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…