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Regulatory Reform Canada

Stikeman Elliott LLP

Invitation to Innovate: OSC LaunchPad for Retail Exposure to Long-Term Assets

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The Ontario Securities Commission (“OSC”) announced the formation of a new OSC LaunchPad Long-Term Asset Fund Project (the “Project”) as part of an update on its proposed framework (the “Proposal”) to facilitate retail...more

Blake, Cassels & Graydon LLP

Bill 92: Quebec Takes Another Step in Modernizing its Financial Sector Framework

With Bill 92 now adopted and enacted, this bulletin is updated to reflect the actual provisions of the Act. Bill 92, An Act to amend various provisions mainly with respect to the financial sector (2025, chapter 16)...more

Blake, Cassels & Graydon LLP

Canada’s AML Overhaul: How to Stay Compliant and Respond to FINTRAC

Canada’s anti-money laundering (AML) regime is set to undergo its largest transformation yet with the sweeping amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act proposed in Bill C-2. In...more

Bennett Jones LLP

The Strong Borders Act Seeks to Strengthen the Canadian Anti-Money Laundering Regime

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The federal government recently introduced Bill C-2, which is known as the Strong Borders Act. It maintains certain proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)...more

Blake, Cassels & Graydon LLP

Harmonisation et modernisation du régime en matière de privilèges en Colombie-Britannique

La Commercial Liens Act (« CLA ») de la Colombie-Britannique est entrée en vigueur le 30 juin 2025. Cette nouvelle loi apporte des modifications importantes à la législation régissant les privilèges, dans le but de réduire...more

Blake, Cassels & Graydon LLP

Modifications proposées à la réglementation relative à la boîte bleue en Ontario

Le 4 juin 2025, le ministère de l’Environnement, de la Protection de la nature et des Parcs de l’Ontario (le « ministère ») a proposé plusieurs modifications au Règl. de l’Ont. 391/21 : Boîte bleue (le « Règlement »). Ces...more

Stikeman Elliott LLP

Permitting Reform for Renewable Energy Projects

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B.C. recently introduced and passed Bill 14 – the Renewable Energy Projects (Streamlined Permitting) Act....more

Blake, Cassels & Graydon LLP

La CVMO propose de nouvelles règles limitant les ventes à découvert avant les appels publics à l’épargne

Le 6 juin 2025, la Commission des valeurs mobilières de l’Ontario (la « CVMO ») a publié un projet de modification (disponible uniquement en anglais) visant le Règlement 48-501 de la CVMO – Négociations pendant les...more

Davies Ward Phillips & Vineberg LLP

Concept Release: Foreign Private Issuers Under the SEC’s Microscope

Do the U.S. securities law accommodations through the “foreign private issuer” (FPI) construct benefit the intended entities? That’s the fundamental question that the U.S. Securities and Exchange Commission (SEC) is analyzing...more

Stikeman Elliott LLP

CSA Release Three-Year Business Plan

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On June 26, 2025, the Canadian Securities Administrators (“CSA”) published their 2025-2028 business plan (the “Plan”), which sets out the priorities that the CSA have committed to pursuing over the next three years....more

Stikeman Elliott LLP

OSC Amends Capital Raising Exemptions for Early-Stage Businesses

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The Ontario Securities Commission (“OSC”) recently announced certain amendments to the dealer registration exemptions for not-for-profit angel investor groups and eligible early-stage businesses that had been developed to...more

Davies Ward Phillips & Vineberg LLP

Bill C-5: Canada’s Approach to Accelerating Major Projects

On June 6, 2025 the federal government tabled Bill C-5, the One Canadian Economy Act, carrying out Prime Minister Carney’s election commitment to provide “one-window” regulatory decisions through a newly established Federal...more

Smart & Biggar

Updated PMPRB Guidelines expected in summer 2025 and NPDUIS releases ninth edition of the Meds Entry Watch Report

