Canadian Securities Law

2019 Oil and Gas Review: ASC Acknowledges “Unprecedented Circumstances Continuing in Alberta’s Capital Markets"

January 8, 2020
- Keith R. Chatwin
- Gordon Masson
In this year’s Oil and Gas Review, the Alberta Securities Commission highlights the continuing constraints facing reporting issuers and ongoing reporting concerns – the lack of public financing and its impact on reserve estimations taking centre... Read more
Broad But Not Infinite – OSC Decision Opens Door to Prospectus Offering by Bitcoin Fund; Restrains Use of Public Interest Power

December 27, 2019
- Joseph Bricker
- Ramandeep K. Grewal
A panel of the Ontario Securities Commission (OSC), consisting of a single commissioner, recently ordered that a prospectus receipt be issued for a new Bitcoin Fund (the Fund) managed by 3iQ Corp. (the Manager), overruling an earlier decision by the Director... Read more
OSC’s 107 Proposed Burden Reduction Initiatives Include Confidential Prospectus Filings and Addressing of Primary Business Disclosure

December 20, 2019
- Stikeman Elliott
The Ontario Securities Commission provides us with a glimpse into its plans for 2020 through publication of its regulatory burden reduction initiatives. Key initiatives include: developing a process for the confidential filing of prospectuses, updating... Read more
New York Attorney General Climate Change Fraud Case against Exxon Mobil Dismissed

December 19, 2019
- Keith R. Chatwin
- Wei Yan
In a December 2019 ruling, the New York Supreme Court dismissed an important action by the state’s Attorney General alleging that, between 2013 and 2016, Exxon Mobil Corporation had made material misrepresentations to the effect that it had fully... Read more
CSA to Review Automatic Securities Disposition Plans

December 9, 2019
- Ramandeep K. Grewal
- Jonah Mann
The Canadian Securities Administrators (the “CSA”) announced on October 24, 2019, that they are undertaking a review of automatic securities disposition plans (“ASDPs”). The stated objective of this review is to ensure that such... Read more
OSC Broadens Number of Officers Permitted to Sign Participation Fee Certifications

December 3, 2019
- Stikeman Elliott
Changes to participation fee rules now permit CEOs, CFOs, COOs and directors to certify fee forms The Ontario Securities Commission (OSC) recently adopted changes to the rules regarding participation fees to allow certain individuals other than a firm’s... Read more
Retail Investment Funds: An Updated Guide to the Regulatory Landscape in Canada

November 21, 2019
- Darin R. Renton
- Jonathan W. Willson
Three members of our Toronto office who work with investment funds recently authored the Canadian chapter of Practical Law’s Global Guide 2019: Retail Investment Funds. This publication provides a concise overview of the legal and regulatory... Read more
Corporate Governance Developments Set to Be Codified into the CBCA

November 20, 2019
- Laura Levine
As 2019 comes to an end, we provide a lookback at corporate governance related amendments to the CBCA that have come into force this year and look forward to those slated to come into force in 2020 and beyond. Fiduciary duty guidance is codified. A new... Read more
BCSC Requires Electronic Filing of Annual Reports of Exempt Distribution

November 6, 2019
- Stikeman Elliott
Recently published revisions to BC Instrument 13-502 Electronic Filing of Reports of Exempt Distribution (BCI 13-502) and its companion policy now require all reports of exempt distribution (Form 45-106F1), including those filed on an annual basis by investment... Read more
CSA Propose Reforms to Reduce Regulatory Burden for Investment Funds

November 1, 2019
- Nicholas Badeen
- Malcolm Peck-McQueen
The Canadian Securities Administrators (the CSA) have published for comment proposed amendments (the Proposed Amendments) intended to reduce the regulatory burden on investment funds. The Proposed Amendments published in the CSA Notice and Request... Read more

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