On May 31, 2010, securities regulators in British Columbia,
Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia
published a consultation paper designed to assess market interest
in developing a more tailored approach to regulating venture
Multilateral Consultation Paper 51-403 – Tailoring
Venture Issuer Regulation ("MCP 51-403") –
seeks input on whether the current venture market regulatory regime
could be updated to enhance investor protection, reduce regulatory
costs for venture issuers and allow management to focus more
attention on business development.
Some of the key features of the consultation paper include:
eliminating the requirement for three- and ninemonth interim
financial statements and associated management's discussion and
introducing an annual report that would provide streamlined and
simplified disclosure of the venture issuer's business,
management, governance and executive compensation, and would
include the venture issuer's annual financial statements and
enhancing investor protections through substantive corporate
governance requirements, including requirements to implement
procedures to: (i) address conflicts of interest and related party
transactions; and (ii) reduce the risk of trading when undisclosed
material information exists;
eliminating business acquisition reports and enhancing material
change reporting; and
making changes to prospectus disclosure requirements.
The securities commissions are accepting written comments on
these proposals until September 17, 2010. In addition, consultation
sessions will be held across Canada beginning in June 2010 to
solicit feedback from venture market participants.
A copy of MCP 51-403 and more information on how you can
participate in the consultation process can be obtained by visiting
the Alberta Securities Commission webpage.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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