The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project. The report summarizes the findings of the CSA's previously announced project to review the disclosure by reporting issuers of risks and financial impacts associated with climate change, and outlines its plans for future work.
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Governing boards face increasing pressure and greater scrutiny from investors. Here is how CFOs can reinforce their stewardship.
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"Many companies will likely struggle to be ready by the effective date" of the updated lease accounting standard, says a Deloitte executive.
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On March 22, 2018, the TSX released Staff Notice 2018-0001, which provides guidance on when and how an issuer may publicly state that it has applied to list securities on the TSX. The Staff Notice applies to offering documents - e.g. draft or preliminary prospectuses - as well as more generally to advertising, press releases, oral comments, etc.
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A recent decision of the Ontario Court of Appeal finds that tippees far down the information chain can be liable for insider trading and tipping and affirms the list of non-exhaustive factors to consider in determining whether tippees "ought to have reasonably known" that a tipper was in a special relationship with an issuer.
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The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, which outlines the CSA's plan to pursue policy projects to examine specific prospectus requirements, revisit certain continuous disclosure requirements, and enhance electronic delivery of documents.
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On March 16, 2018, the Ontario Securities Commission (OSC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAAS) issued the reasons for their decision in Re Aurora Cannabis Inc. to, among other things, cease trade a shareholder rights plan adopted by CanniMed Therapeutics Inc. (TSX: CMED) in response to a hostile take-over bid for CanniMed made by Aurora Cannabis Inc. (TSX: ACB). This is the first time that a rights plan has been challenged since Canada's take-over bid regime was revamped in 2016. The reasons provide some initial guidance by two of Canada's securities regulators as to the approach they may take in the context of hostile take-over bids under the new regime, including with respect to the role of shareholder rights plans and lock-up agreements.
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More than 1,900 institutional investors around the world have signed on to the Principles for Responsible Investment (PRI) that encourage investors to integrate sustainable and responsible investment practices into their daily investment decision making.
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