Made-up numbers are creating confusion and misery.
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The new whistleblower office of the Ontario Securities Commission (OSC) is set to open this summer. As reported in prior bulletins, the OSC is prepared to make payments of up to $5 million for whistleblowers who supply information which leads to successful prosecutions. This is likely to have implications for how Canadian listed companies deal with their employees.
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The past year has seen a number of regulatory developments impacting venture issuers. Recognizing the challenges faced by smaller public issuers, securities regulatory authorities have introduced new measures to simplify disclosure requirements and regulatory compliance while also introducing new prospectus exemptions to assist with capital raising.
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Valuation and liquidity management have been hot topics for hedge fund managers ("managers") since the financial crisis. Recent market conditions, including volatility in the high-yield market, have again highlighted the need for managers to develop and implement robust liquidity management procedures.
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Securities enforcement activities in Canada are overseen by several agencies, including the Canadian Securities Administrators, the Investment Industry Regulatory Organization of Canada, the Ontario Securities Commission, the Autorité des marchés financiers and the Alberta Securities Commission.
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On April 28, 2016, The Toronto Stock Exchange (the "TSX”) published proposed amendments (the "Amendments”) to introduce requirements regarding Dividend/Distribution Reinvestment Plans (the "DRIPs") to Part VI of the TSX Company Manual (the “\"Manua"). The TSX published the Amendments for public comment for a 30 day period. Comments should be in writing and delivered by May 28, 2016.
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On April 7, 2016, the Canadian Securities Administrators ("CSA") published amendments to National Instrument 45-106 Prospectus Exemptions ("NI 45-10") in an effort to harmonize the exempt distribution report requirements across Canada for issuers and underwriters. The new harmonized reporting form will replace the current Form 45-106F1 that is used in all Canadian provinces and territories, along with replacing the separate reporting form currently used in British Columbia.
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Changes to Canada's securities early warning reporting system came into force this week. Disclosures of decreases in securities ownership of 2% or more and when a securityholder's ownership falls below the 10% threshold are now required, with additional information required in a certified signed report as well.
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Carson Block thinks before he speaks. The founder and head of Muddy Waters Capital has shorted everything from fraudulent Chinese forestry giant Sino-Forest to his most recent target, a regional bank called Bank of the Ozarks.
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