data reporting standards. The Proposed Amendments are expected to reduce the...
- [Changes to Registration Requirements, Exemptions and Ongoing Registrant Obligations, and Ontario Securities Commission Rule 33-506 (Commodity Futures Act) Registration Information in Effect](https://baxsecuritieslaw.com/changes-to-registration-requirements-exemptions-and-ongoing-registrant-obligations-and-ontario-securities-commission-rule-33-506-commodity-futures-act-registration-information-in-effect/) - On June 6, 2022, pursuant to section 143.4 of the Securities Act (Ontario), amendments to the following rules came into force: National Instrument 33-109 Registration Information (NI 33-109), and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). Furthermore, on June 6,...
- [Joint Forum of Financial Market Regulators Receive Early Feedback Regarding Total Cost Reporting and Climate Change ](https://baxsecuritieslaw.com/joint-forum-of-financial-market-regulators-receive-early-feedback-regarding-total-cost-reporting-and-climate-change/) - The Joint Forum of Financial Market Regulators (Joint Forum) held its annual meeting on June 15, 2022. The Joint Forum brings together members of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and...
- [QR Code](https://baxsecuritieslaw.com/qr/)
- [Comment Period on Mineral Disclosure Consultation Extended](https://baxsecuritieslaw.com/comment-period-on-mineral-disclosure-consultation-extended/) - The Canadian Securities Administrators (CSA) have extended the consultation period for CSA Consultation Paper 43-401 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects (The Consultation Paper) a further 60 days, now ending on September 13, 2022. Stakeholders have indicated that it would...
- [Canadian Securities Administrators Publish 2022 – 2025 Business Plan](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-2022-2025-business-plan/) - The Canadian Securities Administrators (CSA) have published 2022-2025 CSA Business Plan (The Business Plan). The Business Plan, approved on June 9, 2022, sets out the priorities that the CSA has committed to pursue collaboratively over the next three years. The priorities adapted by the CSA...
- [Chartered Professional Accountants of Canada Publish Climate Governance Guide](https://baxsecuritieslaw.com/chartered-professional-accountants-of-canada-publish-climate-governance-guide/) - Amid the continuing challenges posed by climate change, The Chartered Professional Accountants of Canada (CPA Canada) has published its guide for audit committees in their oversight of climate change, Climate Change – A Role for Audit Committees (the Guide). The Guide stresses the continuing importance of...
- [Alberta and Saskatchewan Expand Self-Certified Investor Prospectus Exemption](https://baxsecuritieslaw.com/alberta-and-saskatchewan-expand-self-certified-investor-prospectus-exemption/) - The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have amended the self-certified investor prospectus exemption in response to market feedback to provide greater flexibility to businesses and investors in Alberta and Saskatchewan (the amendments). The self-certified prospectus exemption...
- [OSC Publishes First Pre-Registration Undertakings by Crypto Platforms](https://baxsecuritieslaw.com/osc-publishes-first-pre-registration-undertakings-by-crypto-platforms/) - On August 15, 2022, the Ontario Securities Commission (OSC) the published the first pre-registration undertakings filed by crypto currency trading platforms Coinsquare Capital Markets Ltd. and Crypto.com (the platforms). The undertakings provided by the platforms to the OSC are an important first step towards the...
- [OSC Grants Exemptive Relief to Fractionvest Inc.](https://baxsecuritieslaw.com/osc-grants-exemptive-relief-to-fractionvest-inc/) - The Ontario Securities Commission (the OSC) through its Innovation Office, will provide exemptive relief (the exemption) to Franctionvest Inc. (Franctionvest), an Ontario corporation from the requirement to register under Ontario securities legislation to conduct a short-term pilot of its business model. The exemption temporarily relieves...
- [Canadian Securities Regulators Adopt Streamlined Capital-Raising Option For Canadian-Listed Issuers](https://baxsecuritieslaw.com/canadian-securities-regulators-adopt-streamlined-capital-raising-option-for-canadian-listed-issuers/) - On September 8, 2022, The Canadian Securities Administrators (CSA) announced that it was adopting the Listed Issuer Financing Exemption (the new prospectus exemption). Developed for smaller issuers listed on a Canadian stock exchange, it will provide a more efficient way to raise capital. The new...
- [Toronto Stock Exchange Publishes Housekeeping Rule Amendments to the TSX Company Manual ](https://baxsecuritieslaw.com/toronto-stock-exchange-publishes-housekeeping-rule-amendments-to-the-tsx-company-manual/) - On September 8th, 2022, the Toronto Stock Exchange (TSX) adopted certain housekeeping amendments (the Amendments) to TSX Company Reporting Form 2E -- Change in Transfer Agent & Registrar (Reporting Form 2E) and Reporting Form 5 -- Dividend/Distribution Declaration (Reporting Form 5) of the TSX Company...
- [Canadian Securities Regulators Initiate Review of Mutual Fund Securities Distribution through a Principal Distributor](https://baxsecuritieslaw.com/canadian-securities-regulators-initiate-review-of-mutual-fund-securities-distribution-through-a-principal-distributor/) - The Canadian Securities Administrators (CSA) is reviewing the practices of mutual funds that have principal distributor relationships with registrants to distribute their securities. The goal of the review is to gauge whether additional updates to the mutual fund sales practice rule are needed to improve...
- [Canadian Securities Regulators Propose Access-Based Model for Investment Fund Reporting Issuers](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-access-based-model-for-investment-fund-reporting-issuers/) - The Canadian Securities Administrators (CSA) has proposed a series of amendments that would provide an alternative to delivering financial statements and management reports of fund performance for investment fund reporting issuers (the Proposed Amendments). The Proposed Amendments are published for a 90-day consultation period ending...
- [MFDA and IIROC Members Approve the Creation of a Single New SRO](https://baxsecuritieslaw.com/mfda-and-iiroc-members-approve-the-creation-of-a-single-new-sro/) - The members of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) have passed a special resolution approving the amalgamation of the two self-regulatory organizations (SROs) into a new single SRO, focused on fostering an innovative and...
- [TSX Venture Exchange Publishes Update on Listed Issuer Financing Exemption](https://baxsecuritieslaw.com/tsx-venture-exchange-publishes-update-on-listed-issuer-financing-exemption/) - TSX Venture Exchange (TSX-V) recently published an update for members on the Canadian Securities Administrators’ (CSA) Listed Issuer Financing Exemption (the Exemption) (discussed in-depth here). The Exemption is designed to streamline the capital raising process for smaller listed prospectus issuers by reducing the costs for...
- [Canadian Securities Regulators Strengthening Ombudsman for Banking Services and Investments](https://baxsecuritieslaw.com/canadian-securities-regulators-strengthening-ombudsman-for-banking-services-and-investments/) - The Canadian Securities Administrators (CSA) is developing a proposal for comment that contemplates providing the Ombudsman for Banking Services and Investments (OBSI) with the authority to make awards that are binding on firms. CSA members continue to develop the proposal and anticipate issuing it for...
- [Canadian securities regulators consider impact of international developments on proposed climate-related disclosure rule](https://baxsecuritieslaw.com/canadian-securities-regulators-consider-impact-of-international-developments-on-proposed-climate-related-disclosure-rule/) - In October 2021, the Canadian Securities Administrators (CSA) published the Proposed National Instrument NI 51-107 Disclosure of Climate-related Matters (the Proposed National Instrument) for comment. Before publishing the Proposed National Instrument, CSA staff noted a growing consensus towards climate-related disclosure, as well as widespread market...
- [Webinar Invite: The evolution of cryptocurrency dealer regulation in Canada: AML and beyond](https://baxsecuritieslaw.com/webinar-invite-the-evolution-of-cryptocurrency-dealer-regulation-in-canada-aml-and-beyond/) - Please join Barbara Hendrickson and Addison Cameron-Huff on November 9th at 12:00 PM EST for a webinar to discuss the evolving Canadian regulatory landscape for cryptocurrency and other digital assets. Speakers will address: Recent regulatory guidance from the Canadian Securities Administrators (August 15, 2022) - “Canadian securities...
- [OSC Pilots Self-Certified Investor Prospectus Exemption](https://baxsecuritieslaw.com/osc-pilots-self-certified-investor-prospectus-exemption/) - The Ontario Securities Commission (OSC) recently launched an 18-month pilot, providing a prospectus exemption (the prospectus exemption) to those Ontario investors with qualifying education or work experience access to increased investment opportunities. The exemption also has the added benefit of giving businesses headquartered in Ontario...
- [Canadian Securities Administrators Complete Eighth Review of the Representation of Women on Boards and in Executive Officer Positions in Canada](https://baxsecuritieslaw.com/canadian-securities-administrators-complete-eighth-review-of-the-representation-of-women-on-boards-and-in-executive-officer-positions-in-canada/) - Participating Canadian securities regulatory authorities recently published the results their eighth annual review of disclosures relating to women on boards and in executive officer positions. The findings summarize the corporate governance disclosures of 625 non-venture issuers and have been published by securities regulatory authorities in...
- [Canadian Securities Regulators Publish Report on Continuous Disclosure Review](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-report-on-continuous-disclosure-review/) - The Canadian Securities Administrators (CSA) recently published CSA Staff Notice 51-364 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2022 and March 31, 2021 (the Staff Notice, the Review), a biennial review of its continuous disclosure program. The Review assesses reporting...
- [<strong>OSC Seeks Comment on Draft Statement of 2023-2024 Priorities</strong>](https://baxsecuritieslaw.com/osc-seeks-comment-on-draft-statement-of-2023-2024-priorities/) - The Ontario Securities Commission (OSC) has published OSC Notice 11-797 – Statement of Priorities Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2024 (The Draft Statement of Priorities) for comment from stakeholders for a 30-day period ending December 22,...
- [<strong>CSA and IIROC Issue Joint Staff Notice 23-329, <em>Short Selling in Canada</em></strong>](https://baxsecuritieslaw.com/csa-and-iiroc-issue-joint-staff-notice-23-329-short-selling-in-canada/) - The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have issued joint Staff Notice, 23-329, Short Selling in Canada (the Joint Staff Notice), to gather input from stakeholders regarding the regulatory framework surrounding short selling in Canada. The Joint Staff...
