With the collapse and near collapse of many financial
institutions globally, Canadians are undoubtedly left wondering why
it is that our financial institutions (FIs) have managed to weather
the storm better than many US and European institutions. The answer
is at least in part due to the relatively conservative regulatory
regime under which our banking system operates.
Canadian FIs are regulated by the Office of the Superintendent
of Financial Institutions Canada (OSFI) and are subject to various
rules and regulations intended to reduce their financialand
operational risks....
Specific Questions relating to this article should be addressed directly to the author.
The SEC proposed regulations that will replace Rule 12b-1 with new regulations "designed to enhance clarity, fairness and competition when investors buy mutual funds," according to SEC Chairwoman Mary Schapiro.
The Securities and Exchange Commission has adopted new Rule 14a-11 under the Securities Exchange Act of 1934 that will require public companies to permit any shareholder or group of shareholders owning at least 3% of a public company’s voting stock for at least three years to include director nominees in company proxy materials.
Welcome to this month's issue of the Heavyweight. To whet your appetite before diving into this relative short issue, you will see reference to an article on the possible abolition of s. 4 Statute of Frauds Act (under Documentation), a plea from the Ministry of Justice for evidence in the continuing attempt of the EC to create a European Contract Law (Contract) and a case on the competition aspect of a confidentiality clause (Competition).
On August 25, 2010, the Securities and Exchange Commission ("SEC"), by a 3-2 vote, adopted new Exchange Act Rule 14a-11 and related rule amendments, which are commonly referred to as the "proxy access" rules.
Earlier in 2010 we featured the article "M&A transaction or IPO: Why not pursue both?" in which Stikeman Elliott M&A partner Curtis A. Cusinato discussed the advantages of "dual-track" IPO/M&A process
In mid-August, it was reported in the press that the National Development and Reform Commission (NDRC) had received complaints that the commercial banks in China have engaged in price-fixing conduct. Pursuant to the Anti-Monopoly Law, conduct amounting to price-fixing is prohibited.
As a source of steady income, trust companies had been taking loans off the books of banks and repackaging them up as trust products. China Banking Regulatory Commission ("CBRC") became alarmed when the volumes grew too big and in early July, CBRC abruptly closed down the entire business by ordering trusts to halt all cooperation with banks.
