The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) today published a summary of responses and comments to CSA/IIROC Staff Notice 23-329 Short Selling in Canada.
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This guide discusses the principal legal
and practical issues faced by both activists and target companies, as well as notable recent developments and key differences between Canadian and U.S. requirements.
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Companies face a growing array of climate risks more immediate and severe than previously believed, from extreme weather events disrupting supply chains to rising climate litigation and regulations against carbon-intensive industries. Despite growing corporate concern about climate change, firms do not have access to the information and skills needed to understand and act on climate risk.
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The vast majority of senior investors and business executives are planning to increase ESG investment over the next 5 years, with each group anticipating a range of benefits from a greater ESG focus, including 90% of investors expecting enhanced returns, and executives seeing improved access to capital and corporate reputation, according to a new survey released by Bloomberg Intelligence (BI).
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On October 16, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) published a draft climate scenario analysis methodology for public comment: The Standardized Climate Scenario Exercise (“SCSE”). This is a foundational step in OSFI’s objective of developing the SCSE workbook, associated instructions, and questionnaire, which will be published in 2024 with the finalized SCSE.
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It is generally well understood that securities laws prohibit “tipping,” the selective sharing of material non-public information (MNPI) about an issuer, except where such disclosure is in the “necessary course of business' (the NCOB Exception), a practice that is regularly relied upon by insiders of reporting issuers. Less well understood are the circumstances in which the NCOB Exception will be found to apply.
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Two Ontario Court of Appeal decisions came to different conclusions about what warrants disclosure.
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