- [<strong>CSA Amends National Instrument 45-106 <em>Prospectus Exemptions</em></strong>](https://baxsecuritieslaw.com/csa-amends-national-instrument-45-106-prospectus-exemptions/) - The Canadian Securities Administrators (CSA) has announced it is amending (the Amendments) National Instrument 45-106 Prospectus Exemptions (NI 45-106). Provided all necessary ministerial approvals are obtained, the Amendments will come into force on March 8, 2023. The Amendments set out new disclosure requirements for issuers...
- [<strong>Canadian Securities Administrators Publish CSA Staff Notice 81-334, ESG-Related Investment Fund Disclosure</strong>](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-csa-staff-notice-81-334-esg-related-investment-fund-disclosure/) - Over the last few years, so-called sustainable investing, especially those that follow environmental, social and governance (ESG) considerations has grown. Reacting to this development, the Canadian Securities Administrators (CSA) Published Staff Notice 81-334, ESG Related Funds Disclosure (the Staff Notice) on January 27, 2023. The...
- [<strong>Canadian Securities Administrators Publish Exemption for Reporting Issuers</strong>](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-exemption-for-reporting-issuers/) - The Canadian Security Administrators (CSA) have published an Exemption for Reporting Issuers incorporated under the Canada Business Corporations Act (CBCA). The Exemption provides relief from the proxy requirement for the uncontested election of directors. The CSA has implemented the relief through local blanket orders that...
- [<strong>BAX Securities Law has been listed in Ontario Securities Commission’s Beta Innovation Office Directory</strong>](https://baxsecuritieslaw.com/bax-securities-law-has-been-listed-in-ontario-securities-commissions-beta-innovation-office-directory/) - BAX Securities Law is pleased to announce that it has been listed on the Ontario Security Commission (OSC) Beta Innovation Office Directory. The Directory, developed by the OSC Innovation Office, connects experienced law firms with the start-up and innovation community. BAX Securities Law is proud...
- [<strong>Canadian Securities Administrators Publish Staff Notice 21-332 <em>Crypto Asset Trading Platforms: Pre-Registration Undertakings Changes to Enhance Canadian Investor Protection</em></strong>](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-staff-notice-21-332-crypto-asset-trading-platforms-pre-registration-undertakings-changes-to-enhance-canadian-investor-protection/) - On February 22, 20233, the Canadian Securities Administrators (CSA) published Staff Notice 21-332, Crypto Asset Trading Platforms: Pre-Registration Undertakings Changes to Enhance Canadian Investor Protection (Staff Notice 21-332). Staff Notice 21-332 follows the CSA’s December 12, 2022 update regarding crypto trading platforms. Staff Notice 21-332...
- [Canadian Securities Administrators Announce Enhanced Pre-Registration Undertaking Requirements for Crypto Trading Platforms](https://baxsecuritieslaw.com/canadian-securities-administrators-announce-enhanced-pre-registration-undertaking-requirements-for-crypto-trading-platforms/) - Please join Barbara Hendrickson of BAX Securities Law (www.baxsecuritieslaw.com) and Addison Cameron-Huff (www.cameronhuff.com) on March 3, 2023, at 1:00 ET for a seminar on the most recent notice from the Canadian Securities Administrators (CSA) - Staff Notice 21-332 Crypto Asset Trading Platforms: Changes to Enhance...
- [<strong>Proposed Changes to <em>Proceeds of Crime (Money Laundering) and Terrorist Financing Act </em>(PCMLTFA) to impact Non-Bank Mortgage Lenders</strong>](https://baxsecuritieslaw.com/proposed-changes-to-proceeds-of-crime-money-laundering-and-terrorist-financing-act-pcmltfa-to-impact-non-bank-mortgage-lenders/) - Proposed Amendments (The Proposed Amendments) to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) will affect non-bank mortgage lenders, making them subject to the legislation. Announced in early February, The Proposed Amendments ensure that non-bank mortgage lenders will receive proper supervision under...
- [<strong>Draft Regulations to <em>Retail Payment Activities Act</em> Released for Public Comment</strong>](https://baxsecuritieslaw.com/draft-regulations-to-retail-payment-activities-act-released-for-public-comment/) - Proposed Regulations (the Proposed Regulations) under the Retail Payment Activities Act (RPAA) have been released for public comment for a period ending March 28, 2023. The RPAA, which received Royal Assent in June, 2021 and the proposed Regulations introduce a new retail payment supervisory regime...
- [<strong>OSC Publishes <em>Notice of Approval and Summary of Comments – Amendments to CSE Listing Policies – Canadian Securities Exchange</em></strong>](https://baxsecuritieslaw.com/osc-publishes-notice-of-approval-and-summary-of-comments-amendments-to-cse-listing-policies-canadian-securities-exchange/) - The Ontario Securities Commission (OSC) has approved significant changes (the “Amendments”) to the Listing Policies and Forms of the Canadian Securities Exchange (CSE). It has published The Amendments as Canadian Securities Exchange – Amendments to CSE Listing Policies – Notice of Approval and Summary of...
- [<strong>Progress Made on new Ontario’s Self-Regulating Body</strong>](https://baxsecuritieslaw.com/progress-made-on-new-ontarios-self-regulating-body/) - The New Self-Regulatory Organization of Canada (New SRO), is seeking to become a credential providing organization for financial advisors under FSRA’s Financial Professionals Title Protection Framework. The New SRO, launched in January 2023, is the result of the merger of the Investment Industry Regulatory Organization...
- [<strong>CSA Publishes for Comment Proposed Amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and Proposed Changes to National Policy 58-201 Corporate Governance Guideline</strong>](https://baxsecuritieslaw.com/csa-publishes-for-comment-proposed-amendments-to-form-58-101f1-corporate-governance-disclosure-of-national-instrument-58-101-disclosure-of-corporate-governance-practices-and-proposed-changes-to-nation/) - The Canadian Securities Administrators (CSA) are publishing for a 90-day comment period ending July 12, 2023 its amendments (the Proposed Amendments) to Corporate Governance Disclosure. In particular: proposed amendments to Form 58-101F1 Corporate Governance Disclosure (Form 58-101F1) of National Instrument 58-101 Disclosure of Corporate Governance...
- [<strong>CSA Publishes Crypto Exchange Update</strong>](https://baxsecuritieslaw.com/csa-publishes-crypto-exchange-update/) - The Canadian Securities Administrators (CSA) recently announced in of CSA Staff Notice 21-332 (the Staff Notice) a change in the Pre-Registration Undertaking (PRU) that certain unregistered crypto asset trading platforms have filed a with their principal regulator. The failure of several recent high-profile crypto platforms,...
- [<strong>Canadian Securities Regulators Publish Annual Activities Report on the Oversight of SROs and Investor Protection Funds</strong>](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-annual-activities-report-on-the-oversight-of-sros-and-investor-protection-funds/) - The Canadian Securities Administrators (CSA) has published CSA Staff Notice 25-310 2022 Annual Activities Report on the Oversight of Self-Regulatory Organizations (SROs) and Investor Protection Funds (IPFs) (The Annual Report). The Annual Report summarizes key information, activities, and observations related to CSA oversight of the...
- [<strong>OSC and CSE Publish Notice of Approval and Summary of Comments for Canadian Securities Exchange – Amendments to CSE Listing Policies</strong>](https://baxsecuritieslaw.com/osc-and-cse-publish-notice-of-approval-and-summary-of-comments-for-canadian-securities-exchange-amendments-to-cse-listing-policies/) - In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto, CNSX Markets Inc. (CSE) has proposed, and the Ontario Securities Commission (the OSC) has approved significant changes (the Amendments) to the CSE...
- [<strong>Canadians securities regulators review use of chargebacks by securities registrants</strong>](https://baxsecuritieslaw.com/canadians-securities-regulators-review-use-of-chargebacks-by-securities-registrants/) - The Canadian Securities Administrators (CSA) is launching a review of the use of chargebacks in the mutual fund industry. The CSA is undertaking this review due to concerns about potential conflicts of interest associated with this practice. A chargeback involves an upfront commission paid directly...
- [<strong>Canadian securities regulators publish CSA Staff Notice 45-330: Frequently Asked Questions about the Listed Issuer Financing Exemption</strong>](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-csa-staff-notice-45-330-frequently-asked-questions-about-the-listed-issuer-financing-exemption/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice 45-330: Frequently Asked Questions about the Listed Issuer Financing Exemption (The Staff Notice). The Staff Notice answers some of the frequently asked questions (FAQs) on the listed issuer financing exemption (the exemption) adopted by all securities...
- [<strong>Canadian securities regulators defer launch of new SEDAR+ filing system</strong>](https://baxsecuritieslaw.com/canadian-securities-regulators-defer-launch-of-new-sedar-filing-system/) - The Canadian Securities Administrators (CSA) have postponed the launch of SEDAR+ from June 13, 2023 to July 25, 2023. SEDAR+ is the new system that will be used by all market participants to file, disclose, and search for issuer information in Canada’s capital markets. CSA...
- [CSA Exempts Certain Filing Requirements During SEDAR+ Launch](https://baxsecuritieslaw.com/csa-exempts-certain-filing-requirements-during-sedar-launch/) - Participating members of the Canadian Securities Administrators (CSA) are issuing exemptions from certain filing requirements (the blanket orders) due to delays in the implementation of SEDAR+. The CSA now expects the launch date to be July 25, 2023, with a contingency date in September. In...
- [BAX Announcement - July 13, 2023](https://baxsecuritieslaw.com/bax-announcement-july-13-2023/) - BAX Securities Law is pleased to announce that Barbara Hendrickson has been appointed to a second two year term with the BCSC Fintech Advisory Forum. The Forum is made up of financial technology (fintech) industry professionals and experts and advises BCSC staff on fintech trends...
- [Canadian Securities Regulators Welcomes Developments Climate-Related Disclosure Requirements](https://baxsecuritieslaw.com/canadian-securities-regulators-welcomes-developments-climate-related-disclosure-requirements/) - The Canadian Securities Administrators (CSA) has welcomed two new developments in the field of Climate-Related Disclosure. The first, on June 26th, is the publication by the International Sustainability Standards Board (ISSB)’s first two sustainability disclosure standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial...
