IR Leader
November 10, 2015



Top Stories

Mary Jo White: SEC Needs To Continuously Adjust Disclosure Requirements To Aid Investors

Securities and Exchange Commission Chair Mary Jo White said Wednesday the agency needs to continuously adjust disclosure requirements to aid investors.

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Universal Proxies Coming to Canada? The CCGG Makes Its Case

In a recent policy statement, the Canadian Coalition for Good Governance ('CCGG') endorsed the use of "universal proxies" whenever there is a contested director election at a Canadian public company. A "universal proxy" is a proxy voting form which lists all nominees for election regardless of who nominated them (whether management or dissident shareholder). Although there is nothing under corporate or securities laws which prohibits a company or a dissident from using a universal proxy, it is common practice for Canadian issuers and dissident shareholders to solicit votes with the use of proxies which only list their own nominees.

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Regulators Publish Crowdfunding Exemption and Registration Framework for Funding Portals

The securities regulatory authorities in Manitoba, Ontario, Qu├ębec, New Brunswick and Nova Scotia (collectively, the participating jurisdictions) today published in final form Multilateral Instrument 45-108 Crowdfunding, which introduces a crowdfunding prospectus exemption for issuers as well as a registration framework for funding portals.

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CEOs and CFOs Are Not Happy with Current Reporting

A survey of more than 350 CEOs, CFOs and COOs from across the globe has highlighted that only 25% of respondents are confident that their current reporting meets the information needs of investors and other external stakeholders.

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Canadian Securities Regulators Issue Additional Guidance Related to Oil and Gas Disclosure

The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-345 Disclosure of Abandonment and Reclamation Costs in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and Related Forms, which summarizes certain information and requirements in recently amended NI 51-101 and related forms.

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OSC to Permit Capital Raising Using an Offering Memorandum

Public and private issuers will soon be able to raise capital using an Offering Memorandum in Ontario. The OSC is adopting an Offering Memorandum (OM) exemption from the prospectus requirement with the objective of facilitating capital raising, particularly by small- and medium-sized issuers.

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SEC OKs Crowdfunding Rules Allowing Companies to Sell Stock Online

A new form of crowdfunding is coming soon that will allow startups to raise money by selling stock to Main Street investors.

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Activist Hedge Funds And Activism Mergers

Activist hedge funds play a central role in the market for corporate control. An activist campaign makes a targeted firm substantially more likely to receive an acquisition proposal, both because it attracts third-party bidders and because activist hedge funds often bid for the firm themselves. Activists foster acquisition activity at targeted firms through the intensity of their engagement with management, their prior experience in activism mergers, and the targets' policy improvements in response to activist intervention.

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