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The End of Shareholder Ownership Surprises?

Proposed amendments to the CSA's ownership disclosure 'early warning system' would create a level field for all investors and help companies prepare for activists.

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Geopolitical Risks Rising to the Top of Investors' Minds

The threat of U.S. military intervention in Syria has held global investors captive this month, resulting in excessive volatility for certain equity and commodity prices. Markets this week rallied on expectations such a military strike may be avoided, but most analysts believe the turmoil surrounding the situation is far from over and could persist for weeks to come.

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A Double Dose of Transparency

Paired with its new anti-corruption rules, Ottawa's call for explicit disclosure of all payments made by Canadian companies to foreign governments and officials brings a new standard of offshore accountability to the boardroom.

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New Finra Dark Pool Rule Could Surface Next Month

The Financial Industry Regulatory Authority is likely to publish a draft of a rule proposal requiring dark pools to report their trading volume in October or November, Traders Magazine has learned. That will be followed by the submission of a formal rule proposal to the Securities and Exchange Commission before the end of the year.

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What's Really Going On with Canadian Wrappers?

Have you heard that Canadian wrappers are a thing of the past and can be relegated to the dustbin of history? If that's what you've heard, then you've heard wrong. Canadian wrappers are often still required. And even though you sometimes do not need a Canadian wrapper anymore, you still have to comply with a host of other requirements when selling securities into Canada.

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IIROC Releases Annual Report for 2013-2014

The Investment Industry Regulatory Organization of Canada yesterday released its 2012-2013 annual report, which outlines the progress made by IIROC over the past year to protect investors, promote compliance and effective risk management, and foster fair, efficient and competitive capital markets.

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How the Cult of Shareholder Value Wrecked American Business

In the recent history of management ideas, few have had a more profound - or pernicious - effect than the one that says corporations should be run in a manner that 'maximizes shareholder value.'

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Equity Crowdfunding: OSC Releases Progress Report on Its Exempt Market Review

On August 28, 2013, the Ontario Securities Commission (OSC) released OSC Notice 45-712 - Progress Report on Review of Prospectus Exemptions to Facilitate Capital Raising (the Progress Report). The Progress Report summarizes the work completed to date by the OSC in its consideration of new prospectus exemptions and outlines the OSC's plan to undertake further work in this area, including with respect to the development of a proposed regulatory framework for equity crowdfunding.

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OSC Publishes Fund Facts FAQ

The OSC yesterday released a set of frequently asked questions, and associated responses, to assist issuers in using Fund Facts to satisfy the requirements to deliver a prospectus.

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Gap Between Firms' Sustainability Talk, Actions

A significant gap exists between what companies say and do about sustainability with 65 percent developing policies at the CEO level and only 35 percent taking action, such as training managers to integrate such commitments into operations, according to a survey by United Nations Global Compact.

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Update for Issuers Listed on the TSX Venture Exchange

On July 25, 2013, the Canadian Securities Administrators ("CSA") announced that they are no longer considering the implementation of a new regulatory regime for venture issuers. The CSA had previously released proposed National Instrument 51-103 and other rule amendments which would have resulted in a distinct and separate regulatory regime for venture issuers, including new continuous disclosure and corporate governance obligations.

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Glancing Back Before Moving Full Steam Ahead

CIRI's fall programming is now underway and the line-up of programs for the remainder of 2013 is exciting. But before we jump into the new fall programming, let's take a look at what we've accomplished so far. Here are the highlights.