- [The Standing Committee on Industry and Technology Issues Report on Blockchain](https://baxsecuritieslaw.com/the-standing-committee-on-industry-and-technology-issues-report-on-blockchain/) - The House of Commons Standing Committee on Science and Technology has issued its report, Blockchain Technology: Cryptocurrencies and Beyond. The 62-page report examines the ways that blockchain technology is already changing the digital landscape and providing significant economic benefits, while also expressing optimism that greater...
- [Canadian Securities Regulators Outline Expectations for Investment Funds Holding Crypto Assets](https://baxsecuritieslaw.com/canadian-securities-regulators-outline-expectations-for-investment-funds-holding-crypto-assets/) - The Canadian Securities Administrators (CSA) has published CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers (the Staff Notice), which provides guidance to help fund managers understand and comply with securities law requirements for public investment funds holding crypto assets...
- [CSA Exempts Certain Filing Requirements During SEDAR+ Launch](https://baxsecuritieslaw.com/csa-exempts-certain-filing-requirements-during-sedar-launch-2/) - Participating members of the Canadian Securities Administrators (CSA) will be issuing exemptions from certain filing requirements (the blanket orders) to cover the brief period before the System for Electronic Document Analysis and Retrieval (SEDAR) will be switched to a new centralized system, SEDAR+. The blanket...
- [CSA Initiates Review of Exchange-Traded Funds](https://baxsecuritieslaw.com/csa-initiates-review-of-exchange-traded-funds/) - The Canadian Securities Administrators (CSA) is launching a review of exchange-traded funds (ETFs). ETFs are an increasingly popular investment vehicle, offering exposure to a variety of underlying assets and investment strategies, with intraday liquidity on the secondary market. According to CSA staff, ETFs comprise approximately...
- [The Standing Committee on Industry and Technology Issues Report on Blockchain](https://baxsecuritieslaw.com/the-standing-committee-on-industry-and-technology-issues-report-on-blockchain-2/) - The Ontario Securities Commission (OSC) has published OSC Staff Notice 33-752 – Summary Report for Dealers, Advisers and Investment Fund Managers (The Summary Report). The Summary Report describes the work conducted by the OSC’s Compliance and Registrant Regulation Branch (CRR) during the 2020-2021 fiscal year...
- [CIRO Publishing Proposed Clarifying Amendments to Registration and Proficiency for Review and Comment](https://baxsecuritieslaw.com/ciro-publishing-proposed-clarifying-amendments-to-registration-and-proficiency-for-review-and-comment/) - The Canadian Investment Regulatory Organization (CIRO), Canada’s national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces, is publishing for a comment (the Request for Comment) for a period ending October 2nd, 2023. The Request...
- [Multilateral Staff Notice 45-309 (Revised) Guidance for Preparing and Filing an Offering Memorandum under National Instrument 45-106 Prospectus Exemptions](https://baxsecuritieslaw.com/multilateral-staff-notice-45-309-revised-guidance-for-preparing-and-filing-an-offering-memorandum-under-national-instrument-45-106-prospectus-exemptions/) - Participating jurisdictions (except Ontario) of the Canadian Securities Administrators (the Participating Jurisdictions) are publishing Multilateral Staff Notice 45-309 (Revised) Guidance for Preparing and Filing an Offering Memorandum under National Instrument 45-106 Prospectus Exemptions (45-309, the Staff Notice) to provide guidance to issuers, underwriters, and their...
- [Canadian Securities Regulators Propose Introduction Of Expedited Shelf Prospectus Regime For Certain Issuers](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-introduction-of-expedited-shelf-prospectus-regime-for-certain-issuers/) - The Canadian Securities Administrators (CSA) is seeking public comment for a 90-day period ending December 20, 2023, on a proposed expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) in Canada (The Proposed Amendments). The Proposed Amendments are detailed in CSA Notice and Request for Comment...
- [Canadian Securities Regulators Adopt Business Conduct Rule for Derivatives Dealers and Advisers](https://baxsecuritieslaw.com/canadian-securities-regulators-adopt-business-conduct-rule-for-derivatives-dealers-and-advisers/) - The Participating Jurisdictions of the Canadian Securities Administrators (CSA), Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut and Northwest Territories (the Participating Jurisdictions) have published Multilateral Instrument 93-101 Derivatives: Business Conduct and its Companion Policy, Companion Policy...
- [Canadian Securities Regulators Provide Update on Proposed Amendments to Continuous Disclosure Requirements](https://baxsecuritieslaw.com/canadian-securities-regulators-provide-update-on-proposed-amendments-to-continuous-disclosure-requirements/) - The Canadian Securities Administrators (CSA) has issued an update on proposed amendments to modernize the continuous disclosure requirements for non-investment fund reporting issuers published for comment in May 2021 (The Proposed Amendments). The Proposed Amendments would streamline and clarify certain disclosure requirements for the management’s...
- [Canadian Securities Regulators Clarify Interim Approach to Stablecoins](https://baxsecuritieslaw.com/canadian-securities-regulators-clarify-interim-approach-to-stablecoins/) - The Canadian Securities Administrators (CSA) is providing further guidance to crypto asset trading platforms based on its interim approach to the trading of value-referenced crypto assets or VCRAs (commonly referred to as stablecoins) as laid out in in CSA Staff Notice 21-333 Crypto Asset Trading...
- [Webinar Invite: The Regulation of Stablecoins in Canada](https://baxsecuritieslaw.com/webinar-invite-the-regulation-of-stablecoins-in-canada/) - BAX Securities Law webinar series on the regulation of crypto currencies in Canada Please join Barbara Hendrickson and Addison Cameron-Huff on November 3, 2023 at 12:00 PM EST for a webinar to discuss the evolving Canadian regulatory landscape for Value-Referenced Crypto Assets (VRCAs) commonly known as stablecoins. Speakers...
- [CSA Publishes Staff Notice 31-364 - OBSI Joint Regulators Committee Annual Report for 2022](https://baxsecuritieslaw.com/csa-publishes-staff-notice-31-364-obsi-joint-regulators-committee-annual-report-for-2022/) - The Canadian Security Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have jointly published Staff Notice 31-364 - OBSI Joint Regulators Committee Annual Report for 2022 (The Staff Notice). The Staff Notice serves as the Annual Report of the Joint Regulators Committee (JRC) of the Ombudsman...
- [Canadian roundtable on audit quality addresses current state and emerging risks](https://baxsecuritieslaw.com/canadian-roundtable-on-audit-quality-addresses-current-state-and-emerging-risks/) - On October 26th, the Canadian the Public Accountability Board (CPAB), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Securities Administrators (CSA) co-hosted the Canadian Audit Quality Roundtable in Toronto. The annual Roundtable, brings together Canadian capital markets stakeholders, including regulators, standard-setters,...
- [Regulators Publish Summary of Short Selling Consultation](https://baxsecuritieslaw.com/regulators-publish-summary-of-short-selling-consultation/) - The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have published a summary of responses and comments to CSA/IIROC Staff Notice 23-329 Short Selling in Canada (The Joint Staff Notice). In December 2022, the CSA and the Investment Industry Regulatory Organization of...
- [Canadian Securities Regulators Propose Binding Regime For Investment-Related Disputes](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-binding-regime-for-investment-related-disputes/) - The Canadian Securities Administrators (CSA) has published proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) (the Proposed Amendments) as well as proposed changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP) (the Proposed Changes)...
- [Canadian Securities Regulators Publish 2023 Systemic Risk Survey](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-2023-systemic-risk-survey/) - The Canadian Securities Administrators (CSA) has published the results of its 2023 Systemic Risk Survey (the Survey). This annual Survey, first conducted in 2022, provides the CSA with important information on market participants’ concerns about the stability of the Canadian financial system. The 2023 Survey was conducted...
- [SEC Approves Spot Bitcoin Exchange-Traded Products](https://baxsecuritieslaw.com/sec-approves-spot-bitcoin-exchange-traded-products/) - Much media attention has been paid to the recent approval by the United States Securities and Exchange Commission (SEC) to allow the trading and listing of certain of spot bitcoin exchange-traded products (ETPs). The SEC’s hand was forced by the decision of the U.S. Nineth...
- [The Financial Services Regulatory Authority Of Ontario Approves Canadian Investment Regulatory Organization As Credentialling Body](https://baxsecuritieslaw.com/the-financial-services-regulatory-authority-of-ontario-approves-canadian-investment-regulatory-organization-as-credentialling-body/) - The Financial Services Regulatory Authority of Ontario (FSRA) has approved the Canadian Investment Regulatory Organization (CIRO) as a credentialing body under Ontario's Financial Professionals Title Protection Act, 2019 (FPTPA) The approval by FSRA means CIRO now has the authority to grant credentials that permit individuals to use...
- [Barbara Hendrickson Contributor to Lexis Nexis - Practical Guidance Canada](https://baxsecuritieslaw.com/barbara-hendrickson-contributor-to-lexis-nexis-practical-guidance-canada/) - Barbara Hendrickson is the author of recent practice note entitled “Underwriting Conflicts” which appears in Lexis Nexis Practical Guidance Canada. This practice note provides an introduction to Canadian securities law with respect to underwriter's conflicts as set out in National Instrument 33-105 Underwriter's Conflicts ("NI...
- [BAX Securities Law announces resumption of Toronto Business Lawyers Association Monthly Meetings](https://baxsecuritieslaw.com/bax-securities-law-announces-resumption-of-toronto-business-lawyers-association-monthly-meetings/) - Toronto, February 12, 2024: BAX Securities Law is pleased to announce that the firm will resume its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, commented, "We are excited to resume...
- [Regulators Report on Systemic Market Risk in 2023](https://baxsecuritieslaw.com/regulators-report-on-systemic-market-risk-in-2023/) - The Canadian Securities Administrators (CSA) has published its 2023 review of systemic market risk in the Canadian capital markets, The 2023 Annual Report on Capital Markets (the Report). The Report is the regulator's analysis of recent financial market trends and key vulnerabilities in Canadian capital markets. Overall,...
