Jun 27, 2024 | Regulatory Compliance
As you may recall reading in our earlier bulletin articles, amendments to National Instrument 45-106 Prospectus Exemptions (NI 45-106) that took effect on March 8, 2023 (the Amendments) require issuers that rely on the offering memorandum (OM) prospectus exemption in...
Apr 24, 2024 | Investment Funds, Regulatory Compliance
Back in November, 2022 we wrote about CSA Consultation Paper 21-403 Access to Real-Time Market Data, which dealt with concerns about the cost of accessing market data in Canada where there are multiple marketplaces competing for the same securities to trade. The...
Nov 30, 2022 | Investment Funds, Regulatory Compliance
Earlier this month, the Canadian Securities Administrators (CSA) released CSA Consultation Paper 21-403 Access to Real-Time Market Data, focusing on the costs of various types of access. As defined in the Consultation Paper, ‘real-time market data’ is order and trade...
Oct 31, 2022 | Regulatory Compliance
As we also described in our June bulletin, it is expected that it may take some firms a significant amount of time to amend an individual registrant’s Form 33-109F4 to update any “other activities” as required by amendments to National Instrument 33-109 Registration...
Sep 27, 2022 | Investment Funds, Regulatory Compliance
In the Canadian Securities Administrators’ (CSAs’) ongoing efforts to reduce regulatory burden and better provide for cost-effective capital raising mechanisms, the CSA has developed the Listed Issuer Financing Exemption (Exemption), a prospectus exemption aimed at...
May 31, 2022 | Regulatory Compliance
A friendly reminder that amendments to legislation clarifying the “Outside Activity” (OA) reporting framework and modernizing registration information requirements will be coming into force on June 6, 2022. These amendments are meant to establish a more efficient...
Apr 29, 2022 | Regulatory Compliance
On April 7, the Canadian Securities Administrators (CSA) proposed amendments to a number of national instruments to implement an access equals delivery model for most types of prospectuses, annual and interim financial statements and related annual and interim...
Jan 31, 2022 | Investment Funds, Regulatory Compliance
On January 27, the Canadian Securities Administrators (the CSA) published CSA Notice and Request for Comment – Proposed Amendments to National Instrument 41-101 General Prospectus Requirements, National Instrument 81-101 Mutual Funds Prospectus Disclosure, and Related...
Sep 30, 2021 | Regulatory Compliance
On July 15, 2021, the Canadian Securities Administrators released Notice of Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) which contains the final amendments (the Amendments) to NI 31-103...
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 | Client-Focused Reforms (CFRs), FAQs
Answer: While some are breathing a (small) sigh of relief as the deadline for complying with the conflict-of-interest provisions of the Client Focused Reforms has passed, it is time to consider how prepared your firm is for the next phase of the CFR amendments, coming...
Jun 30, 2021 | Regulatory Compliance
Clients who trade derivatives over the Bourse might be interested in proposals released in late May to amend Part 4 of the Rules of the Bourse that relate to its regulatory functions, including investigations, enforcement, and disciplinary actions. The proposed...
May 31, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
On May 20, the CSA proposed amendments to NI 51-102 Continuous Disclosure Obligations in order to streamline and clarify continuous disclosure requirements for reporting issuers other than investment funds. The proposed amendments would include consolidating the...
May 31, 2021 | Corporate Finance, Regulatory Compliance
The CSA has proposed certain amendments to the National Instrument which sets out definitions that apply across various other national instruments, including the definition of “Canadian financial institution”, and consequential amendments resulting from the change....
May 31, 2021 | Investment Funds, Regulatory Compliance
Certain of the securities regulatory authorities are proposing changes to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators to provide for a securities regulatory regime for commodity benchmarks and administrators. MI 25-102, which was...
