Matthew Merkley on Canadian Securities Administration

No Such Thing as March Break – Selected Corporate and Securities Law Developments

March was a busy month for corporate and securities law developments, with the publishing of staff notices by the Toronto Stock Exchange (TSX) and Canadian Securities Administrators (CSA), as well as developments regarding...more

3/30/2017 / Canada , Canadian Securities Administration , Majority Voting Policies , OBCA , Toronto Stock Exchange

New Medium, Same Expectations: CSA Cautions Canadian Public Issuers on Use of Social Media

On March 9, 2016, the Canadian Securities Administrators (CSA) published Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers (Staff Notice), which reported on the social media disclosure (Facebook,...more

3/15/2017 / Canada , Canadian Securities Administration , Disclosure Requirements , Investors , Social Media

CSA Identifies Only a Small Step for Women; No Giant Leap for Humankind

On September 28, 2016, the Canadian Securities Administrators (CSA) published CSA Multilateral Staff Notice 58-308 – Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of...more

10/6/2016 / Canada , Canadian Securities Administration , Corporate Governance , Disclosure Requirements , Diversity , Ontario Securities Commission (OSC)

Canadian Securities Laws, Issuer Websites and Social Media: Do The Evolution

A lot has changed since the ’90s and change has, for the most part, been a good thing, although I still have a nostalgic yearning to wear plaid flannel and Doc Martens again. Despite the astonishing technological developments...more

8/26/2016 / Canada , Canadian Securities Administration , Disclosure Requirements , Social Media , Toronto Stock Exchange

CSA Releases Results of Annual Continuous Disclosure Review Program

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Notice), summarizing the results of its members’...more

7/19/2016 / Canada , Canadian Securities Administration , Disclosure Requirements , IFRS , Non-GAAP Financial Measures , Oil & Gas

CSA re: Non-GAAP, TSX NCIB FAQs and Other Acronyms

Recently, the CSA (Canadian Securities Administrators) released revised guidelines regarding the disclosure of non-GAAP (generally accepted accounting principles) financial measures and the TSX (Toronto Stock Exchange)...more

2/8/2016 / Canada , Canadian Securities Administration , IASB , International Financial Reporting Standards , Non-GAAP Financial Measures , Toronto Stock Exchange

Multiple Voting Shares: Don’t Call it a Comeback

Dual class share structures have been thrust back into the spotlight by a recent flurry of initial public offerings of subordinate voting shares, a proposed going private transaction of a dual class share company and...more

9/3/2015 / Business Corporation Act , Canada , Canadian Securities Administration , Controlling Stockholders , Corporate Governance , Dual Class Share Structures , Minority Shareholders , Ontario Securities Commission (OSC) , Toronto Stock Exchange , Voting Shares

OSC Expects REIT Distributions Disclosure to Yield More Information

In the current low interest rate environment, yield-hungry investors have been particularly attracted to real estate investment trusts (REITs), which, as tax-efficient, flow-through investment vehicles, aim to pay regular...more

2/7/2015 / Canadian Securities Administration , Disclosure Requirements , Fund Distribution , GAAP , Interest Rates , Non-GAAP Financial Measures , Ontario Securities Commission (OSC) , REIT

Matthew Merkley

Blake, Cassels & Graydon LLP

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