The Investment Industry Regulatory Organization of Canada
("IIROC") has issued its second annual enforcement
report. The report highlights IIROC's enforcement activities
over 2013, and sets out the organization's enforcement
priorities and key policy initiatives.
The IIROC report draws particular attention to enforcement
priorities relating to seniors, unsuitable recommendations made by
registrants, and manipulative or abusive sales and trading
In 2013, IIROC's enforcement staff conducted 200
investigations across Canada, with almost half being in Ontario.
IIROC notes that for 2013, approximately 37% of all complaints
received and roughly 40% of all IIROC prosecutions against
individual registrants involved misconduct affecting seniors.
Almost 45% of all IIROC investigations opened in 2013 and over 40%
of all disciplinary cases related to suitability and "know
your product" issues.
A complete version of the report is available here.
PUBLIC COMPANY ACTIVITY
Information and intelligence about what public companies are
doing in the market
On May 15, 2014, the shareholders of Birch Hill Gold Corp. will be asked to vote to
approve the amalgamation of Canoe Mining Ventures Corp. and Birch
Hill to be carried out by way of a three-cornered amalgamation
involving a wholly-owned subsidiary of Canoe Mining and pursuant to
which Canoe Mining will acquire all the issued and outstanding
shares of Birch Hill.
On May 15, 2014, the shareholders of CWC Well Services Corp. will be asked to vote
to approve a proposed arrangement pursuant to which CWC will
acquire all of the issued and outstanding Class A and Class B
common shares of Ironhand Drilling Inc.
On May 16, 2014, the shareholders of Rooster Energy Ltd. will be asked to vote to
approve the acquisition by Rooster of (i) 100% of the membership
interest of Morrison Well Services, LLC, a Delaware limited
liability company; and (ii) 100% of the membership interest of
Cochon Properties, LLC, a Louisiana limited liability company.
WHAT WE'VE BEEN UP TO
We acted for Cormark Securities Inc. and
PI Financial Corp., together with a syndicate of
agents, in connection with a concurrent public offering and
non-brokered private placement of units by West Kirkland Mining
Inc. for gross proceeds of approximately $29 million. The proceeds
of the offering will be used for the acquisition of an interest in
the Hasbrouck gold project from Allied Nevada Gold Corp.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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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.
While most are well aware that the sale of a business is generally a complex process, even sophisticated business owners are surprised by just how much cost and effort is required to complete the sale.
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