The last quarter of 2014 saw a number of regulatory developments
in Canadian capital markets that may specifically affect companies
in the oil and gas industry. Below, we've compiled a list of
key legal developments since October 21, 2014 that may be of
particular interest, along with corresponding links to our
approves rules (expected to be effective in February) allowing
TSX and TSXV companies to raise capital from existing holders
without a prospectus in certain circumstances.
Canadian securities regulators
propose sweeping amendments to the rights offering rules
– including eliminating the requirement for prior regulatory
clearance of the circular and increasing permitted dilution from
25% to 100%.
releases a comprehensive overview of best practices and
recommendations regarding the underwriter diligence
exempts certain foreign issuers conducting private placements
in Alberta from becoming reporting issuers under Alberta
Glass-Lewis releases its 2015 proxy voting guidelines for
Canadian companies, which included measures against issuers that
have not adopted a majority voting policy and guidance on the
approval of rights plans and advance notice provisions.
The Canadian Coalition for Good Governance
releases its 2014 guide to proxy circular disclosure and
Institutional Shareholder Services releases the draft of its 2015
amend oil and gas disclosure rules (effective July 1, 2015) to
permit the use of alternative evaluation methods (such as those
used by the SEC) and offer guidance on the disclosure of contingent
resources and production metrics.
The federal government
introduces legislation to require disclosure (by annual filing)
of payments made to any level of government in connection with oil
and gas activity.
Activism & Litigation
The ASC applies to Supreme Court for leave to appeal
the Walton decision — arguing that the Alberta Court of
Appeal's decision to require additional evidence necessary to
prove allegations of insider trading will undermine the ASC's
ability to prosecute for insider trading.
Repsol acquires Talisman Energy for US$8.3B
Prairie Sky Royalty acquires Range Royalty for $699M
Aspenleaf Energy acquires Coral Hill Energy for
Freehold Royalty acquires Anderson Energy for $49M
Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
In Bank of Montreal v Bumper Development Corporation Ltd, 2016 ABQB 363, the Alberta Court of Queen's Bench enforced the "immediate replacement" provision in the Canadian Association of Petroleum Landmen 2007 Operating Procedure...
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