- [Canadian Securities Regulators Update Guidance On Virtual Shareholder Meetings](https://baxsecuritieslaw.com/canadian-securities-regulators-update-guidance-on-virtual-shareholder-meetings/) - The Canadian Securities Administrators (CSA) have provided updated guidance on virtual shareholder meetings. During the pandemic, virtual shareholder meetings became necessary due to quarantine restrictions. In the period following the pandemic, the practice has continued, with the amending of certain Canadian corporate statutes that govern... The Canadian Securities Administrators (CSA) have provided updated guidance on virtual shareholder meetings.
- [The Retail Payments Activities Act – Bank Of Canada Guidance On The Criteria For Registering Payment Service Providers](https://baxsecuritieslaw.com/the-retail-payments-activities-act-bank-of-canada-guidance-on-the-criteria-for-registering-payment-service-providers/) - The Retail Payments Activities Act was enacted by the Parliament of Canada and passed into law, on June 29, 2021, with regulations published on November 22, 2023. On December 12, 2023, the Bank of Canada published guidance entitled Criteria for registering payment service providers (Guidance).... The Retail Payments Activities Act was enacted by the Parliament of Canada and passed into law, on June 29, 2021, with regulations published on November 22, 2023.
- [Bank of Canada Launches Retail Payment Activities Act Supervisory Guidelines Consultation](https://baxsecuritieslaw.com/bank-of-canada-launches-retail-payment-activities-act-supervisory-guidelines-consultation/) - Under the Retail Payment Activities Act, payment service providers registered with the Bank of Canada must demonstrate how they manage their operational risks, respond to incidents, safeguard end-user funds, and notify the Bank of Canada of certain incidents and significant changes. This requirement comes into... Under the Retail Payment Activities Act, payment service providers registered with the Bank of Canada must demonstrate how they manage their operational risks, respond to incidents, safeguard end-user funds, and notify the Bank of Canada of certain incidents and significant changes.
- [Canadian Securities Administrators Publish Updated Guidance On ESG-Related Fund Disclosure](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-updated-guidance-on-esg-related-fund-disclosure/) - The Canadian Securities Administrators (CSA) has published CSA Staff Notice 81-334 - ESG-Related Investment Fund Disclosure (Revised) (the revised Staff Notice), which provides updated guidance for investment funds on disclosure practices related to environmental, social and governance (ESG) matters. The revised CSA Staff Notice does...
- [Canadian Sustainability Standards Board Announces First Canadian Sustainability Disclosure Standards for Public Consultation](https://baxsecuritieslaw.com/canadian-sustainability-standards-board-announces-first-canadian-sustainability-disclosure-standards-for-public-consultation/) - The Canadian Sustainability Standards Board (CSSB) has published draft versions of the First Canadian Sustainability Disclosure Standards (the standards) for a 90-day comment period ending June 10, 2024.
- [Multilateral Continuous Disclosure Review And Guidance For Independent Review Committees Is Published](https://baxsecuritieslaw.com/multilateral-continuous-disclosure-review-and-guidance-for-independent-review-committees-is-published/) - Canadian Securities Administrators (CSA) A Multilateral Staff Notice 81-337 Targeted Continuous Disclosure Review and Guidance for Independent Review Committees for Investment Funds (the Staff Notice) has been published jointly by the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF).
- [CSA Investor Alert: Emergence of Claims Management Companies](https://baxsecuritieslaw.com/csa-investor-alert-emergence-of-claims-management-companies/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"] A recent Canadian Securities Administrators (CSA) Investor Alert (Alert) points to the emergence of firms, known as claims management companies (CMCs) that offer paid services to investors to interreact with the Ontario Securities Commission and other member of...
- [BAX Securities Law Announces April Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-april-toronto-business-lawyers-association-monthly-meeting/) - Toronto, April 2, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and colleagues...
- [Canadian Securities Administrators Confirm and Update New Stablecoin Approach](https://baxsecuritieslaw.com/canadian-securities-administrators-confirm-and-update-new-stablecoin-approach/) - The Canadian Securities Administrators (CSA) have confirmed that it is focused on implementing the interim approach to VCRAs (commonly referred to as stablecoins) even as the regulator has announced the extension of the deadline to October 31st, 2024, for its implementation. The initial deadline of...
- [BAX Securities Law Announces May Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-may-toronto-business-lawyers-association-monthly-meeting/) - Toronto, April 19, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and colleagues...
- [Federal Budget 2024 Takes Aim Against Financial Crimes](https://baxsecuritieslaw.com/federal-budget-2024-takes-aim-against-financial-crimes/) - The Federal Government’s 2024 Budget (Budget 2024) contains measures against financial crime.
- [BAX Securities Law Plays Host to Surakhbayar Galsan, And Mongolian Delegation](https://baxsecuritieslaw.com/bax-securities-law-plays-host-to-surakhbayar-galsan-and-mongolian-delegation/) - BAX Securities Law was pleased to host to an old friend and colleague, Surakhbayar Galsan, LL.M, Founder and Managing Director of BlackRock Partners LLC (BRP).
- [BAX Securities Law Announces June Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-june-toronto-business-lawyers-association-monthly-meeting/) - Toronto, June 7, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and colleagues...
- [Securities Regulators Publish Blanket Order Permitting Exempt Market Dealer to Participate in Selling Groups to Sell Securities under Prospectus](https://baxsecuritieslaw.com/securities-regulators-publish-blanket-order-permitting-exempt-market-dealer-to-participate-in-selling-groups-to-sell-securities-under-prospectus/) - On June 20, 2024, the securities regulatory authorities in Alberta, British Columbia, Nova Scotia, Ontario, Québec and Saskatchewan (the participating jurisdictions) published a temporary exemption from the restrictions set out in subsection 7.1(2) (d) of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations...
- [Ontario Regulator Launches Consultation on Total Cost Reporting for Seg Funds](https://baxsecuritieslaw.com/ontario-regulator-launches-consultation-on-total-cost-reporting-for-seg-funds/) - The Financial Services Regulatory Authority of Ontario (FSRA) launched a public consultation for a period ending July 26, 2024, on proposed Rule 2024 – 002 - Total Cost Reporting (the Proposed Rules) that will affect how insurers report segregated fund investment products to clients.
- [Canadian Securities Regulators Announce Changes To Derivatives Data Reporting Standards](https://baxsecuritieslaw.com/canadian-securities-regulators-announce-changes-to-derivatives-data-reporting-standards/) - The Canadian Securities Administrators (CSA) has published final amendments (the Amendments) that streamline and harmonize over-the-counter (OTC) derivatives data reporting with global standards, which became effective on July 25, 2025. The Amendments are expected to reduce the complexity of market participants’ reporting systems and decrease...
- [Canadian Securities Administrators publish Notice and Request for Comment on proposed Canadian Securities Exchange Senior Tier](https://baxsecuritieslaw.com/canadian-securities-administrators-publish-notice-and-request-for-comment-on-proposed-canadian-securities-exchange-senior-tier/) - The Canadian Securities Administrators (CSA) has published a package of proposed amendments (the Proposed Amendments), including a proposal by the Canadian Securities Exchange (CSE) to establish a new senior tier of Venture Issuer (the Venture Issuer Tier) for review and comment for a 90-day period ending October 30, 2024.
- [BCSC Calls for Changes to Federal Bankruptcy Law](https://baxsecuritieslaw.com/bcsc-calls-for-changes-to-federal-bankruptcy-law/) - The British Columbia. Securities Commission (BCSC) is calling for changes to the federal Bankruptcy and Insolvency Act (the Act) after the Supreme Court of Canada ruled that some financial sanctions can be extinguished through the bankruptcy process.
- [BAX’s Barbara Hendrickson included in the 2024 edition of The Best Lawyers in Canada](https://baxsecuritieslaw.com/baxs-barbara-hendrickson-included-in-the-2024-edition-of-the-best-lawyers-in-canada/) - BAX Securities Law is pleased to announce that its founder and Securities Partner, Barbara Hendrickson, is included in the 2024 edition of The Best Lawyers in Canada. Best Lawyers, the oldest and most respected legal rankings company, has announced that Barbara Hendrickson will be included...
- [CIRO Publishes Draft Amendment To Proficiency Rules For Investment Dealer Approved Persons For Review And Comment](https://baxsecuritieslaw.com/ciro-publishes-draft-amendment-to-proficiency-rules-for-investment-dealer-approved-persons-for-review-and-comment/) - The Canadian Investment Regulatory Organization (CIRO) is publishing for comment proposed amendments to the Investment Dealer and Partially Consolidated Rules (IDPC, the Draft Rule Amendments) reflecting the proposed proficiency model, for a period ending September 17, 2024. The Draft Rule Amendments focus on the proficiency...
- [BAX Securities Law Announces October Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-may-toronto-business-lawyers-association-monthly-meeting-2/) - Toronto, September 9, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and colleagues...
- [Canadian Securities Administrators Extends Again Deadline For The Trading Of Stablecoins](https://baxsecuritieslaw.com/canadian-securities-administrators-extends-again-deadline-for-the-trading-of-stablecoins/) - The Canadian Securities Administrators (CSA) has extended its deadline yet again to December 31, 2024, so that crypto asset trading platforms (CTPs) that have not registered or provided a pre-registration undertaking (PRU) have until that date to allow clients to buy, deposit, or enter into...
- [Ontario Securities Commission Publishes Study on Artificial Intelligence and Retail Investing](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-study-on-artificial-intelligence-and-retail-investing/) - The Ontario Securities Commission (OSC) has published Artificial Intelligence and Retail Investing: Use Cases and Experimental Research (the Report), which discusses the results of a behavioural science experiment that focused on the role of artificial intelligence (AI) in supporting retail investor decision-making. The experiment consisted...
- [Barbara Hendrickson Featured in Whistleblowing Canada  Directory](https://baxsecuritieslaw.com/barbara-hendrickson-featured-in-whistleblowing-canada-directory/) - BAX Securities Law’s Barb Hendrickson is pleased to announce that she is appearing in a new legal directory, The Ontario Lawyers Directory for Whistleblowers (the Directory), published by Whistleblowing Canada. The goal of the Directory, published by Whistleblowing Canada with the support of the Law...
