Under Canadian securities law, the requirement to register as a dealer is triggered by trading securities for a business purpose. One of the uncertainties under the “business trigger” test and associated guidance is whether...more
Certain members of the Canadian Securities Administrators (“CSA”) have extended the temporary exemption from the requirement to transmit a Form 45-106F1 Report of Exempt Distribution (“Report of Exempt Distribution”) and...more
Le Tribunal des marchés financiers de l’Ontario (le « Tribunal ») a publié les motifs qui ont motivé sa décision en juillet 2024 d’interdire les opérations à l’égard du régime de droits des actionnaires adopté par Bitfarm...more
The Ontario Capital Markets Tribunal (CMT) has released reasons for its July 2024 decision to cease-trade the shareholder rights plan adopted by Bitfarms Ltd. (Bitfarms)....more
The Ontario Capital Markets Tribunal (Tribunal) recently dismissed enforcement proceedings brought against several respondents by the Ontario Securities Commission (Commission) in Cormark Securities Inc (Re). The Commission...more
Dans cette édition - La Commission des valeurs mobilières de l’Ontario (la « CVMO ») lance diverses initiatives afin d’améliorer l’accès au capital des entreprises en démarrage en Ontario....more
In this Edition - How the Ontario Securities Commission (OSC) is improving access to capital for early-stage businesses...more
On May 9, 2024, the Ontario Securities Commission (“OSC”) announced three new exemptions designed to support capital raising for early-stage businesses in Ontario through the OSC TestLab program. The initiatives include the...more
The Ontario Securities Commission (“OSC”) recently published its proposed Statement of Priorities for 2024-2025 (the “Statement”), outlining the initiatives on which the OSC intends to focus its resources and actions over the...more
In Kraft (Re), 2023 ONCMT 36 (“Kraft”), a recent decision of Ontario’s Capital Markets Tribunal (the “Tribunal”), the panel considered the meaning of the “necessary course of business” (“NCOB”) exception to the general...more
The Ontario Securities Commission (“OSC”) recently made proposed OSC Rule 33-509 Exemption from Underwriting Conflicts Disclosure Requirements (the “Rule”) to provide a permanent exemption in Ontario from the underwriting...more
The Ontario Securities Commission (“OSC”) recently announced proposed OSC Rule 52-503 Exemption from Disclosure of a Specified Financial Measure (the “Rule”). If approved by the Minister of Finance (the “Minister”), the Rule...more
The Ontario Securities Commission and the Autorité des marchés financiers (the “Regulators”) recently received an application (the “Application”) from CanDeal Benchmark Administration Services Inc. (“CBAS”) to have Term CORRA...more
On April 20, 2023, the Toronto Stock Exchange (the “TSX”) adopted, and the OSC provided its notice of approval for, certain amendments (the “Amendments”) to more clearly define the factors that the TSX will now consider when...more
The Ontario Securities Commission (OSC) recently announced that it has entered into a Memorandum of Understanding (MOU) with the Financial Supervisory Commission (FSC) of Taiwan. The MOU provides for the cooperation and...more
The Ontario Securities Commission (OSC) recently announced that it has entered into a Memorandum of Understanding (MOU) with the New York State Department of Financial Services (NYSDFS) to facilitate cooperation and the...more
In November 2022, the Ontario Securities Commission (OSC) released a report outlining its findings on the effects on investor behaviour of “gamification” and other behavioural techniques employed by digital investment...more
On January 13, 2022, the Ontario Securities Commission (OSC) announced that it and Quebec’s Autorité des marchés financiers (AMF) have entered into an amended Memorandum of Understanding (MOU) with the European Securities and...more
An increase in the volume and complexity of filings with the Ontario Securities Commission (OSC) has resulted in the temporary extension of review timelines for certain offering documents, compliance reviews, applications and...more