Let the hyperventilating over CEO pay begin. Thanks to auto parts magnate Frank Stronach and the tidy US$52-million he pocketed in consulting fees from Magna International Inc. last year, the annual outrage over runaway CEO pay should be off to a resounding start.
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Fears that high-speed traders have been rigging the U.S. stock market went mainstream last week thanks to allegations in a book by financial author Michael Lewis, but there may be a more serious threat to investors: the increasing amount of trading that happens outside of exchanges.
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On March 20, 2014, the Canadian Securities Administrators (CSA) published a notice (the CSA Notice) announcing the release for comment of two proposed equity crowdfunding prospectus exemptions. Some provincial securities administrators released for comment the proposed Multilateral Instrument 45-108 respecting Crowdfunding (the Crowdfunding Exemption) with accompanying policy statement; others released for comment a proposed Blanket Order respecting Start-Up Crowdfunding Prospectus and Registration Exemption (the Start-Up Exemption).
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Members of the CSA proposed further changes to the regulation of the exempt market.
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On April 2, 2014, Osisko Mining Corporation announced a superior alternative to Goldcorp Inc.'s unsolicited offer for Osisko in the form of a partnership with Yamana Gold Inc. resulting in Osisko's shareholders receiving cash and share consideration with an implied value representing a 22% premium to Goldcorp's offer. This transaction was announced 79 days after Goldcorp announced its intention to launch its unsolicited offer.
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The Alberta Securities Commission (ASC), the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC), and the Autorité des marchés financiers (AMF) have entered into a Memorandum of Understanding (MOU) with the U.S Commodity Futures Trading Commission (CFTC) aimed at enhancing the cross-border supervision of firms that operate in both countries.
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The Securities Act requires the Commission to deliver to the Minister and publish in its Bulletin each year a statement of the Chairman setting out the proposed priorities of the Commission for its current fiscal year in connection with the administration of the Act, the regulations and rules, together with a summary of the reasons for the adoption of the priorities.
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The Government of Canada has announced that it has opened consultations with industry regarding a plan to establish new mandatory reporting standards for payments made to governments by companies active in the extractive sector, including mining, oil, and gas. These new standards reflect the emphasis that the current Government has placed on combatting corruption and illicit payments to public officials, both domestically and abroad.
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Provincial securities regulators across Canada have given emerging companies hope that an existing gap in their ability to raise capital will soon be filled. Following a broad review of the exempt market, the Ontario Securities Commission announced plans on March 20, 2014 for an exemption from certain securities regulatory requirements to finally permit equity crowdfunding. The OSC is soliciting comments on its proposal for ninety days and the details of the OSC's proposals for a crowdfunding exemption and some other exemptions can be found here. Similar proposed exemptions are being published for comment by securities regulatory authorities in Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia.
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