- [Barbara Hendrickson Gives Guest Lecture To Ukrainian Law Students](https://baxsecuritieslaw.com/barbara-hendrickson-to-give-guest-lecture-to-ukrainian-law-students/) - BAX Securities Law’s Barbara Hendrickson gave a guest lecture via Zoom to a class of students at Kyiv’s State Tax University, Sept 23, 2024 Barbara will speak on the topic: "The Legal Profession in Canada: Challenges and Opportunities in International Legal Practice." During the lecture,...
- [Webinar Invite: Canadian Money Laundering and Terrorist Financing Legislation – the Basics](https://baxsecuritieslaw.com/webinar-invite-canadian-money-laundering-and-terrorist-financing-legislation-the-basics/) - Please join Barbara Hendrickson of BAX Securities Law and Natalie Ochrym and Claude Baksh of Grace Compliance Services Inc. on November 14, 2024 at 2:00 PM EST for a webinar to discuss Canadian legislation in the areas of money laundering and terrorist financing.
- [BAX Securities Law named in Best Lawyers™ inaugural “Best Law Firms™ in Canada” list for 2025](https://baxsecuritieslaw.com/bax-securities-law-named-in-best-lawyers-inaugural-best-law-firms-in-canada-list-for-2025/) - Barbara Hendrickson, Founder and Managing Partner of BAX Securities Law, is pleased to announce that Best Lawyers™ has recognized BAX Securities Law in the inaugural edition of Best Law Firms - Canada.
- [Canadian Securities Administrators Complete Tenth Annual Review of the Representation of Women on Boards and in Executive Officer Positions in Canada](https://baxsecuritieslaw.com/canadian-securities-administrators-complete-tenth-annual-review-of-the-representation-of-women-on-boards-and-in-executive-officer-positions-in-canada/) - Participating Canadian securities regulatory authorities have published the results the tenth annual review of disclosures relating to women on boards and in executive officer positions
- [Canada Releases Draft Regulations to Cap Pollution in the Oil And Gas Industry](https://baxsecuritieslaw.com/canada-releases-draft-regulations-to-cap-pollution-in-the-oil-and-gas-industry/) - The Government of Canada recently introduced Proposed Draft Regulations to limit greenhouse gas pollution from oil and gas production. The Proposed Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations and Proposed Regulations Amending the Output-Based Pricing System Regulations (the Proposed Draft Regulations) work by...
- [Canadian Securities Regulators Publish Coordinated Blanket Orders to Provide Temporary Exemptions From Certain Derivatives Data Reporting Requirements](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-coordinated-blanket-orders-to-provide-temporary-exemptions-from-certain-derivatives-data-reporting-requirements/) - The Canadian Securities Administrators (CSA) recently published Coordinated Blanket Order 96-932 Re Temporary Exemptions from Certain Derivatives Data Reporting Requirements (the Blanket Order), which became effective October 31, 2024.
- [BAX Securities Law Announces November Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-november-toronto-business-lawyers-association-monthly-meeting/) - Toronto, November 11, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and colleagues...
- [Ontario Securities Commission Publishes Consultation Paper To Facilitate Investment Opportunities In Long-Term Illiquid Assets](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-consultation-paper-to-facilitate-investment-opportunities-in-long-term-illiquid-assets/) - The Ontario Securities Commission (OSC) recently published OSC Consultation Paper 81-737 Opportunity to Improve Retail Investor Access to Long-Term Assets through Investment Fund Product Structures (The Consultation Paper).
- [Ontario Securities Commission Publishes Summary Report](https://baxsecuritieslaw.com/ontario-securities-commission-publishes-summary-report/) - The Ontario Securities Commission (OSC) recently published its Summary Report for Investment Fund and Structured Product Issuers (The Summary Report), which provides an overview of key activities undertaken by the Investment Management division in fiscal 2023-2024.
- [CSA Proposes Amendments And Changes To Implement An Access Model For Certain Continuous Disclosure Documents Of Non-Investment Fund Reporting Issuers](https://baxsecuritieslaw.com/csa-proposes-amendments-and-changes-to-implement-an-access-model-for-certain-continuous-disclosure-documents-of-non-investment-fund-reporting-issuers/) - The Canadian Securities Administrators (CSA) is publishing for a 90-day comment period ending February 17, 2024, proposed amendments to: National Instrument 51-102 Continuous Disclosure Obligations (proposed amendments to NI 51-102) and proposed changes to: Companion Policy 51-102CP Continuous Disclosure Obligations, and Companion Policy 54-101CP to...
- [Canadian Securities Regulators Propose Amendments To Multilateral Instrument 13-102 System Fees](https://baxsecuritieslaw.com/canadian-securities-regulators-propose-amendments-to-multilateral-instrument-13-102-system-fees/) - The Canadian Securities Administrators (CSA) has published for comment proposed amendments (the Proposed Amendments) to Multilateral Instrument 13-102 System Fees for a 90-comment period ending February 19, 2025.
- [Canadian Securities Regulators Publish Proposed Changes To Principal Distributor Model For Review And Comment](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-proposed-changes-to-principal-distributor-model-for-review-and-comment/) - The Canadian Securities Administrators (CSA) are publishing a series of proposed amendments and changes to the principal distributor model in the distribution of mutual funds (the Proposed Amendments and Proposed Changes) for a 90-day comment period ending February 27, 2025.
- [Canadian Securities Regulators To Provide Temporary Relief From Requirements For Delivering Proxy- Related Material](https://baxsecuritieslaw.com/canadian-securities-regulators-to-provide-temporary-relief-from-requirements-for-delivering-proxy-related-material/) - In response to the current Canadian postal strike, the Canadian Securities Administrators (CSA) is providing temporary relief from requirements to deliver proxy-relate material for annual meetings through a temporary exemption from certain requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument and 54-101 Communications with Beneficial Owners of Securities of a Reporting Issuer (the Coordinated Blanket Order).
- [Canadian Securities Regulators Publish Summary Of 2024 Systemic Risk Survey Results](https://baxsecuritieslaw.com/canadian-securities-regulators-publish-summary-of-2024-systemic-risk-survey-results/) - According to results of the third annual systemic risk survey (The Survey) recently published by Canadian Securities Administrators (CSA), Canadian investment dealers and portfolio managers are less concerned about Canadian financial stability than last year. The Survey was completed by 536 Canadian portfolio managers and investment...
- [BAX Securities Law Announces December Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-december-toronto-business-lawyers-association-monthly-meeting/) - Toronto, December 7, 2024: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings.
- [Canadian Securities Administrators Issue Guidance And Open Consultations On Use Of AI Systems In Capital Markets](https://baxsecuritieslaw.com/canadian-securities-administrators-issue-guidance-and-open-consultations-on-use-of-ai-systems-in-capital-markets/) - The Canadian Securities Administrators (CSA) have published CSA Staff Notice and Consultation 11-348 – Applicability of Canadian Securities Laws and the Use of Artificial Intelligence Systems in Capital Markets (the Staff Notice), intended to provide guidance on how securities legislation applies to the use of...
- [CIRO Publishes Request for Comment - Proposal to harmonize CIRO Continuing Education (CE) Programs](https://baxsecuritieslaw.com/ciro-publishes-request-for-comment-proposal-to-harmonize-ciro-continuing-education-ce-programs/) - The Canadian Investment Regulatory Organization (CIRO) has published proposed amendments to its continuing education (CE) programs under the Investment Dealer Partial Consolidated (IDPC) Rules and the Mutual Fund Dealer (MFD) Rules (The Proposed Amendments). CIRO had published the Proposed Amendments as part of its effort...
- [BAX Securities Law Announces January Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-january-toronto-business-lawyers-association-monthly-meeting/) - Toronto, January 10, 2025: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and...
- [CSA Publishes Notice And Request For Comment On Proposed Amendments To Trading Fee Caps Charged By Marketplaces](https://baxsecuritieslaw.com/csa-publishes-notice-and-request-for-comment-on-proposed-amendments-to-trading-fee-caps-charged-by-marketplaces/) - The Canadian Securities Administrators (CSA) has published a Notice and Request for Comment on proposed amendments to National Instrument 23-101 Trading Rules (Proposed Amendments) and proposed changes to Companion Policy 23-101 Trading Rules (Proposed CP Changes) related to the recent rule changes announced by the United States Securities and Exchange Commission (SEC).
- [BAX Securities Law Announces February Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-february-toronto-business-lawyers-association-monthly-meeting/) - Toronto, January 27, 2025: BAX Securities Law is pleased to announce that the firm has resumed its sponsorship of the Toronto Business Lawyers Association (TBLA) networking and business development monthly meetings. Barbara Hendrickson, Managing Partner of BAX Securities Law, is pleased to invite friends and...
- [Strengthening American Leadership in Digital Financial Technology](https://baxsecuritieslaw.com/strengthening-american-leadership-in-digital-financial-technology/) - A recent Executive Order issued by U.S. President Donald Trump signals a dramatic shift to pro-cryptocurrency policies. The Executive Order, Strengthening American Leadership in Digital Financial Technology Strengthening American Leadership in Digital Financial Technology (The Executive Order), takes a multi-pronged approach,
- [Securities Law Considerations in Private Company Transactions](https://baxsecuritieslaw.com/securities-law-considerations-in-private-company-transactions/) - BAX Securities Law is consistently recognized as one of Canada’s leading boutique capital markets firms and has earned a Best Law Firm designation from Best Lawyers, one of the world’s leading legal publications.
- [Update on the CSA Project to Modernize Mineral Disclosure Requirements](https://baxsecuritieslaw.com/update-on-the-csa-project-to-modernize-mineral-disclosure-requirements/) - The Canadian Securities Administrators (CSA) are proposing to repeal and replace the current National Instrument 43-101 Standards of Disclosure for Mineral Projects (the Instrument) and Form 43-101F1 Technical Report (the Form) with a streamlined instrument and Form (The Modernized Disclosure Requirements). The regulator is also...
- [BAX Securities Law Announces March Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-march-toronto-business-lawyers-association-monthly-meeting/) - Toronto, March 4, 2025: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday March 20, 2025, at 8:30 am at Chefs Hall, 111 Richmond St. W in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was...
