2013 saw a number of significant developments in securities law, including a strong push for a national securities regulator, notable developments for insider trading, a new proposed regulatory regime for shareholder rights plans, and a proposal to address gender diversity on boards and senior management. The year also delivered a series of noteworthy judicial decisions involving proxy battles, defensive tactics, and disclosure issues involving assessments of materiality, to name a few. The Canadian Securities Administrators issued a number of notices providing guidance for interpreting securities legislation, and multiple legislative changes were adopted or proposed, including changes to the following:
- Early-warning system
- Shareholder rights plans
- Trade-based exemption for finders
- Model rules for derivatives
- Security-based compensation arrangements
- Requirements for dealers, advisers and investment fund managers
- Proxy voting infrastructure
- Proxy advisory firms
- Auditor oversight
- Prospectus exemptions
- Reverse takeovers
- Underwriting conflicts
Click here to continued reading "Securities Law 2013: The Year In Review And What's Ahead For 2014".
Co-authors: Andjela Vukobrat and Denise Lo
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
© McMillan LLP 2014