WHAT'S
HAPPENED |
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WHAT'S NEXT? |
Canadian Securities
Regulatory Authority |
Government of Canada Moves to Protect Canadian Investors:
Backgrounder, Fact Sheets and Proposed Canadian Securities Act
Department of Finance Canada May 2010.
Transition Plan For the Canadian Securities Regulatory
Authority Canadian Securities Transition Office July
2010.
In the matter of a Reference by the Governor in Council
concerning the proposed Canadian Securities Act, as set out in
Order in Council P.C. 2010-667 dated May 26, 2010. 2011
Supreme Court of Canada 66 (December 21, 2011).
House of Commons, Ministry of Finance, Jobs, Growth and
Long-Term Prosperity: Economic Action Plan 2013 (March 21,
2013) (Ministry of Finance: Hon. James M Flaherty).
Ministers of Finance of British Columbia, Ontario and Canada
Agree to Establish a Cooperative Capital Markets Regulator
Press Release, Backgrounder: Agreed Elements of a Cooperative
Capital Markets Regulatory System and Agreement in Principle to
Move Towards a Cooperative Capital Markets Regulatory System.
Department of Finance (Canada) September 19, 2013.
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Canadian Securities Transition Office (CSTO) commenced work in
July 2009 with a mandate from the Government of Canada to lead and
manage the transition from the current system of
provincial/territorial regulation to a single, national securities
regulator. The Government of Canada referred to the Supreme Court
of Canada the question of whether the proposed Canadian Securities
Act is within the constitutional jurisdiction of parliament. The
Supreme Court of Canada heard submissions on this question in April
2011 and in December 2011 released its decision that the proposed
Canadian Securities Act as drafted was not within the
constitutional jurisdiction of the Canadian government.
See Implications of the Supreme Court Decision in the
Securities Act Reference Securities & Capital Markets
Bulletin January 2012 Borden Ladner Gervais LLP.
On September 19, 2013, the Ministers of Finance of BC, Ontario and
Canada announced their agreement to establish a cooperative capital
markets regulatory system and invited all remaining provinces and
territories to participate in the proposed system. The CSTO will
continue to operate to work towards implementation. The applicable
governments are working towards having the new regulator
operational by July 1, 2015.
See BC, Ontario and Canada to Establish a National Securities
Regulator Securities & Capital Markets Alert September
2013 Borden Ladner Gervais LLP.
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International
Financial Reporting Standards (IFRS) – for Investment
Funds |
CSA Notice of Amendments to National Instrument 81-106
Investment Fund Continuous Disclosure, Companion Policy
81-106CP Investment Fund Continuous Disclosure and related
amendments October 2013.
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IFRS for investment funds in place on January 1, 2014. The
amendments to NI 81-106 and other instruments related to IFRS for
investment funds are expected to come into force on January 1,
2014.
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Registrant
Regulation – General |
CSA Consultation Paper 33-403: The Standard of Conduct for
Advisers and Dealers: Exploring the Appropriateness of Introducing
a Statutory Best Interest Duty When Advice is Provided to Retail
Clients October 2012.
OSC Staff Notice 33-738 OSC Annual Summary Report for Dealers,
Advisers and Investment Fund Managers November 2012.
CSA Notice and Request for Comments Proposed Amendments to National
Instrument 31-103 Registration Requirements, Exemptions and
Ongoing Registrant Obligations and Companion Policy 31-103CP
concerning the requirement on registered firms to provide an
independent dispute resolution service November 2012.
OSC Staff Notice 33-739 Termination of the Ontario Contingency
Trust Fund December 2012.
CSA Notice of Amendments to National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant
Obligations and Companion Policy 31-103CP (Cost Disclosure,
Performance Reporting and Client Statements) March 2013.
OSC Staff Notice 33-741 Report on the Results of the Reviews of
Capital Markets Participation Fees July 2013.
OSC Rule 11-501 Electronic Delivery of Documents to the Ontario
Securities Commission and consequential policy amendments
October 2013.
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Comment period ended on the proposed "dispute
resolution" amendments to NI 31-103 on February 15, 2013.
