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Securities Regulation Canada Capital Markets

Stikeman Elliott LLP

AMF Proposes Amendments to Fee Structure for Market Participants in Québec

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The Autorité des marchés financiers (“AMF”) has published for comment proposed amendments (the “Proposed Amendments”) that are intended to recalibrate and update certain fees, costs and penalties prescribed under the...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

Bennett Jones LLP

TSX Venture Exchange Updates Escrow Policy for New Listings

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The TSX Venture Exchange (TSXV) has announced updates to its policy on escrow and resale restrictions. The immediately effective updates amended and renamed Policy 5.4 – Capital Structure, Escrow and Resale Restrictions (New...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

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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

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Go-To: Dealer Business Trigger for Serial LP Issuers Clarified by Ontario’s Capital Markets Tribunal

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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

Blake, Cassels & Graydon LLP

Mapping the Intersection of AI and Canadian Law

The evolving field of artificial intelligence (AI) is significantly reshaping various sectors across Canada, prompting a critical evaluation of our legal frameworks. From intellectual property to financial markets, AI...more

Davies Ward Phillips & Vineberg LLP

Canadian Securities Regulators Boost Capital-Raising Capacity Under LIFE Exemption

The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity...more

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CSA Bring the Markets Back to LIFE

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In connection with the Canadian Securities Administrators’ (“CSA”) recent measures to support the competitiveness of Canada’s capital markets, the CSA have announced an increase to the amount of funds that may be raised under...more

Cozen O'Connor

Canadian Securities Administrators Announces Changes to the Listed Issuer Financing Exemption

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Effective May 15, 2025, the Canadian Securities Administrators (CSA) is increasing the limit on capital-raising under the listed issuer financing exemption. This amendment aims to improve the competitiveness of Canada’s...more

Bennett Jones LLP

CSA Significantly Increases the Capital-Raising Limit Under the Listed Issuer Financing Exemption

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On May 14, 2025, the Canadian Securities Administrators (CSA) announced Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, a change that will significantly increase...more

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CSA Announces Pause on Climate-Related and Diversity-Related Disclosure Projects in Response to Global Market Uncertainty

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The Canadian Securities Administrators (CSA) has announced a pause to its work on developing new mandatory climate-related disclosures and amending diversity-related disclosure requirements, in light of recent significant...more

Blake, Cassels & Graydon LLP

CSA Blanket Orders Aim to Warm Up Canadian Capital Markets

Amid continuing market uncertainty that has seen a slowdown of Canadian initial public offerings (IPOs) during the first quarter of 2025, the Canadian Securities Administrators (CSA) has published a series of coordinated...more

Stikeman Elliott LLP

CSA Announce Measures to Support Canadian Markets and Issuers

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The Canadian Securities Administrators (“CSA”) recently announced measures to support the competitiveness of Canadian capital markets in response to the current uncertainty in global markets. The measures are being...more

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Canadian Securities Regulators Take Further Incremental Steps to Promote Access to Capital Markets

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Against the current backdrop of global market uncertainty, on April 17, 2025, the Canadian Securities Administrators (CSA) announced new incremental measures aimed at reducing regulatory burden for reporting issuers,...more

Davies Ward Phillips & Vineberg LLP

Securities Regulators Reduce Friction for Capital Raising with Incremental Changes to Prospectus Rules

Canadian securities regulators recently implemented three blanket orders introducing exemptions intended to reduce friction for capital raising. Key among these improvements is an exemption that eliminates the requirement for...more

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TSX Proposes Amendments to Listing Requirements

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The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual (the Manual). The amendments are intended to support capital markets by...more

Stikeman Elliott LLP

TSX Proposes Amendments to Original Listing Requirements

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The Toronto Stock Exchange (“TSX”) has published for comment proposed amendments (the “Proposed Amendments”) to Part III - Original Listing Requirements and Part V - Special Requirements for Non-Exempt Issuers (“Part V”) of...more

Blake, Cassels & Graydon LLP

Les ACVM fournissent des indications concernant l’information sur l’IA par les sociétés ouvertes

Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié l’Avis 11-348 du personnel des ACVM et de consultation – Applicabilité du droit canadien des valeurs mobilières à l’utilisation des systèmes...more

Blake, Cassels & Graydon LLP

CSA Provides Guidance on AI Disclosures by Public Companies

The Canadian Securities Administrators (CSA) has released CSA Staff Notice and Consultation 11-348 – Applicability of Canadian Securities Laws and the Use of Artificial Intelligence Systems in Capital Markets (Notice),...more

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Extension of SEDAR+ Filing Exemption for Foreign Issuer Private Placements

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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

Bennett Jones LLP

Ontario Tribunal Refines Public Interest Test in Cease Trade Decision on Shareholder Rights Plans

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On November 19, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for its July 2024 decision granting an application by Riot Platforms, Inc. (Riot) to cease trade a shareholder rights plan (Plan)...more

Davies Ward Phillips & Vineberg LLP

Making a Profit Is Not Illegal: Capital Markets Tribunal Dismisses Enforcement Proceedings Finding Borrowed Free Trading Shares...

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

Stikeman Elliott LLP

CSA Propose Amendments Related to CSE’s Senior Tier, Majority Voting, Escrow Agreements and More

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The Canadian Securities Administrators (“CSA”) recently published for comment proposed amendments and changes to certain national instruments and policies to: (i) address the Canadian Securities Exchange’s (“CSE”) creation of...more

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