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Stikeman Elliott LLP

OSC Proposes Permanent Exemption for WKSIs Pending Amendments to the Shelf Prospectus Regime

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On September 19, 2024, the Ontario Securities Commission (“OSC”) published proposed OSC Rule 44-503 Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers (the “Rule”). Subject to ministerial approval,...more

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Ten LPs + 85 Investors Over Four Years = Unlicensed Trading Allegation from the OSC

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One of the grey areas for real estate development, private equity and venture capital firms (“sponsors”) that serially launch new funds is how frequently a sponsor can come to market with a new fund offering without hitting...more

Bennett Jones LLP

OSC Provides Guidance on “Necessary Course of Business” Exception to Prohibition Against Tipping

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In a recent decision, Kraft (Re) (Kraft), the Ontario Capital Markets Tribunal (the Tribunal) articulated clear guidance with respect to the application of the necessary course of business (NCOB) exception to the prohibition...more

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Canadian Securities Regulators Propose Permanent Expedited Well-Known Seasoned Issuer Program

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On September 21, 2023, the Canada Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 44-102—Shelf Distributions (NI 44-102) and other securities law...more

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CSA Proposes to Expand Diversity Disclosure

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The Canadian Securities Administrators (CSA) are currently seeking public comment on proposed amendments and changes to the disclosure requirements for reporting issuers not listed on the TSX Venture Exchange or the Canadian...more

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The Final Countdown Is On for SEDAR+ Onboarding

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Key Takeaways for All Market Participants In Canada - - All SEDAR users are required to complete their pre-launch onboarding submissions by April 14, 2023. - SEDAR+ goes live on June 13, 2023. - Filers that miss...more

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TSX Provides Guidance on Voting Agreements

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On February 27, 2023, the Toronto Stock Exchange (TSX) published Staff Notice 2023-0001 (the Notice), providing guidance on how TSX addresses voting agreements entered into between a TSX listed issuer and one or more of its...more

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Ontario Securities Commission Reverts to Pre-Covid Shorter Prospectus Review Periods

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The Ontario Securities Commission (OSC) has announced that it will return to its pre-December 7, 2021, service standard timelines and commitments for prospectus reviews effective January 9, 2023, given market changes and...more

Blake, Cassels & Graydon LLP

Dérivés de gré à gré : les ACVM donnent des indications sur la période de transition et la CVMO établit de nouveaux droits

Les organismes de réglementation des valeurs mobilières à l’échelle internationale adoptent de nouvelles normes harmonisées concernant la déclaration des données sur les dérivés, et les Autorités canadiennes en valeurs...more

Blake, Cassels & Graydon LLP

CSA Provides Derivatives Data Reporting Transition Guidance and the OSC Establishes New Fee for OTC Derivatives Market...

As global securities regulators begin to implement new, harmonized international derivatives data reporting standards, the Canadian Securities Administrators (CSA) has provided transitional guidance to over-the-counter (OTC)...more

Stikeman Elliott LLP

Burden Reduction for Registrants Effective June 2022: Outside Activities Clarified and Registration Requirements Simplified

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Final amendments to National Instrument 33-109 Registration Information (NI 33-109) and related instruments (the Final Amendments) clarify outside activity reporting requirements, among other things. The Ontario Securities...more

Blake, Cassels & Graydon LLP

Les ACVM révisent leurs attentes relatives à l’information financière concernant l’activité principale

Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié un avis de consultation (l’Avis) dans lequel elles proposent des clarifications quant aux attentes relatives à l’information financière concernant...more

Blake, Cassels & Graydon LLP

CSA Revisits Primary Business Financial Disclosure Expectations

The Canadian Securities Administrators (CSA) has released a notice and request for comment (Notice) proposing clarifications to primary business financial disclosure expectations. The purpose is to harmonize, across CSA...more

Bennett Jones LLP

Important New Guidance from the Court of Appeal on TSX Majority Voting Rules, Reasonable Expectations

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Since 2014, the Toronto Stock Exchange (TSX) has required listed issuers without a majority shareholder to implement a majority voting policy requiring each of its directors to be elected by a majority of the votes cast (50...more

Blake, Cassels & Graydon LLP

Le Groupe de travail sur la modernisation relative aux marchés financiers de l’Ontario publie son rapport final

Le Groupe de travail sur la modernisation relative aux marchés financiers de l’Ontario (le « groupe de travail ») a récemment soumis au ministre des Finances de l’Ontario son rapport final (le « rapport »), qui modifie et...more

Blake, Cassels & Graydon LLP

Ontario Capital Markets Modernization Taskforce Issues Final Report

The Ontario Capital Markets Modernization Taskforce (Taskforce) recently delivered its final report (Report), which updates and expands on the recommendations contained in its July 2020 initial consultation report (Initial...more

Blake, Cassels & Graydon LLP

Les ACVM publient de nouvelles indications au sujet des régimes d’aliénation de titres automatique

Le 10 décembre 2020, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 55-317 du personnel des ACVM : Régimes d’aliénation de titres automatique (l’« Avis 55-317 »), lequel fournit aux émetteurs...more

Blake, Cassels & Graydon LLP

Canadian Securities Regulators Publish Guidance on Automatic Securities Disposition Plans

On December 10, 2020, the Canadian Securities Administrators (CSA) issued Staff Notice 55-317 Automatic Securities Disposition Plans (SN 55-317), providing recommendations for issuers and insiders on the establishment,...more

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Capital Markets Modernization Taskforce Releases Initial Consultation Report

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In February 2020, the Ontario Government established the Capital Markets Modernization Taskforce to review and modernize Ontario's capital markets. Given the events that have transpired since the last review in 2003,...more

Blake, Cassels & Graydon LLP

Rapport initial du Groupe de travail sur la modernisation relative aux marchés financiers de l’Ontar

Le 9 juillet 2020, le Groupe de travail sur la modernisation relative aux marchés financiers de l’Ontario (le « groupe de travail ») a publié son rapport de consultation initial (le « rapport initial »), lequel comporte près...more

Blake, Cassels & Graydon LLP

Ontario Capital Markets Modernization Taskforce Outlines Proposed Regulatory Changes

On July 9, 2020, the Ontario Capital Markets Modernization Taskforce (Taskforce) published its initial consultation report (Initial Report), which contained nearly 50 proposals aimed at modernizing the regulation of the...more

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TSX Clarifies Mandatory Majority Voting for Director Elections and Makes Other Housekeeping Amendments

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The Toronto Stock Exchange (TSX) has adopted housekeeping amendments to - - Clarify the method to count votes "for" and "withheld" in director elections; - Clarify the dividend notification requirement for a...more

Blake, Cassels & Graydon LLP

Burden Reduction: OSC Addresses 199 Problems

The Ontario Securities Commission (OSC) has released its Reducing Regulatory Burden in Ontario’s Capital Markets report (Report), identifying 107 initiatives to address 34 underlying concerns identified in the 199 suggestions...more

Blake, Cassels & Graydon LLP

OSC Seeks Public Input on Reducing Regulatory Burdens for Market Participants

The Ontario Securities Commission (OSC) recently announced plans to engage in a structured public consultation process as the next step in its efforts to reduce the regulatory burden for market participants. The public...more

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Securities Commissions Revoke “Northwest Exemption” in Certain Jurisdictions

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On August 15, 2018, the securities regulatory authorities (together, the "Commissions") of British Columbia, Manitoba, Nunavut, the Northwest Territories and the Yukon (the "Jurisdictions") announced that effective April 30,...more

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