Comment letters, including comments from Borden Ladner
Gervais LLP being considered by the CSA and available on
the OSC website. Final rules expected to be published later in
2013, so that any new rules can come into force by September
2014.
Comment period ended on the CSA Consultation Paper 33-403 (best
interest) on February 22, 2013. Comment letters, including comments
from Borden Ladner Gervais LLP being considered by the CSA and
available on the OSC website. Roundtable discussions were held
during June and July 2013 at the OSC.
Amendments to NI 31-103 in respect of cost disclosure, performance
reporting and client statements (CRM-2) came into effect over a
3-year period commencing July 15, 2013.
OSC Rule 11-501 will require, among other things, electronic filing
of registration-related documentation that are not today filed on
NRD and will be effective February 19, 2014.
See Canadian Securities Regulators Renew Focus on Registrant
Compliance – The New Normal – Being Review Ready
Investment Management Bulletin June 2012 Borden Ladner Gervais
LLP.
See Canadian Securities Regulators Considering Further
Requirements to Independent Dispute Resolution for Registrants
Investment Management Bulletin July 2012 Borden Ladner Gervais
LLP.
See The Canadian Securities Regulators' Proposals for a
"Best Interest" Standard for Dealers and Advisers: the
Long Road Ahead Investment Management Bulletin April 2013
Borden Ladner Gervais LLP.
See Canadian Securities Administrators Finalize Rules Requiring
Enhanced Account Level Disclosure by Registrants: Effective July
15, 2013. Investment Management Bulletin April 2013 Borden
Ladner Gervais LLP.
See National Instrument 31-103 At a Glance (Revised!)
Investment Management Bulletin June 2013 Borden Ladner Gervais
LLP.
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Registrant
Regulation – IIROC Members |
IIROC Rules Notices Requests for Comments Plain language
rule re-write project March 2010 – June 2012.
IIIROC Rules Notice Notice of Approval/ Implementation 12-0107
Client Relationship Model – Implementation March
2012.
IIROC Rules Notice Guidance Note 12-108 Client Relationship
– Guidance March 2012. IIROC Rules Notice Guidance Note
12-0109 Know-your-client and Suitability Guidance March
2012.
IIROC Rules Notice 12-0207 Concept Paper Request for comments
Restricted Dealer Member Proposal July 2012.
IIROC Rules Notice 12-0253 Request for comments on draft guidance
regarding compensation structures for retail investment accounts
August 2012.
IIROC Rules Notice Request for Comments 12-0311 Draft Guidance
Regarding Outsourcing Arrangements October 2012.
IIROC Rules Notice 12-0379 The Role of Compliance and
Supervision December 2012.
IIROC Rules Notice 12-0384 Sale of principal protected notes by
Approved Persons of IIROC Dealer Members December 2012.
IIROC Rules Notice Request for Comments 13-0053 Use of Business
Titles and Financial Designations – Proposed Guidance
Note January 2013.
IIROC Rules Notice 13-0042 Update to IIROC Rules Notice 12-217,
July 2012 – Concept Proposal Restricted Dealer Member –
Summary of Comments February 2013.
IIROC Rules Notice 13-0162 Final amendments to rules on
personal financial dealings and outside business activities
June 2013.
CSA Staff Notice 31-335 Extension of Interim Relief for Members
of IIROC from the Requirement in section 14.2(1) of NI 31-103 in
Respect of the Provision of Relationship Disclosure Information to
Existing Clients. October 2013.
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IIROC has issued guidance and proposed guidance on various
compliance issues significant to its members. IIROC has undertaken
a project to rewrite its Rules in plain language primarily to make
the Rules more clear, concise and organized, although some
substantive changes will also be made.
IIROC's rule amendments and guidance relating to its
implementation of the Client Relationship Model were finalized in
March 2012. Various implementation dates apply. IIROC's rules
regarding account performance reporting are being reviewed to
determine how to conform them to the CSA's "CRM-2"
final rules published in March 2013.
CSA Staff Notice 31-335 extends the relief granted to IIROC members
in respect of RDI to existing clients to March 26, 2014 to coincide
with the transition applicable to the IIROC RDI rules.
