The Canadian Securities Administrators (CSA) announced a delay in the implementation date of the change-over for the hosting, operation and maintenance of the System for Electronic Documents Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI) and the National Registration Database (NRD) (collectively, the CSA National Systems) to CGI Information Systems and Management Consultants Inc. (CGI). The previously communicated transition date was December 2, 2013. The CSA will provide a revised implementation date when it is confident of a smooth transition for all market participants.
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In June, Prime Minister Stephen Harper announced that Canada will join other G8 countries and adopt mandatory reporting rules for mining and oil gas companies ("extractive companies") to disclose all payments they make to host governments for resource extraction projects ("mandatory reporting"). This is one of the biggest changes to public reporting and disclosure the extractive sector has seen in years and important steps need to be taken to be ready.
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On November 7, 2013, the Toronto Stock Exchange ('TSX') issued a Staff Notice to Applicants, Listed Issuers, Securities Lawyers and Participating Organizations ('Staff Notice') that provides guidance for companies considering a listing on the TSX. In particular, the Staff Notice addresses listing requirements for mineral exploration and development stage companies as well as clarifies the position of the TSX on financial statement disclosure required for listing and stock options granted prior to an initial public offering.
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Executives and board members used to fear hostile bids above all else. In response, they devised defense mechanisms like poison pills and staggered boards to thwart attacks.
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Effective April 1, 2013, important changes to the Ontario Securities Commission (the OSC) Rule 13-502 - Fees (the Rule), came into force. These changes introduced the concept of a 'reference fiscal year' for purposes of calculating your Ontario capital markets participation fees. Your firm's 'reference fiscal year' for 2013, 2014 and 2015 (the Cycle Years) will be determined in one of two ways.
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The U.S. Securities and Exchange Commission should encourage the creation of special exchanges for trading smaller and less liquid stocks in an effort to boost the number of companies going public, a top regulator said today.
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U.S. securities regulators will hold a roundtable next month to discuss the role of proxy advisory firms, in what could mark the first step toward drafting new regulations for the industry.
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The risk of losing touch with investors increases with business and market complexity. In this environment, the role of investor relations (IR) needs to be strategic.
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