As we previously discussed in our June 2015 bulletin, the Extractive Sector Transparency Measures Act (the "Act") was proclaimed into force on June 1, 2015. The Act requires extractive entities active in Canada to publicly disclose, on an annual basis, specific payments made to governments in Canada and abroad.
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On August 27, 2015, the New York Stock Exchange (the "NYSE" or the "Exchange") filed with the Securities and Exchange Commission (the "Commission") a proposed change to Section 202.06 of the NYSE Listed Company Manual (the "Manual"). The rule change would expand the hours during which listed companies are required to notify the Exchange prior to disseminating material news. It would also permit the Exchange to halt trading in the issuer's securities in certain additional circumstances and provide guidance related to the release of material news after the close of trading.
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Some will want to start preliminary planning for the 2016 proxy season. It has been a bewildering year of developments, but most will be thankful that there are relatively few new rules that must be implemented at this time. Nevertheless, it is helpful to catalog everything that is out there.
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Effective September 10, 2015, the Toronto Stock Exchange (TSX) Company Manual was amended to expand exemptions available for interlisted issuers from TSX Company Manual requirements relating to acquisitions, financings and corporate governance.
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On August 25, 2015, a revised consultation draft of the uniform provincial and territorial Capital Markets Act (CMA) and draft initial regulations under the CMA (Initial Regulations and, together with the CMA, the Consultation Drafts) for the proposed Cooperative Capital Markets Regulatory System (Cooperative System) were published for comment. The Consultation Drafts are open for comment until December 23, 2015.
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The combination of collapsing crude oil prices, wild currency swings and heightened governance scrutiny has created a challenging environment for many of the world's largest sovereign wealth funds.
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The Canadian Securities Administrators (CSA) announced on September 3, 2015 that amendments would be made to a number of national and multilateral instruments, to ensure that the rules applicable to issuers listed on senior recognized Canadian exchanges (such as the TSX) also apply to those listed on Aequitas NEO Exchange.
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On Wall Street, a cure is proving to be nearly as bad as the disease. Investment strategies that promise to insulate investors from risk are being seen as actually having contributed to the wild market swings in recent weeks.
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A spot on a corporate board can be a plum post. It means compensation, usually stock, and often cash. Other perks include invaluable connections to fellow board members and executives, along with a profile boost in one's given industry. But the job comes with drawbacks - public scrutiny, the potential for lawsuits, and of course an added time commitment. With regulators focusing more closely on the role of directors at public companies, and with activist investors circling, more candidates invited to join corporate boards are doing what was once unthinkable: They're saying no.
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