IR Leader
March 02, 2021

Top Stories

CIRI Comments on CSA Consultation Paper 25-403 - Activist Short Selling

CIRI submitted comments to the CSA on their Consultation Paper on activist short selling. In the submission, CIRI makes a number of recommendations to introduce a regulatory regime. CIRI also encourages issuers to support this cause by submitting a letter of support.

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Canadian Securities Regulators Publish Findings of COVID-19 Disclosure Review

The Canadian Securities Administrators (CSA) today published key findings of recently completed reviews of issuers' COVID-19 disclosure. Guidance and disclosure examples have been provided to assist issuers with reporting on the impacts of COVID-19 to their business and operations.

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Ontario Capital Markets Modernization Taskforce Issues Final Report

The Ontario Capital Markets Modernization Taskforce (Taskforce) recently delivered its final report (Report), which updates and expands on the recommendations contained in its July 2020 initial consultation report (Initial Report), to the Minister of Finance. See our bulletin on the Initial Report here. The Report includes wide-ranging recommendations relating to the regulation of Ontario’s capital markets and reflects feedback received by the Taskforce from more than 130 stakeholder comment letters on the Initial Report.

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Where are the Directors in a World in Crisis? ESG and Corporate Governance Best Practices

How do I modify my corporate governance procedures to improve long-term financial performance, while also improving environmental, social and governance (ESG) performance? On Feb. 22, 2021, Peter Dey and Sarah Kaplan answered this question in their report entitled "360o Governance: Where are the Directors in a World in Crisis?” (360o Governance).

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Canadian Securities Regulators On Track to Publish Recommendations on Self-Regulatory Organization Framework

The Canadian Securities Administrators (CSA) is on track to release specific recommendations this summer for the regulatory framework currently occupied by two SROs - the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

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OSC Reduces Regulatory Burden for International Capital Markets Participants

On February 18, 2021, the Ontario Securities Commission (OSC) issued Ontario Instrument 33-507 Exemption from Underwriting Conflicts Disclosure Requirements (Interim Class Order) (Ontario Instrument). The Ontario Instrument provides blanket exemptive relief from the underwriter conflicts disclosure requirements of National Instrument 33-105 Underwriting Conflicts (Underwriter Conflicts Rule) for private placement distributions of eligible foreign securities to permitted clients, on an interim basis. Accordingly, the only Canadian disclosure required for "Regulation S only" global offerings of eligible foreign securities to Ontario permitted clients is the standard "wrapper exemption" notice paragraph relating to Canadian statutory rights of action. The requirement to complete and file an exempt distribution report on Form 45-106F1, and pay the related filing fee within 10 days of closing, continues to apply.

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Businesses Need to Get Ahead of Climate Change Regulations or Risk Being Shunned

Prime Minister Justin Trudeau says his government's plans for a post-COVID recovery will simultaneously target climate change, "the biggest long-term threat of our generation."

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Requirements, Voluntary Disclosure and Potential Liability

Environmental, social and governance (ESG) considerations are playing an increasingly important role across a Canadian company's functions, whether at the board level where directors are tasked with overseeing ESG-related risks and opportunities or at the operational level where management is dealing with matters such as supply chain management. Appropriate ESG disclosure, whether mandatory or voluntary, by Canadian public companies is becoming a norm that is being demanded by institutional investors in Canada and around the world as they decide where they will allocate their investment capital.

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How Can Boards Create Anti-racist Companies?

Boardroom table leaders have a role to play in dismantling systemic barriers, from embracing key values to devising strategies to drive change.

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IFRS Foundation Trustees Announce Next Steps in Response to Broad Demand for Global Sustainability Standards

The Trustees of the IFRS Foundation met on 1 February 2021 to review responses to the first three questions asked by their consultation paper on sustainability reporting - demand for global sustainability standards, whether the IFRS Foundation should play a role, and, if so, the requirements for success in doing so. The responses indicate growing and urgent demand to improve the global consistency and comparability in sustainability reporting, as well as strong recognition that urgent steps need to be taken and broad demand for the IFRS Foundation to play a role in this.

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Six Sustainable Finance Trends to Watch in 2021

Environmental and social issues are expected to dominate proxy season, and ESG disclosure standards are on the way.

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