The explanation notes that Division of Corporation Finance is focused on the following three key areas of disclosure regarding China-specific matters:

• Disclosure obligations under the Holding Foreign Companies Accountable Act
• “Specific and prominent disclosure” about material risks related to the role of the government of the People’s Republic of China in the operations of China-based companies
• Disclosures regarding the material impacts of certain statutes including, for example, the Uyghur Forced Labor Prevention Act (UFLPA)

Re­view the comment letter on SEC’s website.

The guidance provides an overview of public crypto asset funds operating in Canada and describes related oversight initiatives by CSA members. The notice also covers:

• Market characteristics of crypto assets that could impact their viability as investments for public crypto asset funds
• Expectations concerning custody of crypto assets held on behalf of a fund
• Issues relating to yield-generating activities, like staking, by public crypto asset funds
• Know-your-client, know-your product and suitability obligations with respect to public crypto asset funds.

Re­view the news release on CSA's website.

Following the first paper The Case for Realigning Reporting Standards with Modern Value Creation published in September 2021, the second paper Human Capital Introspective published in June 2022, the third paper Rethinking Brand Value published in September 2022, a fourth paper Deciphering Technology can now be accessed through the press release on the IVSC website.

Re­view the latest paper on the IVSC website.

The main legislative changes contained within the consultation paper concern amendments to the transfer pricing adjustment rule set out in section 247 of the Income Tax Act. These proposed amendments aim to align the transfer pricing adjustment rule in section 247 of the act with the guidance provided by the OECD in the latest version of its report on the general application of the arm’s length principle: Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

Re­view the consultation paper on the Canada’s Department of Finance Website.

The CSA assured that the SEDAR+ system itself is functioning well. However, the process of assuring quality migration of large volumes of data from multiple legacy systems is taking longer than planned. The SEDAR+ project leadership team has added an additional six weeks to the project timeline to ensure that the data migration meets the CSA’s strict quality control standards.

If work on the data migration is not complete in time for the July launch, the CSA has also set September 12, 2023, as a contingency date. To assist filing organizations with planning for SEDAR+, the CSA will confirm the SEDAR+ go-live date by the end of June.

Until SEDAR+ goes live, all capital market participants are required to continue using SEDAR and the other systems in current use.

Re­view news release on CSA's website.

The standard will apply to FTSE350 companies Its primary objective is to enhance performance and ensure a consistent approach across audit committees within the FTSE350. By setting out clear expectations and guidelines, the FRC aims to support the delivery of high-quality audits and reinforce public trust in the financial reporting process..

Re­view the news release and the standard on the Financial Reporting Council website.

The amendments will require issuers to disclose daily quantitative share repurchase information either quarterly or semi-annually. The required disclosures include, for each day on which a repurchase was conducted, the number of shares repurchased that day and the average price paid, among other things. Issuers will also be required to include a checkbox indicating whether certain officers and directors traded in the relevant securities in the four business days before or after the announcement of the repurchase plan or program.

Further, the amendments will revise and expand narrative repurchase disclosure requirements to require that an issuer disclose: (1) the objectives or rationales for its share repurchases and the process or criteria used to determine the amount of repurchases; and (2) any policies and procedures relating to purchases and sales of the issuer’s securities during a repurchase program by its officers and directors, including any restriction on such transactions.

Finally, the amendments will add a new item to Regulation S-K to better allow investors, the Commission, and other market participants to observe how issuers use Rule 10b5-1 plans. New Item 408(d) will require quarterly disclosure in periodic reports on Forms 10-Q and 10-K about an issuer’s adoption and termination of Rule 10b5-1 trading arrangements.

Foreign private issuers that file on foreign private issuer forms will disclose the quantitative data in new Form F-SR beginning with the Form F-SR that covers the first full fiscal quarter that begins on or after April 1, 2024, and provide the narrative disclosure starting in the first Form 20-F filed after their first Form F-SR has been filed. 

Re­view the press release on SEC’s website.

Here are some excerpts from Mr. Gensler’s testimony relating to the risks of AI:

“Artificial intelligence and predictive data analytics are transforming so much of our economy. Finance is no exception.”

“AI already is being used for call centers, account openings, compliance programs, trading algorithms, and sentiment analysis, among others. It’s also fueled a rapid change in the field of robo-advisers and brokerage apps. When the predictive data analytics and algorithms behind these apps are optimizing for investor interests, this can bring benefits in market access, efficiency, and returns. “

“As commenters to our request for comment on digital engagement practices noted, however, the use of predictive data analytics also can lead to potential conflicts. In particular, conflicts may arise to the extent that advisers or brokers are optimizing for their own interests as well as others.”

“Thus, I’ve asked staff to make recommendations for the Commission’s consideration for rule proposals regarding how best to address any of these potential conflicts.”

Re­view Mr. Gensler’s full testimony on SEC’s website.

The CSA is seeking comment on two approaches to build upon the existing disclosure requirements in Form 58-101F1 regarding the representation of women on boards and in executive officer positions and board renewal adopted by most CSA jurisdictions in 2014. While each approach is premised on different concepts discussed further below, both approaches are intended to provide enhanced, decision-useful information to investors to assist with their investment and voting decisions.

• Option A: This option would require an issuer to disclose its approach to diversity in respect of the board and executive officers but would not mandate disclosure in respect of any specific groups, other than women.
• Option B: This option contemplates mandatory reporting on the representation of five designated groups, being women, Indigenous peoples, racialized persons, persons with disabilities and LGBTQ2SI+ persons, on boards and in executive officer positions.

There is a 90-day comment period, and stakeholders are invited to provide comments in writing on or before July 12, 2023.  

For further details, refer to the press release and the Notice on the CSA’s website.

The article notes that there were eight new securities class action lawsuits filed in Canadian courts in 2022, two fewer than the ten new securities suits filed in 2021, and well below the 15 new cases filed in each of 2019 and 2020. The eight new lawsuits are also below the annual average number of new securities suit filings of approximately 10 for the period 2006-2021. Six of the eight new cases were filed in Ontario, two cases were filed in British Columbia. For the first time in 20 years, there were no new securities suits filed in Quebec.

Of note, three of the eight new 2022 Canadian securities suit filings involved companies in the cryptocurrency sector, an industry that also saw significant amounts of securities litigation activity in the U.S. in 2022.

Re­view the NERA press release and the NERA report on NERA's website.