See Proposals for a New
"Restricted Dealer" IIROC Member Category Released for
Comment Investment Management Bulletin August
2012 Borden Ladner Gervais LLP.
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Registrant
Regulation – MFDA Members |
Consultation Paper on the Harmonization of Mutual Fund
Distribution Regulations Autorité des marchés
financiers October 2010.
MFDA Bulletin #0508-P MFDA Rule 5.3.5 (Performance Reporting):
Suspension of June 2012 Implementation December
2011.
MFDA Draft Member Regulation Notice – Sale of Principal
Protected Notes by Approved Persons of MFDA Members November
2012.
Revised Member Regulation Notice MR-0057 The Role of Compliance
and Supervision February 2013.
MFDA Bulletin 0561-P Policy Instrument Review Project
March 2013.
MFDA Bulletin 0562-P Client Disclosure Sweep March
2013.
MFDA Bulletin 0563-C MFDA Regulatory Priorities April
2013.
MFDA Bulletin 0576-P Approval of Amendments to Rule 2.5.5
(Branch Managers) and Policy No. 2 Minimum Standards for Account
Supervision September 2013.
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Comment period on the AMF consultation paper ended November 30,
2010. AMF later announced that it is working towards a later
deadline than September 28, 2011 to achieve harmonization.
See AMF Consultation on Harmonizing
Regulation of Quebéc Mutual Fund Dealers
Investment Management Bulletin October 2010 Borden Ladner
Gervais LLP.
MFDA Rule amendments have been finalized to implement certain
client relationship model requirements specifically, quarterly
client reporting obligations for MFDA members. MFDA is reviewing
MFDA Rule 5.3.5 (which is suspended) on performance reporting to
determine if any changes are required to ensure harmonization with
performance reporting standards under NI 31-103.
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Registrant
Regulation – Exempt Market Dealers |
CSA Staff Notice 31-327 Broker-Dealer Registration in the
Exempt Market Dealer Category September 2011.
ASC Staff Notice 33-704 Review of Exempt Market Dealers Alberta
Securities Commission January 2012.
CSA Staff Notice 31-331 Follow-up to Broker- Dealer
Registration in the Exempt Market Dealer Category July
2012.
B.C. Notice 2013/01 Notice and Request for Comment Proposed
Revocation of BCI 32-513 Registration Exemption for Trades in
Connection with Certain Prospectus Exempt Distributions and BC
Instrument 32-572 Exemption for Dealer Registration Requirements
for Trades in Securities of Mortgage Investment Entities
January 2013.
CSA Staff Notice 31-333 Follow-up to Broker- Dealer
Registration in the Exempt Market Dealer Category February
2013.
OSC Staff Notice 33-740 Results of 2012 Targetted Review of PMs
and EMDs, re KYC, KYP and Suitability May 2013.
CSA Staff Notice 31-334 CSA Review of Relationship Disclosure
Practices July 2013.
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Various reports from the CSA and the OSC staff intended to
highlight compliance issues significant to firms registered as
EMDs. The 2012 annual report of the OSC staff referred to above
provides additional discussion about issues specific to EMDs.
See Canadian Securities Regulators Report on
Relationship Disclosure Practices Investment Management
Bulletin August 2013 Borden Ladner Gervais LLP.
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Registrant
Regulation – Portfolio Managers |
CSA Staff Notice 31-325 Marketing Practices of Portfolio
Managers July 2011.
CSA Staff Notice 31-332 Relevant Investment Management
Experience for Advising Representatives and Associate Advising
Representatives of Portfolio Managers January 2013.
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CSA staff report on marketing practices of portfolio managers
updates and replaces earlier 2007 report from the OSC staff on the
same topic. The 2012 annual report of the OSC staff and the two
2013 notices of the CSA and OSC staff referred to above provide
additional discussion about issues specific to portfolio
managers.
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Registrant
Regulation – Investment Fund Managers |
Multilateral Policy 31-202 Registration Requirement for
Investment Fund Managers Securities regulators in British
Columbia, Alberta, Saskatchewan, Manitoba, PEI, Nova Scotia, New
Brunswick and the three territories July 2012.
