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2016

Advancing Innovation Roundtable Takes Shape

Oct 04, 2016

On October 4, 2016, TMX Group announced the members of the Advancing Innovation Roundtable, which include prominent senior executives from the investment and capital formation communities in Canada. Announced in August 2016, the Roundtable's mission is to deliver actionable recommendations on how to increase access to scale up capital for Canadian innovation economy companies as they grow beyond the seed and start-up stages.

Joining the Advancing Innovation Roundtable are highly-regarded leaders from pension plans, banks, endowments, venture capital firms and private equity funds. Their collective input and strategic insights will help inform ongoing national conversations regarding the development of Canada's innovation economy, and contribute to building an effective strategy to enable this country's technology companies to achieve long-term success.

Review the press release on the TMX Group's website.

AMF launches whistleblower program

Jun 20, 2016

On June 20, 2016, the Autorité des marchés financiers (AMF) launched its whistleblower program, intended to better protect individuals who report wrongdoing and enable the AMF to gather information on offences committed under the laws and regulations it administers.

Under the program, whistleblowers benefit from informer privilege as soon as a wrongdoing is reported. Investigators are trained specifically to respond to the issues faced by whistleblowers and make every effort to maintain the confidentiality of the information and the documents received, as well as the whistleblower’s identity.

Review the press release and program on the AMF's Web site.

ASC adopts Crowdfunding rule enabling Alberta’s small and medium businesses to raise capital online

Oct 31, 2016

On October 31, 2016, the Alberta Securities Commission (ASC) announced that it has adopted Multilateral Instrument 45-108, Crowdfunding (MI 45-108). The new rule is available immediately and introduces a crowdfunding prospectus exemption for issuers as well as a registration framework for funding portals.

The implementation of MI 45-108 follows the recent adoption of ASC Rule 45-517 Prospectus Exemption for Start-up Businesses (ASC Rule 45-517), which was introduced to help facilitate Alberta-based small or start-up issuers seeking to raise modest amounts of capital from Alberta investors. MI 45-108 is viewed to be complementary with ASC Rule 45-517 and is designed to accommodate moderate financings being raised strictly through an online funding portal across multiple jurisdictions in Canada.

Review the press release on the ASC's website.

ASC seeks comment on proposed changes to disclosure requirements regarding the representation of women on boards and in senior management

Sep 14, 2016

On September 14, 2016, the Alberta Securities Commission (ASC) published for comment proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.

The proposed amendments are intended to increase transparency for investors and other stakeholders of non-venture issuers regarding the representation of women on boards of directors and in senior management, as well as with respect to term limits or other mechanisms of board member renewal. The objective of the enhanced disclosure is to provide investors with information they may find helpful in making investment and voting decisions.

The amendments would align the disclosure requirements under NI 58-101 in Alberta with most other jurisdictions in Canada regarding the representation of women on the boards of directors and in executive officer positions.

The 30-day comment period will end on October 14, 2016.

Review the press release and the ASC Notice on the ASC's website.

ASC to adopt disclosure requirements regarding the representation of women on boards and in senior management

Dec 15, 2016

On December 15, 2016, the Alberta Securities Commission (ASC) announced that it will adopt amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.

The amendments require non-venture reporting issuers in Alberta to provide annual disclosure of the following items in their proxy circular or annual information form:

  • any policies regarding the representation of women on the board;
  • whether the board or its nominating committee considers the representation of women in the director identification and selection process;
  • whether the issuer considers the representation of women in executive officer positions when making executive officer appointments;
  • targets regarding the representation of women on the board and in executive officer positions, if any have been set by the issuer;
  • the number of women on the board and in executive officer positions; and
  • director term limits or other mechanisms of board renewal.

The amendments align the disclosure requirements under NI 58-101 in Alberta with most other jurisdictions in Canada regarding the representation of women on the boards of directors and in executive officer positions. The amendments are effective December 31, 2016.

Review the press release on the ASC's website.

Canadian Securities Regulators Seek Comment on Alternative Funds Framework

Sep 22, 2016

On September 22, 2016, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102) and National Instrument 81-101 Mutual Fund Prospectus Disclosure as part of the final phase of the CSA’s efforts to modernize the regulation of publicly offered investment funds.

The proposed amendments are primarily aimed at developing a more comprehensive regulatory framework for publicly offered alternative funds (currently called commodity pools). In addition, they would streamline the regulation of non-redeemable investment funds under NI 81-102.

The proposed amendments would introduce or revise certain investment restrictions for these funds, including concentration limits, limits on illiquid assets and limits on cash-borrowing. The proposed amendments would also introduce disclosure requirements for alternative funds that would clearly highlight the investment strategies that differentiate these products from conventional mutual funds.

The comment period closes on December 21, 2016.

Review the proposals on the OSC's Web site.

Canadian Securities Regulators Seek Comment in Advance of Move to T+2 Settlement Cycle

Aug 18, 2016

On August 18, 2016, the Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 24-101, Institutional Trade Matching and Settlement, in addition to CSA Consultation Paper 24-402, Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016.

Amendments to the National Instrument are being proposed as part of the Canadian securities industry’s plans to shorten the standard settlement cycle for trades from three days after a trade (T+3) to two days after a trade (T+2). The transition to T+2 will occur on September 5, 2017, the same date the markets in the United States are planning to move to a T+2 settlement cycle.

Review the press release on the CSA's Web Site.

Canadian Securities Regulators Publish Update on Cyber Security for Market Participants

Sep 27, 2016

On September 27, 2016, the Canadian Securities Administrators (CSA) published CSA Staff Notice 11-332, "Cyber Security" to promote cyber-security awareness, preparedness and resilience in Canadian capital markets.

The cyber-security landscape has evolved considerably in recent years, as cyber attacks have become more frequent, complex and costly for organizations. As a result, the CSA is working to promote cyber-security awareness, preparedness and resilience, including examining how to improve collaboration and communication with market participants on these issues.

CSA members intend to re-examine the disclosure of some of the larger issuers in the coming months. CSA findings and recommendations stemming from those reviews are anticipated to be published subsequently.

The CSA also intends to hold roundtable sessions with market participants in the coming months to discuss cyber security issues and risks, and the need for coordination and information sharing.

Review the press release and Staff Notice on the CSA's website.

Canadian Securities Regulators Provide Update on Consideration of Concerns Regarding Report of Exempt Distribution

Sep 29, 2016

On September 29, 2016, the Canadian Securities Administrators (CSA) released revised guidance to address certain of the comments raised by foreign dealers conducting offerings into Canada, and Canadian institutional investors, about the unintended effect of the certification requirements and other issues in Form 45-106F1 Report of Exempt Distribution.

This notice replaces a prior version issued on April 7, 2016.

Review this revised guidance on the OSC's Web site.

Canadian Securities Regulators Publish Final Amendments Mandating a Summary Disclosure Document and Delivery Regime for Exchange-Traded Mutual Funds

Dec 08, 2016

On December 8, 2016, the Canadian Securities Administrators (CSA) published final amendments that require exchange-traded mutual funds (ETFs) to produce and file a summary disclosure document called “ETF Facts.” The amendments also require dealers that receive an order to purchase ETF securities to send or deliver an ETF Facts to investors within two days of the purchase.

Provided all necessary Ministerial approvals are obtained, the amendments will come into force on March 8, 2017. There will be a phased implementation of the requirements. Effective September 1, 2017, ETFs will be required to produce and file an ETF Facts and make it available on the ETF’s or the ETF manager’s website. Dealer delivery obligations related to the ETF Facts will come into effect on December 10, 2018.

Review the press release and the summary disclosure document on the CSA's website.

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