- [Amendments to National Instrument 41-101 General Prospectus Requirements & National Instrument 81-101 Mutual Fund Prospectus Disclosure](https://baxsecuritieslaw.com/amendments-to-national-instrument-41-101-general-prospectus-requirements-national-instrument-81-101-mutual-fund-prospectus-disclosure/) - The Canadian Securities Administrators (CSA) have announced the final amendments (Amendments) to National Instrument 41-101 General Prospectus Requirements (NI 41-101) and National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101).
- [Meme Coins not Securities: SEC](https://baxsecuritieslaw.com/meme-coins-not-securities-sec/) - The United States Securities and Exchange Commission’s (SEC) Division of Corporation Finance has ruled that Meme coins are not securities. In its recently published Staff Statement on Meme Coins (the Staff Statement), the regulator noted persons who participate in the offer and sale of meme...
- [Barbara Hendrickson Honored as a Lexpert-Ranked Lawyer in the 2025 Canadian Legal Lexpert Directory](https://baxsecuritieslaw.com/barbara-hendrickson-honored-as-a-lexpert-ranked-lawyer-in-the-2025-canadian-legal-lexpert-directory/) - Toronto, Ontario March 11, 2025: Barbara Hendrickson has been recognized as one of Canada’s Leading Legal Practitioners in the 2025 Canadian Legal Lexpert Directory. This prestigious accolade is the result of an extensive peer-review process that identifies top legal professionals across the country. This distinction...
- [Effective Date For Delegation Of CIRO Registration Authority Announced](https://baxsecuritieslaw.com/effective-date-for-delegation-of-ciro-registration-authority-announced/) - Effective April 1st, 2025, the securities regulatory authorities of Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, and Yukon (the Participating Jurisdictions), have delegated certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO).
- [BAX Securities Law Announces May Toronto Business Lawyers Association Monthly Meeting](https://baxsecuritieslaw.com/bax-securities-law-announces-may-toronto-business-lawyers-association-monthly-meeting-3/) - Toronto, May 8, 2025: BAX Securities Law is pleased to invite friends and colleagues to the next meeting on Thursday May 15, 2025, at 9:30 am at Chefs Hall, 111 Richmond St. W in downtown Toronto (Lost Coffee area). The Toronto Business Lawyers Association was created by Barbara Hendrickson,...
- [Canadian Securities Regulators Announce Actions To Support Competitiveness Of Canadian Markets](https://baxsecuritieslaw.com/canadian-securities-regulators-announce-actions-to-support-competitiveness-of-canadian-markets/) - In response to recent events, the Canadian Securities Administrators (CSA) is introducing measures to support market participants that choose to go public, maintain a listing, and contribute to capital formation in Canada through a series of Coordinated Blanket Orders (the Blanket Orders).

## Pages

- [BAX Main Page](https://baxsecuritieslaw.com/) - BAX practices corporate securities law for Capital Markets, Investment Funds, Securities & Financial Services Regulation & Enforcement, AI, Real Estate & Crypto
- [Jordan Goddard](https://baxsecuritieslaw.com/jordan-goddard/) - Jordan Goddard Marketing Specialist Contact Toronto Office30 St. Patrick StreetSuite 700Toronto ONM5T 3A3E: jgoddard@baxsecuritieslaw.comL: www.linkedin.com/in/jordangoddard Jordan Goddard is a Marketing Specialist with BAX Securities Law® and has been contracted with the firm since it’s 2012 founding. He has built the BAX website and continues to maintain it along with all the firm’s branding. Jordan has over 10 years
- [Barbara Hendrickson*](https://baxsecuritieslaw.com/bhendrickson/) - Barbara Hendrickson, after a twenty year career that included stints with Canada’s largest securities regulator, one of the world’s largest law firms and a highly ranked national law firm, founded BAX Securities Law.
- [Navraj Pannu](https://baxsecuritieslaw.com/navraj-pannu/) - Navraj Pannu Contact Toronto Office30 St. Patrick StreetSuite 700Toronto ONM5T 3A3T: 416.601.1004E: npannu@baxsecuritieslaw.comL: linkedin.com/in/navraj-pannu Navraj is a corporate, commercial and securities lawyer with experience guiding businesses through complex regulatory landscapes, strategic transactions, and critical growth phases. His practice spans the full spectrum of corporate commercial law, mergers and acquisitions (M&A), corporate finance, and capital markets. Nav
- [Janny Cho](https://baxsecuritieslaw.com/jcho/) - Providing corporate commercial legal advice and services to clients including business formations, corporate restructuring and reorganization, acquisitions
- [Consult](https://baxsecuritieslaw.com/consult/) - Get in Touch BAX Securities Law® is one of Canada’s leading corporate securities law firms. If you wish to contact BAX Securities Law, please fill out the form or reach out via phone - (647) 403-4606 or email at bhendrickson@baxsecuritieslaw.com. Please note that prior to a formal retainer with BAX Securities Law®, we cannot guarantee or
- [About Us](https://baxsecuritieslaw.com/about-us/) - About BAX Securities Law® BAX Securities Law® is repeatedly recognized as one of Canada’s top corporate law boutiques In 2012, Barbara Hendrickson founded BAX Securities Law® after a 20 year career that included periods with Canada’s largest securities regulator, one of the world’s largest law firms, and a highly ranked national law firm. Since that time, BAX
- [Capital Markets](https://baxsecuritieslaw.com/capital-markets/) - Capital Markets Our clients choose us for our extensive experience and knowledge in the capital raising and public company area Overview BAX Securities Law® has been recognized as one of Canada’s leading law firms and has earned rankings in Best Law Firms Canada compiled by Best Lawyers and in Canadian Lawyer Magazines Top Corporate Law
- [Whistleblowers](https://baxsecuritieslaw.com/whistleblowers/) - Whistleblowers Whistle blowers are protected. Overview The Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC) and other securities commissions in Canada accept tips on possible violations of local securities law, offer protections for individuals who come forward, as well as a rewards of up to $5 million for tips that lead to enforcement
- [Cryptocurrency](https://baxsecuritieslaw.com/crypto-assets/) - Crypto Assets Bitcoin, Ethereum, non-fungible tokens (NFTs) and stablecoins have emerged as an alternative asset class. Overview Digital ledger technologies including blockchain are reshaping the global markets and the impact of crypto assets is spreading across a number of business sectors. Since 2017, we have been advising clients on digital assets and blockchain law including
- [Real Estate Syndication](https://baxsecuritieslaw.com/real-estate-syndication/) - Our clients range from seasoned commercial real estate developers and brokers to individuals raising capital for their first real estate deal.
- [Artificial Intelligence](https://baxsecuritieslaw.com/artificial-intelligence/) - Artificial Intelligence We provide sophisticated advice on the use of AI by existing businesses and guide the creation, financing and operation of new and upcoming AI companies and products. Overview Artificial intelligence (AI) is not just a technological shift; it’s a fundamental reshaping of the business and legal landscape. AI presents transformative opportunities for new
- [Corporate & Commercial](https://baxsecuritieslaw.com/securities-enforcement/) - Corporate & Commercial Assisting market and financial services participants with compliance audits and enforcement actions Overview Bax Securities Law® is one of the leading boutique law firms and assists clients with business formations, corporate restructuring and reorganization, corporate governance, shareholders agreements, amendments of articles, annual meetings, equity compensation including stock option plans as well as
- [Financial Services Regulation](https://baxsecuritieslaw.com/financial-services-regulation/) - Financial Services Regulation The financial services industry in Canada is constantly adapting to a complex and ever-changing regulatory landscape. Overview BAX Securities Law® has direct experience dealing with Canadian financial services regulatory bodies including FSRA, FINTRAC and OSFI and can assist with risk -management and compliance strategies. We advise a wide range of participants in
- [Corporate Finance & Securities](https://baxsecuritieslaw.com/securities-regulation/) - Corporate Finance & Securities Senior lawyers providing assistance to financial services and capital markets clients Overview BAX Securities Law® has direct experience dealing with Canadian securities and financial services regulatory bodies including the Ontario Securities Commission, the British Columbia Securities Commission and other Canadian regulatory authorities. BAX Securities Law® is one of Toronto’s leading capital
- [Investment Funds](https://baxsecuritieslaw.com/investment-funds/) - We provide legal and regulatory advice to investment funds, portfolio managers and investment fund managers regarding their regulatory registration and compliance issues.
- [Securities Litigation, Enforcement And Compliance](https://baxsecuritieslaw.com/securities-litigation-enforcement-and-compliance/) - Securities Litigation, Enforcement And Compliance We advise market participants and respondents in response to allegations of market misconduct. Overview We assist with corporate finance reviews, compliance reviews, compliance audits, investigations and enforcement and other regulatory proceedings brought by the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), the Canadian Investment Regulatory Organization (CIRO)
- [Contact Us](https://baxsecuritieslaw.com/contact-us/) - If you wish to discuss retaining BAX Securities Law to provide you with legal services, please contact us 30 St. Patrick Street, Suite 700 Toronto, ON M5T 3A3
- [Legal Strategy Session](https://baxsecuritieslaw.com/legal-strategy-session/) - Legal Strategy Session Consult with a Corporate Business Lawyer BAX Securities Law® is one of Canada’s leading corporate securities law firms. If you wish to discuss retaining BAX Securities Law to provide you with legal services, please book a consultation.Barbara HendricksonManaging PartnerT: 416.601.1004C: 647.403.4606bhendrickson@baxsecuritieslaw.com Please note that prior to a formal retainer with BAX Securities Law®, we
- [Terms of Use](https://baxsecuritieslaw.com/terms-of-use/) - Terms of Use By accessing this website you are agreeing to be bound by the terms and conditions set out below. If you do not agree with these terms and conditions, please exit from this website and do not access any other pages. At any time, we may change this website, these terms and conditions,
- [Disclaimer](https://baxsecuritieslaw.com/disclaimer/) - © 2025 BAX Securities Advisory Services Law Corporation (“BAX”). All rights reserved. The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting BAX
- [Privacy Statement](https://baxsecuritieslaw.com/privacy-statement/) - Privacy Policy BAX Securities Law (“BAX” or “we”) recognize the importance of privacy and the sensitivity of personal information. As lawyers we have professional obligations regarding the confidentiality of information we receive from our clients within a lawyer-client relationship. We are committed to protecting personal information we hold in accordance with law. This Privacy Policy

## Categories

- [Financial](https://baxsecuritieslaw.com/category/financial/) - BAX Securities Law is one of the leading boutique law firms in Canada and advises financial technology companies, banks, and investors on the intersection of technology, finance, and regulation. BAX navigates complex issues regarding digital assets, payment systems, AI-driven services, and regulatory compliance (FINTRAC, OSFI). These lawyers facilitate innovation while ensuring compliance with Canadian financial laws
- [Governments](https://baxsecuritieslaw.com/category/governments/) - BAX Securities Law™ has direct experience dealing with Canadian securities and financial services regulatory bodies including the Ontario Securities Commission, the British Columbia Securities Commission and other Canadian regulatory authorities.
