Category: Corporate Finance
Feb 28, 2022 | Anti-Money Laundering, Corporate Finance, Corporate Law
In the Ontario 2021 Fall Economic Statement the Government of Ontario announced its intention to address tax evasion, money laundering and other illicit financial activities through amendments to the Business Corporations Act (Ontario) (the Amendments). The Amendments...
Feb 28, 2022 | Client-Focused Reforms (CFRs), Corporate Finance, Investment Funds, Regulatory Compliance
A number of CSA jurisdictions have begun their promised registrant reviews relating to the client-focused reforms. These jurisdictions have sent out very extensive questionnaires relating specifically to the conflicts of interest provisions that came into force at the...
Feb 28, 2022 | Corporate Finance, Regulatory Compliance
There are two European developments we wanted to bring to your attention, somewhat confusingly referred to as SDR (Settlement Discipline Regime) and SRD II (Shareholder Right Directive). SDR concerns the European Union’s (EU) Central Securities Depositories Regulation...
Jan 31, 2022 | Corporate Finance, Investment Funds, News, Regulatory Compliance
On November 19, 2021, the Honourable Peter Bethlenfalvy, Minister of Finance of Ontario, requested that the Ontario Securities Commission (the OSC) undertake an analysis of questions regarding the practice of tied selling raised by the Capital Markets Modernization...
Jan 31, 2022 | Client-Focused Reforms (CFRs), Corporate Finance, Investment Funds, Regulatory Compliance
Related to OSC Staff Notice 33-753 OSC Consultation on Tied Selling and Other Anti-Competitive Practices in the Capital Markets, on December 7 the Ontario Securities Commission (the OSC) commenced a desk review, also known as the OSC Product Review Sweep (the Sweep),...
Jan 31, 2022 | Corporate Finance, Regulatory Compliance
On January 13, 2022, the Canadian Securities Administrators (the CSA) published CSA Notice of Publication – Amendments to National Instrument 52-108 Auditor Oversight (the Notice), containing the final amendments introducing new rules intended to regulate the conduct...
Nov 30, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
In the previous issue of our bulletin, we provided a high level report on the new draft Capital Markets Act (Act) released by the Ontario Ministry of Finance (Finance) on October 12, 2021. In this issue, we highlight some of the provisions of the Act, together with...
Oct 29, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
For those looking for some new reading material, a Capital Markets Act (the “Act”) draft has been released by the Ontario Ministry of Finance. The Act is intended to replace both the current Ontario Securities Act as well as the Ontario Commodity Futures Act, and is...
Sep 30, 2021 | Corporate Finance, Regulatory Compliance
The Canadian Public Accountability Board (CPAB) is seeking comments on potential changes to the type of information it discloses about the results of its assessments of accountants that audit Canadian reporting issuers. Currently, the rules governing CPAB restrict the...
Sep 30, 2021 | Corporate Finance, Corporate Law
Effective October 19, 2021, the Government of Ontario has indicated that the Ontario Business Registry will be launched and available for filing voluntary dissolutions under Part XVI of the Business Corporations Act (Ontario). Importantly, consent of the Ministry of...
Sep 30, 2021 | Corporate Finance, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
On August 18, the Financial Services Regulatory Authority of Ontario (FSRA) released a consultation paper on its draft interpretation relating to a license exemption for mortgage transactions between sophisticated entities. The draft provides FSRA’s interpretation of...
Aug 31, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
On July 28, 2021, the Canadian Securities Administrators (CSA) announced a proposed new prospectus exemption for issuers listed on a Canadian stock exchange. The proposal is in response to comments received from CSA Consultation Paper 51-404 Considerations for...
Aug 31, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
On August 12, the Canadian Securities Administrators (CSA) released proposed amendments to the Companion Policy to National Instrument 41-101 General Prospectus Requirements that provides an interpretation of the financial statements that are required to be included...
Aug 31, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
The Canadian Derivatives Clearing Corporation (CDCC) has proposed amendments to its Rules, Operations Manual, Risk Manual and Default Manual to introduce the Gross Client Margin Model (GCM). The changes being proposed by the CDCC are intended to align with...
Jun 30, 2021 | Corporate Finance, FAQs, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
Answer: As of July 1, 2021, the OSC will have regulatory oversight over the distribution of NQSMIs to persons that are not permitted clients. Firms distributing NQSMIs to investors that are not permitted clients will need to rely on another available prospectus...