On July 25, 2013, the Canadian Securities Administrators
("CSA") announced that they would not pursue
implementation of National Instrument 51-103 Ongoing Governance and
Disclosure Requirements for Venture Issuers ("NI
51-103"), which would introduce a regulatory regime aimed at
streamlining the disclosure requirements for venture issuers.
Despite having support from several market participants, after
reviewing NI 51-103, the CSA has decided that it will not implement
the instrument in its entirety, but rather, would consider
implementing some of the proposals that it contains. As required,
any proposed amendments that the CSA considers will be published
CSA Releases Three-Year Plan
On July 9, 2013, the Canadian Securities Administrators
announced a proposed three-year plan to create a nation wide
harmonized securities regulation system aimed to protect investors
against unfair practices, foster fair and efficient capital markets
and reduce risks while preserving regional flexibility.
The CSA plans to implement the following initiatives in the next
Enhanced Retail Investor Protection: CSA aims
to improve disclosure to investors, develop an avenue for investors
to file and resolve complaints, and create an investor education
Capital Raising by Small/Medium-Sized Enterprises and
Exempt Market Initiatives: CSA will review and propose
amendments to current exemption and disclosure rules for complex
Shareholder Democracy and Protection: CSA will
review the Canadian proxy infrastructure, including proxy advisory
firms, and current take-over bid regimes;
Market Regulation: CSA will undertake a review
of the order protection rule and market data fees, aim to develop a
ratings regime, and form an OTC derivatives regulatory
Enhancement of Enforcement Effectiveness: CSA
will aim to develop measures to share information across
jurisdictions, increase access to surveillance tools and explore
the possibility of a consolidated case management system;
Enhancement of Information Technology: CSA
will explore the development of a new national filing system to
replace the current systems (e.g. SEDAR and SEDI) and the
implementation of aggregated data repositories; and,
Other Initiatives: CSA will aim to improve
internal processes, as well as initiatives to streamline
legislative amendments across jurisdictions.
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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.
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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