- [News & Updates](https://baxsecuritieslaw.com/category/news-updates/) - The latest corporate securities law news, insights and activity. BAX Securities Law® has been repeatedly recognized as one of Canada’s top corporate law boutiques by Canadian Lawyer Magazine. The recognition acknowledges BAX Securitie’s nationwide legal expertise, deep industry knowledge, quality legal services, and willingness to go above and beyond to help their clients achieve their goals.
- [Business Law](https://baxsecuritieslaw.com/category/business-law/) - We advise on various asset classes including equity, debt, commodities, derivatives, crypto assets, private equity, venture capital, real estate and mortgages including syndicated mortgages.
- [Marketing & Business Development](https://baxsecuritieslaw.com/category/marketing-business-development/) - BAX Securities Law® is one of Toronto’s leading capital markets boutique law firms. Our experience includes innovative products and structures in the proptech, fintech, debt and crypto spaces.
- [Corporate securities lawyer](https://baxsecuritieslaw.com/category/corporate-securities-lawyer/) - BAX Securities Law Toronto is one of the leading boutique law firms in Canada and assists clients with mergers & acquisitions, regulatory compliance with the Ontario Securities Commission (OSC), equity/debt financing, and corporate governance.
- [Securities lawyer](https://baxsecuritieslaw.com/category/securities-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada focusing on laws governing investments, shares, bonds, and financial instruments, handling both transactional work (regulatory compliance, filings) and litigation (fraud, disputes). They assist companies with public offerings and mergers while protecting investor rights and navigating investigations by regulatory bodies like the Ontario Securities Commission (OSC)
- [Securities litigation lawyer](https://baxsecuritieslaw.com/category/securities-litigation-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada representing individuals and corporations in complex disputes involving investment losses, fraud, and regulatory breaches. We handle cases regarding insider trading, market manipulation, shareholder disputes, and corporate governance.
- [FSRA](https://baxsecuritieslaw.com/category/fsra/) - BAX Securities Law is one of the leading boutique law firms in Canada in Toronto handling FSRA (Financial Services Regulatory Authority of Ontario) matters including insurance, mortgage brokering, syndicated mortgages, regulatory defense and professional regulation.
- [OSC](https://baxsecuritieslaw.com/category/osc/) - BAX Securities Law is one of the leading boutique law firms in Canada assists clients with matters regulated by the Ontario Securities Commission (OSC), is an independent Crown agency regulating Ontario’s capital markets. The OSC protects investors from unfair or fraudulent practices, fosters fair/efficient markets, and oversees market participants by enforcing the Securities Act and Commodity Futures Act. It acts as a primary regulator for investment firms and advisors in Ontario.
- [Business lawyer](https://baxsecuritieslaw.com/category/business-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada which advises companies, startups, and entrepreneurs on corporate law, including business formation, contract drafting, employment issues, and compliance with provincial/federal laws. We also assist with shareholder agreements, commercial leasing, intellectual property, and mergers/acquisitions, often referred to as corporate lawyers or commercial lawyers in the GTA.
- [Mergers and acquisitions lawyer](https://baxsecuritieslaw.com/category/mergers-and-acquisitions-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada advising businesses, founders, and investors on purchasing, selling, or merging companies, handling complex transactions, due diligence, and negotiations to ensure regulatory compliance in deals like share/asset purchases, take-over bids, and restructuring, serving sectors such as technology, finance, and mining.
- [Crypto lawyer](https://baxsecuritieslaw.com/category/crypto-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada focusing on the complex, evolving regulations surrounding digital assets, blockchain technology, and NFTs providing expertise on compliance (FINTRAC, securities law), and corporate structuring for businesses and individuals. BAX assist crypto exchanges and other money services businesses (MSBs) with registration, FINTRAC, and KYC/AML compliance. BAX Offers advice on token generation events (ICOs) and determining if tokens comply with Ontario securities regulations
- [Securities enforcement lawyer](https://baxsecuritieslaw.com/category/securities-enforcement-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada representing companies, financial institutions, and individuals facing investigations, audits, or civil charges from regulators like the Ontario Securities Commission (OSC) defending against allegations of fraud, insider trading, and compliance failures, managing the entire process from initial inquiries to settlements or litigation.
- [Corporate lawyer](https://baxsecuritieslaw.com/category/corporate-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada advising businesses on their legal rights, obligations, and duties, focusing on commercial transactions, compliance, and governance. BAX facilitates business operations by drafting contracts, managing mergers, overseeing acquisitions, and ensuring compliance with regulations.
- [Investment fund lawyer](https://baxsecuritieslaw.com/category/investment-fund-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada assisting clients in structuring, forming, and managing investment vehicles like hedge funds, real estate investment trusts, limited partnerships, venture capital funds, private equity funds, and mutual funds ensuring compliance with complex regulatory securities requirements (e.g., OSC rules).
- [MICs mortgage investment lawyer](https://baxsecuritieslaw.com/category/mics-mortgage-investment-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada assisting clients with establishing, structuring, and maintaining MICs—companies that pool investor funds to lend as mortgages. BAX ensures compliance with securities and financial service regulations drafting documentation for incorporation, management agreements, offerings including offering memoranda and shareholder relations.
- [P2P peer to peer lending](https://baxsecuritieslaw.com/category/p2p-peer-to-peer-lending/) - BAX Securities Law is one of the leading boutique law firms in Canada assisting clients in the legal aspects of online lending platforms that connect borrowers directly with investors, bypassing traditional banks ensuring compliance with financial regulations, securities laws, and consumer protection rules.
- [Capital markets lawyer](https://baxsecuritieslaw.com/category/capital-markets-lawyer/) - BAX Securities Law is one of the leading boutique law firms in Canada assisting clients with buying and selling securities (debt or equity) to raise capital advising issuers, investment banks, and investors on complex financial transactions, securities regulatory compliance, and governance, including IPOs, private placements, and debt offerings

## Tags

- [Announcements](https://baxsecuritieslaw.com/tag/announcements/)
- [CBA solo firms small firms secretary treasurer](https://baxsecuritieslaw.com/tag/cba-solo-firms-small-firms-secretary-treasurer/)
- [BAXSecurtiesLaw](https://baxsecuritieslaw.com/tag/baxsecurtieslaw/)
- [Proposed Amendments to National Instrument 31-103 #ProposedCustodyAmendments](https://baxsecuritieslaw.com/tag/proposed-amendments-to-national-instrument-31-103-proposedcustodyamendments/)
- [clearedoverthecounterderivatives. CSA](https://baxsecuritieslaw.com/tag/clearedoverthecounterderivatives-csa/)
- [OSC](https://baxsecuritieslaw.com/tag/osc/)
- [Cryptoassets](https://baxsecuritieslaw.com/tag/cryptoassets/)
- [Cryptocurrency](https://baxsecuritieslaw.com/tag/cryptocurrency/)
- [Blockchain](https://baxsecuritieslaw.com/tag/blockchain/)
- [Fintech](https://baxsecuritieslaw.com/tag/fintech/)
- [CSA](https://baxsecuritieslaw.com/tag/csa/)
- [Mutual funds](https://baxsecuritieslaw.com/tag/mutual-funds/)
- [Amendments](https://baxsecuritieslaw.com/tag/amendments/)
- [Investment funds](https://baxsecuritieslaw.com/tag/investment-funds/)
- [Alternative mutual funds](https://baxsecuritieslaw.com/tag/alternative-mutual-funds/)
- [BAX Securities Law](https://baxsecuritieslaw.com/tag/bax-securities-law/)
- [SEC](https://baxsecuritieslaw.com/tag/sec/)
- [ERC20](https://baxsecuritieslaw.com/tag/erc20/)
- [ICO](https://baxsecuritieslaw.com/tag/ico/)
- [Crytptocurrency](https://baxsecuritieslaw.com/tag/crytptocurrency/)
