The long-awaited amendments to reduce the regulatory burden on investment funds were published by the Canadian securities administrators (CSA) in final form on October 7, 2021 and take effect on January 5, 2022. The amendments mostly relate to housekeeping matters that reduce very little regulatory burden, while other aspects might actually increase regulatory burden in the short term. We are disappointed that the CSA did not introduce a number of additional changes that would have had a far greater impact on reducing the regulatory burden on industry participants.
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Canadian Securities Administrators
Canadian Securities Administrators Propose New Prospectus Exemption for Listed Issuers
The Canadian Securities Administrators (CSA) published for a 90 day comment period proposed amendments to National Instrument 45-106 Prospectus Exemptions and CSA Staff Notice (NI 45-106), National Instrument 13-101 System for Electronic Document Analysis and Retrieval (NI 13-101) and National Instrument 45-102 Resale of Securities (NI 45-102) to introduce a new capital raising exemption for reporting issuers that are listed on a Canadian stock exchange (Listed Issuer Financing Exemption).
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Client Relationship Managers
Client Relationship Managers
On June 10, 2020, the Canadian Securities Administrators sent out a notice by means of a broadcast e-mail (the Notice) confirming that effective immediately portfolio managers (a PM) can register “client relationship management” (CRM) specialists as advising representatives (AR). A CRM can interact with clients, but…
Insider Trading Considerations in the Context of the COVID-19 Pandemic
The Co-Directors of the U.S. Securities and Exchange Commission (SEC) Division of Enforcement recently issued a Public Statement emphasizing the importance of maintaining market integrity and following corporate controls and procedures in the context of the COVID-19 pandemic. According to them, in the current circumstances, corporate insiders are regularly learning new material non-public information that…
Canadian Securities Regulators Publish Local Blanket Relief Orders to Provide Market Participants Relief from Reporting Deadlines during COVID-19
On March 23, 2020, the Canadian Securities Administrators (CSA) issued a news release to announce that the CSA has published local blanket orders (Blanket Orders) for market participants that provide a 45-day extension for periodic filings normally required to be made by market participants on or before June 1, 2020. Market…
The Toronto Stock Exchange and TSX Venture Exchange Provide Temporary Blanket Relief in Response to COVID-19
On March 23, 2020, the Toronto Stock Exchange (TSX) issued Staff Notice 2020-0002 granting temporary blanket relief from certain provisions of the TSX Company Manual (Manual) and the TSX Venture Exchange (TSXV) issued a “Notice to Issuers” with similar temporary blanket relief, both in response to the…
Canadian Securities Regulators Will Provide Blanket Relief to Market Participants due to COVID-19
On March 18, 2020, the Canadian Securities Administrators (CSA) issued a news release to advise that they will be providing temporary relief from some regulatory filings including financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports (the Relief). The Relief will provide issuers, investment funds,…
A Harmonized Approach to Confidential Prospectus Pre-Filing Reviews
In Canada, the prospectus review process generally begins on the filing by an issuer of its preliminary prospectus. A challenge that issuers sometimes face with this approach flows from the potential for issues to be raised in the course of a review by the securities regulators, particularly when the steps taken by the issuer to…
CSA Asks Reporting Issuers to Seek Management Cease Trade Orders if COVID-19 Will Impact Filing Deadlines
On March 16, 2020, the Canadian Securities Administrators (CSA) issued a news release to address how reporting issuers should handle any delays in their reporting obligations (CSA Release).
Any reporting issuer that anticipates the current COVID-19 outbreak will result in an inability to comply with their obligations under securities legislation (including…
CSA Publish Revised Proposed Rules for Non-GAAP and Other Financial Measures Disclosure
On February 13, 2020, the Canadian Securities Administrators (the CSA) published revised versions of proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (Proposed Instrument), Companion Policy 52-112 Non-GAAP and Other Financial Measures Disclosure (Proposed Companion Policy) and the related proposed consequential amendments or changes to other instruments and…