On October 10, 2018, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry (Staff Notice) summarizing a review of the disclosure of 70 reporting issuers[1] in the cannabis industry (Cannabis Issuers). The purpose of the review was to highlight best disclosure practices and common deficiencies… Continue Reading
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ETF Facts – Upcoming Transition Date
Posted in Investment FundsExchange-traded fund (ETF) managers are reminded that, as of September 1, 2017, they will be required to file an “ETF Facts” document in conjunction with the filing of any ETF prospectus. Similar to “Fund Facts” for conventional mutual funds, “ETF Facts” are summary disclosure documents for ETFs. Amendments to National Instrument 41-101 General Prospectus Requirements… Continue Reading
Website Disclosure by TSX Issuers – Revised Proposal
Posted in Continuous & Timely Disclosure, Stock ExchangesIn late May 2016, the TSX proposed amendments to the TSX Company Manual (Initial Proposal), most notably in Part IV, which contains the requirements for maintaining a listing. In our earlier post, we provided an overview of the Initial Proposal, which was to introduce a requirement for certain corporate documents to be disclosed, and publicly… Continue Reading
Corporate Disclosure by Reporting Issuers on Social Media
Posted in Continuous & Timely Disclosure, Securities Regulatory AuthoritiesIt would be an understatement to characterize the presence and use of social media in our daily lives as being ubiquitous in scope and nature. The proliferation of social media venues allows us to communicate and share ideas and opinions in a manner beyond anything that we have experienced in human existence. The casual observer… Continue Reading
The Canadian Say on “Say on Pay”
Posted in Continuous & Timely Disclosure, Corporate GovernanceAs the New Year rolls along, so does commentary on executive compensation. According to the Canadian Centre for Policy Alternatives, by 11:47 am on the first working day of 2017 (January 3rd) Canada’s 100 highest paid CEOs on the TSX index had earned the equivalent of the average annual Canadian wage. Shareholder votes on the… Continue Reading