- [EtherDelta](https://baxsecuritieslaw.com/tag/etherdelta/)
- [Cannabis](https://baxsecuritieslaw.com/tag/cannabis/)
- [Private Cannabis Stores](https://baxsecuritieslaw.com/tag/private-cannabis-stores/)
- [Ontario Regulation 468/18](https://baxsecuritieslaw.com/tag/ontario-regulation-468-18/)
- [BCSC](https://baxsecuritieslaw.com/tag/bcsc/)
- [Compliance Report Card](https://baxsecuritieslaw.com/tag/compliance-report-card/)
- [Cannabis Retail Regulation Guide](https://baxsecuritieslaw.com/tag/cannabis-retail-regulation-guide/)
- [Cannabis License Act](https://baxsecuritieslaw.com/tag/cannabis-license-act/)
- [Retail Operator License](https://baxsecuritieslaw.com/tag/retail-operator-license/)
- [Retail Store Authorization](https://baxsecuritieslaw.com/tag/retail-store-authorization/)
- [Retail Cannabis License](https://baxsecuritieslaw.com/tag/retail-cannabis-license/)
- [Cannabis License Act 2018](https://baxsecuritieslaw.com/tag/cannabis-license-act-2018/)
- [Prospectus Requirements](https://baxsecuritieslaw.com/tag/prospectus-requirements/)
- [NI41-101](https://baxsecuritieslaw.com/tag/ni41-101/)
- [Ontario Regulation468/18](https://baxsecuritieslaw.com/tag/ontario-regulation468-18/)
- [BAX Securties Law](https://baxsecuritieslaw.com/tag/bax-securties-law/)
- [CBA News](https://baxsecuritieslaw.com/tag/cba-news/)
- [SCC](https://baxsecuritieslaw.com/tag/scc/)
- [Barbara Hendrickson](https://baxsecuritieslaw.com/tag/barbara-hendrickson/)
- [Cooperative Capital Markets System](https://baxsecuritieslaw.com/tag/cooperative-capital-markets-system/)
- [FINTRAC](https://baxsecuritieslaw.com/tag/fintrac/)
- [Suspicious transactions](https://baxsecuritieslaw.com/tag/suspicious-transactions/)
- [AML](https://baxsecuritieslaw.com/tag/aml/)
- [Financing of Terrorism](https://baxsecuritieslaw.com/tag/financing-of-terrorism/)
- [BCN2019/01](https://baxsecuritieslaw.com/tag/bcn2019-01/)
- [BCI 32-517](https://baxsecuritieslaw.com/tag/bci-32-517/)
- [Canada Business Corporations Act](https://baxsecuritieslaw.com/tag/canada-business-corporations-act/)
- [Record Keeping](https://baxsecuritieslaw.com/tag/record-keeping/)
- [Bill C86](https://baxsecuritieslaw.com/tag/bill-c86/)
- [distributing corporations](https://baxsecuritieslaw.com/tag/distributing-corporations/)
- [QuadrigaCX](https://baxsecuritieslaw.com/tag/quadrigacx/)
- [Nova Scotia supreme court](https://baxsecuritieslaw.com/tag/nova-scotia-supreme-court/)
- [Ethereum](https://baxsecuritieslaw.com/tag/ethereum/)
- [CSA Staff Notice 51-356](https://baxsecuritieslaw.com/tag/csa-staff-notice-51-356/)
- [disclosure](https://baxsecuritieslaw.com/tag/disclosure/)
- [promotion](https://baxsecuritieslaw.com/tag/promotion/)
- [Legal Entrepreneurs Podcast](https://baxsecuritieslaw.com/tag/legal-entrepreneurs-podcast/)
- [Law Society of Ontario](https://baxsecuritieslaw.com/tag/law-society-of-ontario/)
- [Bencher Elections](https://baxsecuritieslaw.com/tag/bencher-elections/)
- [Legal Profession](https://baxsecuritieslaw.com/tag/legal-profession/)
- [Alternative Trading System](https://baxsecuritieslaw.com/tag/alternative-trading-system/)
- [BCI 21-502](https://baxsecuritieslaw.com/tag/bci-21-502/)
- [Variation Order](https://baxsecuritieslaw.com/tag/variation-order/)
- [NI 21-101](https://baxsecuritieslaw.com/tag/ni-21-101/)
- [CSA Staff Notice 45-324](https://baxsecuritieslaw.com/tag/csa-staff-notice-45-324/)
- [Crowdfunding](https://baxsecuritieslaw.com/tag/crowdfunding/)
- [Prospectus Exemptions](https://baxsecuritieslaw.com/tag/prospectus-exemptions/)
- [Start-up crowdfunding exemption orders](https://baxsecuritieslaw.com/tag/start-up-crowdfunding-exemption-orders/)
- [Proposed National Instrument](https://baxsecuritieslaw.com/tag/proposed-national-instrument/)
- [OSC Staff Notice 45-716 Exempt Market Report 2018](https://baxsecuritieslaw.com/tag/osc-staff-notice-45-716-exempt-market-report-2018/)
- [Exempt Market](https://baxsecuritieslaw.com/tag/exempt-market/)
- [Prospectus Exemption](https://baxsecuritieslaw.com/tag/prospectus-exemption/)
- [Offering Memorandum Exemption](https://baxsecuritieslaw.com/tag/offering-memorandum-exemption/)
- [accredited investor](https://baxsecuritieslaw.com/tag/accredited-investor/)
- [prospectus](https://baxsecuritieslaw.com/tag/prospectus/)
- [The Bitcoin Fund](https://baxsecuritieslaw.com/tag/the-bitcoin-fund/)
- [bitcoin](https://baxsecuritieslaw.com/tag/bitcoin/)
- [3iQ Corp](https://baxsecuritieslaw.com/tag/3iq-corp/)
- [the Securities Act (Ontario)](https://baxsecuritieslaw.com/tag/the-securities-act-ontario/)
- [NI 81-102](https://baxsecuritieslaw.com/tag/ni-81-102/)
- [Law Times](https://baxsecuritieslaw.com/tag/law-times/)
- [Convocation](https://baxsecuritieslaw.com/tag/convocation/)
- [USI-Tech Ltd.](https://baxsecuritieslaw.com/tag/usi-tech-ltd/)
- [techcoin](https://baxsecuritieslaw.com/tag/techcoin/)
- [Administrative des marches financiers](https://baxsecuritieslaw.com/tag/administrative-des-marches-financiers/)
- [IIROC](https://baxsecuritieslaw.com/tag/iiroc/)
- [cryptoasset platforms](https://baxsecuritieslaw.com/tag/cryptoasset-platforms/)
- [distributed ledger technology](https://baxsecuritieslaw.com/tag/distributed-ledger-technology/)
- [Consultation Paper 21-402](https://baxsecuritieslaw.com/tag/consultation-paper-21-402/)
- [NI 31-103](https://baxsecuritieslaw.com/tag/ni-31-103/)
- [stablecoins](https://baxsecuritieslaw.com/tag/stablecoins/)
- [Tether](https://baxsecuritieslaw.com/tag/tether/)
- [Digix](https://baxsecuritieslaw.com/tag/digix/)
- [Dai](https://baxsecuritieslaw.com/tag/dai/)
- [MakerDAO](https://baxsecuritieslaw.com/tag/makerdao/)
- [Basis](https://baxsecuritieslaw.com/tag/basis/)
- [Howey](https://baxsecuritieslaw.com/tag/howey/)
- [Digital asset](https://baxsecuritieslaw.com/tag/digital-asset/)
- [TSX](https://baxsecuritieslaw.com/tag/tsx/)
- [TSX Staff Notice 2019-0002](https://baxsecuritieslaw.com/tag/tsx-staff-notice-2019-0002/)
- [Rule Notice and Request for Comment 19-0076](https://baxsecuritieslaw.com/tag/rule-notice-and-request-for-comment-19-0076/)
- [SEDAR](https://baxsecuritieslaw.com/tag/sedar/)
- [Multilateral Instrument 13-102](https://baxsecuritieslaw.com/tag/multilateral-instrument-13-102/)
- [National Instrument 13-103](https://baxsecuritieslaw.com/tag/national-instrument-13-103/)
- [Alex Tapscott](https://baxsecuritieslaw.com/tag/alex-tapscott/)
- [Next Block Global](https://baxsecuritieslaw.com/tag/next-block-global/)
- [SAFE](https://baxsecuritieslaw.com/tag/safe/)
- [Simple agreement for future equity](https://baxsecuritieslaw.com/tag/simple-agreement-for-future-equity/)
- [Private Placement](https://baxsecuritieslaw.com/tag/private-placement/)
- [Venture capital](https://baxsecuritieslaw.com/tag/venture-capital/)
- [Capital raising](https://baxsecuritieslaw.com/tag/capital-raising/)
- [Kik Interactive](https://baxsecuritieslaw.com/tag/kik-interactive/)
- [Kin token](https://baxsecuritieslaw.com/tag/kin-token/)
- [FSRA](https://baxsecuritieslaw.com/tag/fsra/)
- [FISCO](https://baxsecuritieslaw.com/tag/fisco/)
- [DICO](https://baxsecuritieslaw.com/tag/dico/)
- [Enforcement](https://baxsecuritieslaw.com/tag/enforcement/)
- [Soliciting Dealer Requirements](https://baxsecuritieslaw.com/tag/soliciting-dealer-requirements/)
- [PooledFunds](https://baxsecuritieslaw.com/tag/pooledfunds/)
- [Cryptocurrency Exchange](https://baxsecuritieslaw.com/tag/cryptocurrency-exchange/)
- [MSB](https://baxsecuritieslaw.com/tag/msb/)
- [ATF](https://baxsecuritieslaw.com/tag/atf/)
- [Coin Launch](https://baxsecuritieslaw.com/tag/coin-launch/)
- [Cryptoasset](https://baxsecuritieslaw.com/tag/cryptoasset/)
- [CSA Staff Notice 51-358](https://baxsecuritieslaw.com/tag/csa-staff-notice-51-358/)
- [Climate Change](https://baxsecuritieslaw.com/tag/climate-change/)
- [CRRBranch](https://baxsecuritieslaw.com/tag/crrbranch/)
- [CSA Staff Notice 31-335: 2018 OBSI Joint Regulators Annual Report](https://baxsecuritieslaw.com/tag/csa-staff-notice-31-335-2018-obsi-joint-regulators-annual-report/)
- [OSBI](https://baxsecuritieslaw.com/tag/osbi/)
- [JRC](https://baxsecuritieslaw.com/tag/jrc/)
- [Syndicated Mortgages](https://baxsecuritieslaw.com/tag/syndicated-mortgages/)
- [OSC Staff Notice11-787](https://baxsecuritieslaw.com/tag/osc-staff-notice11-787/)
- [Compliance](https://baxsecuritieslaw.com/tag/compliance/)
- [Consultants](https://baxsecuritieslaw.com/tag/consultants/)
- [TD](https://baxsecuritieslaw.com/tag/td/)
- [RBC](https://baxsecuritieslaw.com/tag/rbc/)
- [FX](https://baxsecuritieslaw.com/tag/fx/)
- [Foreign Exchange](https://baxsecuritieslaw.com/tag/foreign-exchange/)
- [NI-51-502](https://baxsecuritieslaw.com/tag/ni-51-502/)
- [Business Acquisition Report](https://baxsecuritieslaw.com/tag/business-acquisition-report/)