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In the Patented Medicine Prices Review Board (PMPRB)’s June 2025 NEWSletter, Acting Chairperson Anie Perrault confirms that the PMPRB plans on publishing its final Guidelines in summer 2025. This will mark the completion of...more

Blake, Cassels & Graydon LLP

OSC Proposes New Rules to Restrict Short Selling Ahead of Offerings of Public Securities

On June 6, 2025, the Ontario Securities Commission (OSC) proposed amendments (Proposed Amendments) to OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions (OSC Rule 48-501) that will, if...more

Stikeman Elliott LLP

OSC Adopts Framework to Distribute Disgorged Funds to Harmed Investors

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The Ontario Securities Commission (“OSC”) has published final rules (the “Final Rules”) that will create a new statutory framework to facilitate the distribution of funds that the OSC receives under disgorgement orders to...more

Stikeman Elliott LLP

Canada Reconsiders Comparative Clinical Trials Requirements for Biosimilars

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On June 10, 2025, Health Canada initiated a public consultation on proposed revisions to its Guidance Document: Information and Submission Requirements for Biosimilar Biologic Drugs. A notable update is the proposal to remove...more

Smart & Biggar

Update on biosimilars in Canada – June 2025

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This article provides an update on developments in the biosimilar space in Canada—regulatory, approvals, pending submissions, litigation, and market access—since our March 2024 update. Consultation on revised biosimilar...more

Stikeman Elliott LLP

OSC Proposes Restrictions on Short Selling in Connection with Offerings

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The Ontario Securities Commission (“OSC”) published for comment proposed amendments to OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions and proposed changes to the related companion...more

Stikeman Elliott LLP

Quebec Government Adopts Bill 69 to Modernize Energy Legislation

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On June 6, 2024, the Minister of Economy, Innovation and Energy tabled Bill 69 - An Act to ensure the responsible governance of energy resources and to amend various legislative provisions (the "Bill"). Over the past year,...more

Bennett Jones LLP

Updated Rules for Mining Disclosure: What the Canadian Securities Administrators Proposed Changes Mean for Industry Participants

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On June 12, 2025, the Canadian Securities Administrators (CSA) formally released a Request for Comment on proposed sweeping changes to National Instrument 43-101, Standards of Disclosure for Mineral Projects, marking the...more

Blake, Cassels & Graydon LLP

Canada Expands Private Litigation Regime Under Competition Act: Expanded Scope and New Monetary Compensation

The Competition Act’s (Act) expanded private litigation regime takes effect on June 20, 2025, (i) widening the range of conduct susceptible to private applications to the Competition Tribunal (Tribunal), (ii) lowering the...more

Stikeman Elliott LLP

Coming Soon: Amendments to Canada’s OTC Derivatives Trade Reporting Regime

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The Canadian Securities Administrators (“CSA”) have released several updates in the last year to Canada’s trade reporting regime for over-the-counter (“OTC”) derivatives. In July 2024, all members of the CSA published final...more

Blake, Cassels & Graydon LLP

Refonte majeure du cadre des sanctions établi dans la législation canadienne sur le recyclage des produits de la criminalité

Le 3 juin 2025, le nouveau gouvernement fédéral du Canada a présenté le projet de loi C-2 (le « projet de loi »), la Loi visant une sécurité rigoureuse à la frontière, en première lecture à la Chambre des communes. Le projet...more

Blake, Cassels & Graydon LLP

The B.C. Commercial Liens Act: Unifying and Modernizing

British Columbia’s new Commercial Liens Act (Act) comes into force on June 30, 2025. This new legislation brings substantial changes to the law governing liens, intending to reduce the risks and costs for service providers...more

Stikeman Elliott LLP

Streamlining NI 43-101: CSA Propose to Modernize and Overhaul Canada’s Mining Disclosure Regime

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The Canadian Securities Administrators (“CSA”) have published for comment proposed amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), Form 43-101F1 Technical Report (“Form...more

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