Co-authored by Marina Tran, Student-at-Law

2014 saw a number of significant developments in Canadian securities law, including the adoption of the new disclosure requirements addressing gender diversity on boards and senior management positions, adoption of new capital-raising prospectus exemption, proposed amendments to the take-over bid regime, and proposed amendments to the early warning regime. We also saw some progress towards a national securities regulator.

The year also delivered a series of noteworthy judicial decisions involving the right of a shareholder to tender to a bid, treatment of fairness opinions, corporate disclosure in face of a proxy fight, declaration of Aboriginal title by the Supreme Court of Canada, to name a few. The Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC) and the TSX Venture Exchange (TSXV) issued a number of notices including notices that provide guidance for interpreting securities legislation. A number of legislative changes were adopted or proposed, including changes to the following:

  • Early-warning system
  • Model rules for derivatives
  • Prospectus exemptions
  • Crowdfunding exemption
  • Short-term debt and securitized products
  • Take-over bids
  • Rights offerings
  • OTC derivatives trade reporting
  • Disclosure requirements concerning oil and gas activities
  • Disclosure requirements concerning women on boards and senior management

This securities law review provides a brief overview of these key securities law developments. We encourage readers to access and read the full McMillan bulletins for a more in-depth look at the year's notable developments.

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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 2015