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Regulatory Net Tightening on the “Wild West” of the Blockchain and Cryptocurrency Industry

By Daniel Fuke and Taisha Lewis on March 21, 2018 Posted in Securities, Securities Regulatory Authorities

In August 2017, we considered the guidance offered by the Canadian Securities Administrators (CSA) regarding the application of securities laws to the blockchain industry and initial coin offerings (ICOs), primarily as set out in CSA Staff Notice 46-307 Cryptocurrency Offerings. In that post, we noted that the CSA have provided little guidance regarding when they… Continue Reading

Review of SEC’s Statement on Potentially Unlawful Online Platforms for Trading Digital Assets

By Valerie Eisen on March 12, 2018 Posted in Securities, Securities Regulatory Authorities

On March 7, 2018 the U.S. Securities and Exchange Commission (SEC) released a “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets”. The statement is a warning to investors, service providers operating platforms through which digital assets are traded, and those providing ancillary services involving the transfer or maintenance of digital assets With regard… Continue Reading

SEC Concludes that Slock.It’s DAO Digital Currency Tokens are Securities

By Tracy L. Hooey, Daniel Fuke and Simar Anand on July 28, 2017 Posted in Securities, Securities Regulatory Authorities

On July 25, 2017, the United States Securities and Exchange Commission (SEC) issued a report of investigation (Report) concluding that the digital currency “tokens” sold by DAO (DAO Tokens) in a 2016 initial coin offering (ICO) are securities for purposes of federal United States securities laws. This conclusion could have far-reaching implications for businesses that… Continue Reading

Corporate Disclosure by Reporting Issuers on Social Media

By Peter Villani and Michèle Orr Gaucher on March 20, 2017 Posted in Continuous & Timely Disclosure, Securities Regulatory Authorities

It 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”

By Leslie Greey on February 6, 2017 Posted in Continuous & Timely Disclosure, Corporate Governance

As 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

The SEC’s Proposed Amendments regarding the Use of Universal Proxies

By Mariko Rivers on December 8, 2016 Posted in Contested Situations, Corporate Governance, Securities Regulatory Authorities

In today’s marketplace, most shareholder voting is done by way of proxy. Few shareholders choose to attend shareholder meetings in person. Under the current rules of the U.S. Securities and Exchange Commission (SEC), shareholders who attend meetings in person typically receive a universal ballot, which allows shareholders to choose from a complete list of all… Continue Reading