The Canadian Securities Administrators ("CSA")
recently announced that following consultations with marketplaces,
marketplace participants and service vendors, it is proceeding with
the implementation of National Instrument 23-103 Electronic Trading
and Direct Electronic Access to Market Places (the "Proposed
Rule" or "NI 23-103"). The Proposed Rule establishes
a regulatory framework for the oversight and management of
potential risks associated with electronic trading in Canadian
Market places, which, the CSA notes, is consistent with
international approaches to regulating electronic trading.
NI 23-103 is designed to address the risks introduced by the
speed and automation of electronic trading, and ensure that
marketplaces and their participants are actively monitoring and
addressing these risks. It will require, among other things, that
participants in electronic trading implement and maintain certain
controls, policies and procedures.
Subject to ministerial approval the policy will come into effect
on March 1, 2013. Further information regarding the Proposed Rule
can be found here on the OSC website.
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On Thursday, September 22, 2016, Dentons hosted a panel discussion about the management of liabilities and risks associated with environmental crises, including potential liabilities for directors and officers and provided insight into risk and liability techniques associated with environmental crisis management.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
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