The Canadian Securities Administrators yesterday released a staff review of investor presentations on mining issuers' websites, providing valuable insights on how the regulators interpret and apply NI 43-101 and other disclosure requirements and ultimately finding that "there is room for improvement" in order to comply with applicable regulatory standards.
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Gender diversity on corporate boards continues to be a hot topic for activist shareholder groups in Canada. At the end of April 2015, the shareholders of BCE Inc. will vote on a proposal that would impose a strict quota on the proportion of women appointed to its 13-person board. The proposal is being advanced by a group of shareholders styled as Mouvement d’éducation et de défense des actionnaires (Médac). While the group has proposed gender-related resolutions before, this is the first time that it has sought to impose a strict quota on the company. The quota would require BCE to maintain a minimum of 40% female representation on its board by 2020. While BCE has itself pledged that women will occupy at least one-quarter of independent directorships by the end of 2016, Médac's view is that this does not go far enough.
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The Canadian Securities Administrators (CSA) announced today the final implementation of amendments that will streamline and tailor disclosure by venture issuers. The amendments address continuous disclosure and governance obligations, as well as disclosure for prospectus offerings.
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Nearly seven months have passed since the formal amendments to National Instrument 58-101 - Disclosure of Corporate Governance Practices and Form 58-101F1- Corporate Governance Disclosure were announced by securities regulators, imposing enhanced disclosure requirements with respect to female representation on boards (the Gender Disclosure Requirements). Although the new requirements do not mandate quotas, they impose stringent disclosure obligations on TSX-listed issuers.
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As activist shareholders continue to flex their muscles, making greater strides towards transparency is a necessity.
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Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) by capital markets stakeholders suggest that additional "robust" consultation is required for the PCMA and CMSA, particularly given the significant changes to securities and capital markets laws that such proposed legislation contemplates.
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The Canadian Securities Administrators today published a notice setting out staff's views with respect to the move to generally shorten the standard settlement cycle for securities trades from three days after the date of trade to two days (T+2).
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On March 31, 2015, the Canadian Securities Administrators (the CSA) published proposed amendments to Canada's take-over bid regime (the Proposed Amendments) under Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids, other related instruments and the Ontario Securities Act. The Proposed Amendments will be open for comment until June 29, 2015.
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The Ontario Securities Commission today released a draft Statement of Priorities for the financial year ending March 31, 2016.
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On March 25, 2015, the Canadian government adopted regulations that significantly affect the foreign investment review framework. The new regulations, which take effect on April 24, 2015, implement the long anticipated changes to the existing thresholds that trigger a net benefit review under the Investment Canada Act (ICA).
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