With ancient Celtic roots, Halloween originated as a harvest festival marking the beginning of winter, a time that the Celts believed opened the link between the living and the dead. The ancient ghouls, fairies and demons have persisted through time, to form part of the more light-hearted celebration we know today.
As we draw nearer to All Hallows’ Eve, we have harvested the most significant developments from the fields of securities and regulatory law – some of these are tricky, none are a treat!
OSC Adopts Whistleblower Policy
New Offering Memorandum Exemption
Annual Participation Fees Due December 1
Registration Deadline for FATCA Extended
Information is a Key Asset: How Are You Protecting It?
CSA Publishes Report on Mutual Fund Fees
Update on Reports of Exempt Distribution
Are You Pre-Clearing Your Employees’ Social Media Activity?
The 1992 Toronto Blue Jays made history by becoming the first non-U.S. team to win the World Series. It has been a long 23-year wait, but Canada’s team is once again poised to become World Champions!
We humbly accept that our September bulletin may not be quite as exciting, but hope you find it useful as you come to bat amidst the curve-balls of developments and requirements in the regulatory landscape.
We normally associate August with frenzied preparations for a new academic year. But some may also know that this month’s namesake is Augustus, Rome’s first emperor. This shrewd ruler combined lawmaking, institution-building and military might to lay the foundations of an empire that lasted for nearly 1,500 years. August was the month of his greatest victories.
Our mission this month is humbler: to inform you of current and upcoming developments that may affect your business.
Les sociétés inscrites comme conseillers ou courtiers auprès de l’Autorité des marchés financiers (AMF) au Québec doivent préparer et envoyer à l’AMF au plus tard le 31 janvier 2015 leur rapport semestriel concernant toutes les plaintes qu’elles ont reçues entre le 1er juillet et le 31 décembre 2014.
This is the second of our nutshell series on regulatory developments affecting crowdfunding and other online financing portals. Click here to read the first installment.
On May 14, 2015, the securities regulatory authorities of British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (the participating jurisdictions) announced that they were adopting substantially harmonized registration and prospectus exemptions (the start-up crowdfunding exemptions) to allow start-up and early-stage companies in these jurisdictions to raise up to $500,000 per calendar year through online funding portals.
“You are as welcome as the flowers in May,” wrote playwright Charles Macklin. Likewise, we hope you welcome our May bulletin apprising you of the newest regulatory developments:
New Regulatory Notices
Beware and Prepare: Cybersecurity and the OSC
Recent SEC Developments
81-102 Funds: Rehypothecation of Securities
Comments on OSC Statement of Priorities
Changes to Registered Firms or Individuals’ Information
Effective June 30, 2015, the Canadian Securities Administrators are adopting regulatory amendments that reduce the continuous disclosure burden of venture issuers.
The Canadian Securities Administrators recently announced that they have adopted important changes to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) (to be renamed National Instrument 45-106 Prospectus Exemptions).
Subject to necessary ministerial approvals, the changes are expected to take effect May 5, 2015. The changes affect all fund managers, portfolio advisers and dealers, among others.
We invite you to view our video presentation, in which Erez Blumberger, our Chief Regulatory Counsel, and Kimberly Poster, our Chief Counsel, Investment Funds, answer some of the frequently asked questions about how the changes may affect your operations:
You may wish to also take a look at our February bulletin, which contains additional details about the changes.
On February 1, 2014, amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations will come into force for registrants. These amendments will alter the information firms will need to collect from new clients going forward.
On December 19, 2013, the Canadian Securities Administrators published final amendments to National Instrument 31-103. These amendments will require all registered advisers and dealers to use OBSI as the common dispute resolution service, except in Quebec where the mediation regime administered by the AMF will continue to apply.
