The Ontario Securities Commission announced today that Ministerial approval has been received with respect to the prospectus rule amendments released earlier this year that are intended to clarify certain provisions, address gaps, streamline requirements and codify prospectus relief that has been granted in the past.
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The Ontario budget, released yesterday, contains some hints at upcoming changes to the Securities Act planned by the provincial government.
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Commentators have speculated since the appointment of Mary Jo White as SEC Chair that there would be a new emphasis on enforcement. Ms. White's remarks during her Senate confirmation hearings about unrelenting enforcement bolstered that view. Yet her recent remarks suggest perhaps another focus.
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As companies wait for the Securities and Exchange Commission to finalize the Jumpstart Our Business Startups Act rules, they may be eager to pounce on equity-based crowdfunding. Once the SEC writes the rules, businesses will be able to raise up to $1 million from non-accredited investors and use general solicitation to secure funding from accredited investors, such as hedge funds and angel groups. But they will have to carefully consider the way they approach crowdfunding, particularly from non-accredited investors.
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U.S. companies are indicating they plan to take advantage of new rules allowing them to post material information on Facebook or Twitter accounts, in line with new SEC social media guidance, but it isn't clear yet when they will actually take that step. Companies are still cautious, waiting for someone else to be the first to experiment with the new landscape, and have been rattled by a Twitter hack last week that sent stock markets falling, advisers say.
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The 2013 proxy season appears poised to mark an inflection point in recent trends related to annual meeting proxy litigation. Last year's proxy season saw more than two dozen lawsuits filed or threatened alleging inadequate disclosure in annual meeting proxy statements.
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Instead of replacing venture capitalists, crowdfunding could help plug funding gaps for VC-backed companies.
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Shareholder activism is on the rise. No surprise there. What is news is that, in scrambling proactively to address anything that might make them activist targets, boards are starting to change how they're built and how they operate.
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