Exchanges around the world are avidly wooing high-frequency traders, those controversial speed demons of Wall Street.
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Certain members of the Canadian Securities Administrators (CSA) have published for comment proposed amendments to National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) and Multilateral Instrument 13-102 System Fees for SEDAR and NRD that would require certain filings in connection with prospectus exempt distributions to be made via SEDAR.
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The public comments on the Ontario Securities Commission (OSC)'s proposed whistleblower program (Program) evidence considerable concern that the Program could undermine issuers' internal reporting and compliance programs, create conflicting duties and incentives for employees, and prevent issuers from disciplining employees for wrongdoing.
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As expected, last week the SEC proposed to direct the national securities exchanges to require listed companies to implement policies mandating the recovery or "clawback" of excess incentive-based
compensation earned by a current or former executive officer during the three fiscal years preceding an accounting restatement to correct a material error.
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On July 1, 2015, the U.S. Securities and Exchange Commission proposed a new set of rules that would result in executives of U.S. publicly listed companies to pay back incentive-based compensation in the event of a restatement of the company's financial statements. The long-anticipated rules were designed to address the perceived unfairness that results when executives are permitted to retain incentives that they arguably may not have received had the company's financials been accurately reported in the first place.
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Yesterday the Government of Canada proclaimed into force the Extractive Sector Transparency Measures Act (the Act). The proclamation comes in advance of the G7 Summit on June 7, 2015, and is a follow-through on the 2013 G8 Summit commitment made by Prime Minister Stephen Harper to establish new reporting standards for Canadian oil, gas and mining companies. The stated purpose is to foster better transparency to ensure that the resource extractive industries support proper development in the countries where they operate, while at the same time making it harder to conceal illicit payments.
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