On July 26, 2012, the Canadian Securities Administrators (the
"CSA") released a request for comment on proposed consequential
amendments to a number of national instruments, policies and forms
related to National Instrument 25-101, Designated Rating
Organizations ("NI 25-101″).
As discussed in a
previous post, NI 25-101 requires credit rating agencies or
organizations to apply to become a "designated rating
organization" ("DRO") if they wish to have their
credit ratings eligible for use in securities legislation. DROs are
also required to comply with a set of rules concerning conflicts of
interest, governance, conduct, compliance and required filings.
The proposed amendments, among other things, will replace the
terms "approved rating" and "approved credit
rating" in a number of instruments, policies and forms with
"designated rating" and will include a rating provided by
a DRO affiliate (as defined in NI 25-101). Further, the references
to "approved rating organization" and "approved
credit rating organization" will be replaced with the term
"designated rating organization".
The CSA is also requesting comments on a consequential amendment
to Item 7.9 of Form 44-101F1, Short Form Prospectus which will
clarify that the disclosure of an issuer's relationship with a
credit rating agency or organization is limited to the securities
being distributed under a short form prospectus.
Comments are being accepted until October 24, 2012
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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.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan 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.
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