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…

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…

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…

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…

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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…

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…

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…

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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…