Multilateral Instrument 32-102 Registration Exemptions for
Non-Resident Investment Fund Managers Securities regulators in
Ontario, Québec and Newfoundland and Labrador July 2012.
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The 2012 annual report of the OSC staff referred to above
provides additional discussion about issues specific to IFMs. New
IFM registration instruments came into force on September 28, 2012
and required filings by specific deadlines.
See Two Distinct Regulatory Approaches for Non-Resident
Investment Fund Managers Finalized in Canada – Effective
September 28, 2012 Investment Management Bulletin July 2012
Borden Ladner Gervais LLP.
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Incorporated
Representatives (Dealers and Advisers) |
Consultation on Possible Options for the Incorporation of
Individual Representatives of Registered Dealers and Advisers in
Canada Working Group of Provincial/Territorial Government
Officials December 2010.
Consultation on Possible Options for the Incorporation of
Individual Representatives of Registered Dealers and Advisers in
Canada: Summary of Consultation Responses Working Group of
Provincial/Territorial Government Officials June 2011.
Bill 14 An Act to Amend The Securities Act, 1988
Legislative Assembly of Saskatchewan May 2012 (as amended).
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A working group of representatives of various provincial and
territorial governments is developing a proposed legislative model
which would allow representatives of dealers and advisers to set up
personal corporations and operate their securities businesses
through these corporations. Bill 14 of the Saskatchewan government
is the first legislative model that would so permit incorporated
representatives (dealers and advisers). It has received royal
assent in Saskatchewan, but has not been proclaimed in force. The
working group of provincial/territorial governments requested
comments on both Bill 14 and their "key elements"
document (which was based on Bill 14) by April 30, 2012. Further
consultation is expected.
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Point of Sale
Disclosure for Mutual Funds |
CSA Implementation of Stage 2 of Point of Sale Disclosure for
Mutual Funds – Delivery of Fund Facts Notice of
Amendments to National Instrument 81-101 Mutual Fund Prospectus
Disclosure, Form 81-101F3 Contents of Fund Facts
Document, Companion Policy 81-101 CP and other consequential
amendments June 2013.
OSC Staff Notice 81-721 Frequently Asked Questions on the
Implementation of Stage 2 of Point of Sale Disclosure for Mutual
Funds – Delivery of Fund Facts September 2013
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The "Stage 2" point of sale amendments to NI 81-101
came into force on September 1, 2013. All mutual funds must file
amended Fund Facts by May 13, 2014 and dealers will be required to
deliver Fund Facts in lieu of the simplified prospectus within two
days of trades on and after June 13, 2014.
See Canadian Securities Regulators Finalize New Format for Fund
Facts and Mandate Delivery Effective June 13, 2014. Investment
Management Bulletin June 2013 Borden Ladner Gervais LLP.
See Exchange Traded Funds in Canada: OSC Requires Summary
Disclosure Documents and IOSCO Releases Final Report on Principles
of Regulation Investment Management Bulletin August 2013 Borden
Ladner Gervais LLP.
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Modernization of
Investment Fund Rules |
Notice of (final) Amendments to NI 81-102 Mutual Funds,
NI 81-106 Investment Fund Continuous Disclosure, NI 81-101
Mutual Fund Prospectus Disclosure and NI 41-101
General Prospectus Requirements CSA February 2012.
CSA Notice and Request for Comments Proposed Amendments to National
Instrument 81-102 Mutual Funds and Companion Policy
81-102CP Mutual Funds and Related Consequential Amendments
and other Matters Concerning National Instrument 81-104
Commodity Pools and Securities Lending, Repurchases and
Reverse Repurchases by Investment Funds – Modernization of
Investment Fund Product Regulation (Phase 2) March 2013.
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The first phase of the CSA's modernization project was
finalized with the amendments to NI 81-102, NI 81-101, NI 81-106
and NI 41-101 which came into force on April 30, 2012. The
amendments affecting money market funds came into force on October
30, 2012.
