Amid continuing market uncertainty that has seen a slowdown of Canadian initial public offerings (IPOs) during the first quarter of 2025, the Canadian Securities Administrators (CSA) has published a series of coordinated...more
The Canadian Securities Administrators (“CSA”) recently announced measures to support the competitiveness of Canadian capital markets in response to the current uncertainty in global markets. The measures are being...more
Against the current backdrop of global market uncertainty, on April 17, 2025, the Canadian Securities Administrators (CSA) announced new incremental measures aimed at reducing regulatory burden for reporting issuers,...more
The Canadian Investment Regulatory Organization (“CIRO”) has published for comment Phase 5 of its rule consolidation project (the “Rule Consolidation Project”). Phase 5 involves rules relating to outsourcing and service...more
Notre brochure Foire aux questions répond aux questions courantes au sujet de la réglementation des F&A de sociétés ouvertes. Cette ressource complète traite de sujets clés et contient de l’information essentielle pour vous...more
The SEC has updated the EDGAR system’s login, password, and access protocols which will affect Canadian SEC reporting companies and other individuals and entities with EDGAR filing codes, including non-reporting companies...more
Our FAQs brochure answers common questions about the regulation of public M&A in Canada. This comprehensive resource addresses key topics and essential insights to help navigate the complex landscape of public M&A deals in...more
Securities-related regulatory action regarding “AI washing” has been increasing in the United States, serving as a warning of potential future developments in Canada. AI washing, as defined by the Canadian Securities...more
In this Edition - The venture debt market continues to expand and play a prominent role in the Canadian venture capital market....more
Chaque année, l’Alberta Securities Commission (l’« ASC ») publie son Corporate Finance Disclosure Report, qui contient des renseignements importants sur certains éléments examinés par l’ASC ainsi que des indications pratiques...more
The latest edition of Davies’ Governance Insights is now available. In this issue, we review 10 developments that general counsel and directors of Canadian public companies, and their investors, should know for 2025 and...more
Certain members of the Canadian Securities Administrators (“CSA”) have extended the temporary exemption from the requirement to transmit a Form 45-106F1 Report of Exempt Distribution (“Report of Exempt Distribution”) and...more
On December 18, 2024, the Canadian Sustainability Standards Board (CSSB), which has been working since June 2023 to advance the adoption of sustainability standards in Canada, released its inaugural Canadian Sustainability...more
With the most recent release of their annual review of disclosure regarding women on boards and in executive officer positions at Toronto Stock Exchange-listed issuers, the Canadian Securities Administrators have now...more
Japanese Crypto Exchange Goes Public in U.S., Stablecoin Initiatives Announced - According to recent reports, the parent company of Coincheck, one of Japan’s largest cryptocurrency exchanges, has gone public on a major...more
On December 5, 2024, the Canadian Securities Administrators (CSA) published CSA Staff Notice and Consultation 11-348: Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets...more
On November 19, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for its July 2024 decision granting an application by Riot Platforms, Inc. (Riot) to cease trade a shareholder rights plan (Plan)...more
On November 15, 2024, all postal service in Canada by Canada Post was suspended as a result of labour action by the Canadian Union of Postal Workers; a disruption that has resulted in significant collateral effects for...more
Le 7 novembre 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 51-365 du personnel des ACVM, Activités du programme d’examen de l’information continue pour les exercices terminés les 31...more
On December 4, 2024, the Canadian Securities Administrators (“CSA”) published a temporary exemption from the requirements to deliver proxy-related materials for annual shareholder meetings (“AGMs”) as a result of the ongoing...more
Last month, I was invited to speak to the Canadian Securities Administrators, focusing on how U.S. securities exemptions, prospectus forms, and continuous disclosure requirements differ from their Canadian counterparts. One...more
In recent years, the OSC and other regulatory bodies began signaling to public markets that regulators intended to crack down on what they termed abusive short-sellers. Against this backdrop, the OSC brought enforcement...more
Le 19 novembre 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont annoncé qu’elles sollicitent des commentaires sur les projets de modification visant la mise en œuvre d’un modèle d’accès aux états...more
The Canadian Securities Administrators (“CSA”) have published CSA Staff Notice 51-365 Continuous Disclosure Review Program Activities for the Fiscal Years Ended March 31, 2024 and March 31, 2023 (the “Staff Notice”). The...more
The Canadian Securities Administrators (“CSA”) have republished for comment proposed rule amendments and policy changes to implement an “access equals delivery” model for certain continuous disclosure documents of...more