Aug 31, 2020 | Corporate Finance, Corporate Law
On August 20, the Canadian Securities Administrators (CSA) published final amendments (Amendments) to the business acquisition report (BAR) requirements for non-venture reporting issuers. Currently, such issuers must file a BAR after an acquisition if any of the...
May 29, 2020 | Corporate Finance, Corporate Law, COVID-19, Investment Funds, Regulatory Compliance
On May 20, the Canadian Securities Administrators (CSA) issued substantially harmonized blanket orders giving investment funds and other issuers temporary relief from certain regulatory and filing obligations. The conditions of relief are similar to the blanket orders...
May 29, 2020 | Corporate Finance, Corporate Law
On May 26, the Alberta Securities Commission (ASC) published undertakings (Undertakings) from two issuers who agreed to certain controls, training and other requirements to ensure the issuers’ compliance with National Instrument 45-106 Prospectus Exemptions (NI...
Mar 31, 2020 | Anti-Money Laundering, Corporate Law, COVID-19, Regulatory Compliance
On March 25, FINTRAC issued a notice (Notice) indicating that it is committed to working constructively with businesses (Reporting Entities) subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to minimize the impact of ongoing...
Mar 31, 2020 | Corporate Law
As we discussed in our January 2019 bulletin, most private corporations organized under the Canada Business Corporations Act (CBCA) are now required to keep a register of individuals with significant control (ISC Register). Responding to feedback received since these...
Feb 28, 2020 | Corporate Finance, Corporate Law
Earlier this month, U.S. Securities and Exchange Commissioner Hester Pierce made a speech proposing a time-limited safe harbour for crypto asset token offerings to address what she sees as a regulatory “Catch 22” in the digital asset sector. We think Commissioner...
Feb 28, 2020 | Corporate Finance, Corporate Law
On February 13, the Canadian Securities Administrators (CSA) published a second notice and request for comments (Revised Proposal) on proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and a related companion policy. As we...
Feb 28, 2020 | Corporate Finance, Corporate Law
On February 27, the Canadian Securities Administrators (CSA) published for comment proposed National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions (NI 45-110), as well as proposed start-up crowdfunding guides for businesses and funding...
Jan 31, 2020 | Corporate Finance, Corporate Law, Regulatory Compliance
On January 16, the Alberta Securities Commission (ASC) published Staff Notice 45-705 Compliance with Investment Limits under the Offering Memorandum Prospectus Exemption (the Notice). It outlines the results of staff’s recent review of over 80,000 (!) recent...
Jan 31, 2020 | Corporate Finance, Corporate Law, Regulatory Compliance
On March 11, 2021, the Canadian Securities Administrators (CSA) published guidance to improve the quality of disclosure for crypto asset reporting issuers to help investors make informed investment decisions. We have previously reported on CSA guidance on the...
Jan 31, 2020 | Corporate Finance, Corporate Law
On January 9, the Canadian Securities Administrators (CSA) published Consultation Paper 51-405 Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers (CP 51-405). They noted that electronic access is a more cost-efficient, timely...
