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The OSC published its Exempt Market Review on November 5, 2015. This review provides an overview of exempt market activity in Ontario in 2014, including the following statistics: Non-investment fund issuers raised approximately $41 billion through prospectus-exempt distributions in Ontario from approximately 22,000 purchases made by Ontario residents. The accredited investor exemption was the most…

The Ontario Securities Commission (OSC) is now posting summaries of reported exempt distributions on its website and will do so regularly. The summaries are based on information contained in reports of exempt distribution (Form 45-106F1) indicating Ontario purchasers. The summaries include the following information about the distribution: • the submission date of the report; •…

On March 31, 2015, the Ontario Securities Commission (OSC) issued an Order approving a settlement agreement between OSC staff and Anand Hariharan (Hariharan) who traded in securities of a non-reporting issuer while in possession of material non-public information (MNPI). Background Hariharan’s close childhood friend, Satish Talawdekar (Talawdekar) was a manager in the IT department of…

The Government of Canada proclaimed the Extractive Sector Transparency Measures Act, S.C. 2014, c. 39, s. 376 (the “Act”) into force on June 1 2015. Section 6 sets out the purpose of this Act as follows: 6. The purpose of this Act is to implement Canada’s international commitments to participate in the fight against corruption…

An avid racetrack fan decides that she would like to own her own race horses, but the problem is she doesn’t have enough money to pay for their training and boarding as well as all of the entrance fees. As she contemplates how to fulfill her dream of owning horses, it strikes her that if…

On May 1, 2015, amendments to the Business Corporation Act (Yukon) (the Act) came into force. The amendments modernize rules but some amendments are unique to the Yukon and are intended to attract companies to incorporate in the Yukon. The particularly noteworthy amendments in the Act include: a corporation can now serve as a director…

On May 14, 2015, the securities regulatory authorities of BC, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia (the participating jurisdictions) each adopted, by way of local blanket order, a substantially harmonized start-up crowd funding exemption that will permit start-up and early stage companies to raise capital in these jurisdictions. BC’s start-up crowd funding exemption…

The Canadian Securities Administrators (CSA) are implementing amendments to the continuous disclosure and governance obligations of issuers listed on the TSX Venture Exchange (the venture issuers) in the following three national instruments: National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102); National Instrument 52-110 Audit Committees (NI 52-110); and National Instrument 41-101 General Prospectus Requirements (NI…

The launch of the Cooperative Capital Markets Regulatory System (CCMR) has been delayed one year and is now expected to begin operation in the fall of 2016. The federal government announced its commitment to implementing the CCMR in the 2015 federal budget. The below excerpt is from pages 254 and 255 of the budget. It…

Background On March 24, 2015, the Ontario Securities Commission (OSC) released its decision against a former mergers and acquisition lawyer, Mitchell Finkelstein (Finkelstein) and four investment advisors (together, the respondents) in a high profile tipping¹ and insider trading² decision. OSC staff alleged that Finkelstein tipped his long-time friend, Paul Azeff (Azeff), an investment advisor, about…

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