See Updated Mutual Fund Rules Finalized in Canada for
ETFs, Money Market Funds, Short Selling and Fund of Funds
Investment Management Bulletin February 2012 Borden Ladner Gervais
LLP.
See Changes Ahead for Canadian Money Market Funds? How
will IOSCO's Recent Policy Recommendations Play out in
Canada? Investment Management Bulletin October 2012 Borden
Ladner Gervais LLP.
Comment period on the proposals for closed-end funds and
alternative funds was extended and ended August 23, 2013. Comment
letters, including comments from Borden Ladner Gervais LLP being
considered by the CSA and available on the OSC website.
See Moving Beyond Mutual Funds – New Proposed
Regulations for Public Closed-End Funds and "Alternative
Funds" Investment Management Bulletin April 2013 Borden
Ladner Gervais LLP.
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Investment Fund
Fees |
CSA Discussion Paper and Request for Comment 81-407 Mutual
Fund Fees December 2012.
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Comment period on the CSA Discussion Paper ended April 11, 2013.
Comment letters, including comments from Borden Ladner Gervais LLP
being considered by the CSA and available on the OSC
website.Roundtable discussions held during June 2013 at the
OSC.
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Investment Fund
Governance |
OSC Staff Notice 81-713 Focussed Disclosure Review National
Instrument 81-107 Independent Review Committee for Investment
Funds March 2011.
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OSC Staff Notice describes the results of OSC staff's review
of IRC and NI 81-107 related disclosure and makes suggestions for
improvements.
See Additional Regulatory Guidance for Canadian Fund
Managers and Independent Review Committees Investment
Management Bulletin April 2011 Borden Ladner Gervais
LLP.
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Securitized
Products |
Proposed National Instrument 41-103 Supplementary Prospectus
Disclosure Requirements for Securitized Products, Proposed
National Instrument 51-106 Continuous Disclosure Requirements
for Securitized Products and Proposed Amendments to National
Instrument 45-106 Prospectus and Registration Exemptions.
April 2011.
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CSA propose a specific securitized products regime, including
new restrictions on distribution in the exempt marketplace. Comment
period ended August 31, 2011, comments being considered by the CSA
and available on OSC website. Further publication expected in
December 2013 or January 2014.
See New Securitized Products Rules Proposed
Securities & Capital Markets Alert April 2011 Borden Ladner
Gervais LLP.
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Scholarship Plan
Regulation |
CSA Implementation of a New Tailored Prospectus Form for
Scholarship Plans – Notice of Amendments to National
Instrument 41-101 General Prospectus Requirements, Form 41-101F2,
Form 41-101F3 and Companion Policy 41-101CP Companion Policy to
National Instrument 41-101 General Prospectus Requirements
January 2013.
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Amendments to National Instrument 41-101 came into force on May
31, 2013 and require scholarship plans to renew their prospectuses
filed after that date according to the new form requirements (Plan
Summary and Detailed Plan Disclosure).
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Hedge Funds and
other Alternative Investment Products |
OSC Staff Notice 33-733 Report on Focused Reviews of
Investment Funds, September 2008 – September 2009.
January 2010.
CSA Notice Multilateral Staff Notice 46-306 Third Update on
Principal Protected Notes August 2012.
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OSC Staff Notice reports on findings from focused reviews of
money market funds, hedge funds and structured products
(nonredeemable investment funds) conducted from September 2008
– September 2009. See also the discussion in the OSC's
2011 Compliance and Registrant Regulation Branch report regarding
the linkages between systemic risk and hedge funds.
See Hedge Fund Managers: Your 2013 Annual Compliance
Check-up – Quick Tips on Doing a Self-Diagnosis
Investment Management Bulletin September 2013 Borden Ladner Gervais
LLP.
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Compliance Issues
for Publicly Offered Investment Funds |
OSC Staff Notice 81-715 Cross-Listings by Foreign Exchange
Traded Funds August 2011.
OSC Staff Notice 81-718 2012 Summary Report for Investment Fund
Issuers January 2013.
OSC Staff Notice 81-719 Effect of Proposed Income Tax Act
Amendments on Investment Funds – Character Conversion
Transactions April 2013.
OSC Staff Notice 81-722 Mortgage Investment Entities and
Investment Funds September 2013.
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Various reports from the OSC staff highlight compliance issues
significant to publicly offered investment funds. Various editions
of the OSC's Investment Funds Branch Practitioner are
also available on the OSC website and point out compliance and
other issues noted by OSC staff.
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Prospectus
Disclosure for Investment Funds |
Amendments (final) to National Instrument 41-101 General
Prospectus Requirements and related instruments, including
National Instrument 81-101 Prospectus Disclosure for Mutual
Funds February 2013.
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New technical amendments to NI 81-101 and NI 41-101 to reflect
updated practice rules became effective May 14, 2013.
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Continuous
Disclosure for Investment Funds |
OSC Staff Notice 81-707 Report on Staff's Continuous
Disclosure Review of Portfolio Holdings by Investment Funds
August 2012.
Activity Report for the Continuous Disclosure Review
Program AMF October 2012.
OSC Staff Notice 81-720 Report on Staff's Continuous
Disclosure Review of Sales Communications by Investment Funds
July 2013.
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OSC and AMF staff reports outline common deficiencies with
investment fund continuous disclosure including sales
communications and highlight staff's continued focus on
continuous disclosure reviews.
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Use of Prospectus
Exemptions – Exempt Market-Place |
CSA Staff Consultation Note 45-401 Review of Minimum Amount
and Accredited Investor Exemptions Public Consultation CSA
November 2011.
Multilateral CSA Staff Notice 45-309 Guidance for Preparing and
Filing an Offering Memorandum under National Instrument 45-106
Prospectus and Registration Exemptions April 2012.
CSA Staff Notice 45-308 Guidance for Preparing and Filing
Reports of Exempt Distribution under National Instrument 45-106
Prospectus and Registration Exemptions April 2012.
CSA Staff Notice 45-310 Update on CSA Staff Consultation Note
45-401 Review of Minimum Amount and Accredited Investor
Exemptions. June 2012.
OSC Staff Consultation Paper 45-710 Considerations for New
Capital Raising Prospectus Exemptions December 2012.
OSC Notice and Request for Comment Amendments to OSC Rule 45-501
Ontario Prospectus and Registration Exemptions and
Proposed Amendments to National Instrument 45-106 Prospectus
and Registration Exemptions April 2013.
OSC Exempt Market Review OSC Notice 45-712 Progress Report on
Review of Prospectus Exemptions to Facilitate Capital Raising
August 2013.
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Comment period on Staff Consultation Note about the use of the
minimum amount prospectus exemption and the accredited investor
prospectus exemption contained in National Instrument 45-106
Prospectus and Registration Exemptions ended February 29,
2012. Comment letters. including comments from Borden
Ladner Gervais LLP are available on OSC website. The OSC
also held several round table public discussions.
Comment period on the OSC Staff Consultation Paper 45-710 ended
March 8, 2013. Comment letters are available on the OSC website.
OSC held consultation sessions during January and February 2013.
Additional roundtable held in June 2013 for start-ups and
SMES.
See Canadian Regulators Commence a Review of Minimum
Amount and Accredited Investor Prospectus Exemptions
Securities & Capital Markets Bulletin November 2011 Borden
Ladner Gervais LLP.
See Preparation and Filing of Offering Memoranda and
Reports of Exemption Distribution under National Instrument
45-106 Securities & Capital Markets Bulletin May 2012
Borden Ladner Gervais LLP.
See The OSC Examines Four New Capital Raising
Prospectus Exemptions Securities & Capital Markets
Bulletin February 2013 Borden Ladner Gervais
LLP.
See OSC Continues to Examine New Capital Raising
Prospectus Exemptions Securities & Capital Markets
Bulletin September 2013 Borden Ladner Gervais LLP.
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Capital
Accumulation Plans and Mutual Funds |
Joint Forum of Financial Market Regulators Guidelines for
Capital Accumulation Plans May 2004.
Amendments to National Instrument 45-106 Prospectus and
Registration Exemptions and Adoption of Local Prospectus and
Registration Exemptions for Certain Capital Accumulation Plans
October 2005.
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All Canadian regulators, other than the OSC and the
Québec regulator, granted "blanket" prospectus and
registration exemptions to allow mutual funds to be used as
investment options for CAPs. No action taken by the CSA for several
years on moving forward with this initiative.
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Proxy
Voting |
CSA Consultation Paper 25-401 Potential Regulation of Proxy
Advisory Firms June 2012.
CSA Consultation Paper 54-401 Review of the Proxy Voting
Infrastructure August 2013.
CSA Notice 25-301 Update on CSA Consultation Paper 25-401
September 2013.
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Comments on CSA Consultation Paper 25-401 were due by September
21, 2012. Comments available on the OSC website. CSA guidance on
recommended practices and disclosures for proxy advisory firms
expected to be published in first quarter 2014.
See Securities Regulators to Review Canadian Proxy
Voting Infrastructure Securities & Capital Markets Alert
August 2013.
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Beneficial Owners
and Meetings |
(Final) National Instrument 54-101 Communication with
Beneficial Owners of Securities of a Reporting Issuer and
Companion Policy 54-101CP, National Instrument 51-102
Continuous Disclosure Obligations and its related forms
and Companion Policy November 2012.
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The revised amendments to NI 54-101, introduce, among other
things a "notice and access" regime for all meetings
other than meetings for investment funds and enhanced disclosure
regarding the beneficial owner voting process. The new rules came
into force in February 2013.
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Early Warning and
Take-over Bids |
CSA Notice and Request for Comment Proposed Amendments to
Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and
National Policy 62-203 Take-Over Bids and Issuers Bids and National
Instrument 62-103 Early Warning System and Related Take-over bid
and Insider Reporting Issues. March 2013.
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Extended comment period on proposed amendments to early warning
and take-over bid requirements ended July 12, 2013.
See Expanded Early Warning Reporting Proposed by
Canadian Securities Regulators Securities & Capital
Markets Bulletin March 2013 Borden Ladner Gervais
LLP.
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Regulation of
Derivatives |
CSA Consultation Paper 91-401 Over-the- Counter Derivatives
Regulation in Canada
CSA Derivatives Committee November 2010.
CSA Consultation Paper 91-402 Derivatives: Trade Repositories June
2011.
CSA Consultation Paper 91-403 Derivatives: Surveillance and
Enforcement November 2011.
CSA Consultation Paper 91-404 Derivatives: Segregation and
Portability in OTC Derivatives Clearing February 2012.
CSA Consultation Paper 91-405 Derivatives: End-User
Exemptions April 2012.
CSA Consultation Paper 91-406 Derivatives: OTC Central
Counterparty Clearing June 2012.
CSA Staff Consultation Paper 91-301 Model Provincial Rules
– Derivatives: Product Determination and Trade Repositories
and Derivatives Data Reporting December 2012.
CSA Consultation Paper 91-407 Derivatives: Registration
April 2013.
Proposed OSC Rule 91-506 Derivatives: Product
Determination and Companion Policy 91-506CP and Proposed OSC
Rule 91-507 Trade Repositories and Derivatives Data
Reporting and Companion Policy 91-507CP June 2013.
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Comment periods on CSA Derivatives Committee's first eight
consultation papers have ended. Comments available on OSC website.
Comment period on OSC proposed rules ended September 6, 2013.
Comments available on OSC website.
See Over-the-Counter (OTC) Derivatives market in
Canada: On the Road to Reform and Regulation Financial
Services Client Update November 2010 Borden Ladner Gervais
LLP.
See Model Provincial Rules – Derivatives Product
Determination and Trade Repositories and Derivatives Data Reporting
Canadian Securities Administrators Release Consultation Paper
91-301 Derivatives Client Alert January 2013 Borden Ladner
Gervais LLP.
See Derivatives: Registration Canadian Securities
Administrators Release Consultation Paper 91-407 Derivatives
Client Alert April 2013 Borden Ladner Gervais LLP.
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