A material fact is a fact that, if disclosed, would reasonably
be expected to have a significant effect on the market price or
value of the securities of the issuer in question. A material
change is a change in the business, operations or capital of the
issuer that, if disclosed, would be expected to have the same
effect. What constitutes a material fact or change will depend on
context. Common examples include take-overs or other corporate
changes, and loss of key personnel. Material facts and changes can
also be specific to an issuer's business. For example, a change
in forecasted weather patterns could constitute a material fact for
an issuer whose business is seasonal, while information about
resource tests could constitute a material fact for a resource
company. In monetary terms, the threshold required for a change or
fact to be material will generally be proportionate to the size of
the issuer (i.e., the threshold will be larger for a larger
When is Information Generally Disclosed?
When the information has been disseminated to the trading public
and the public has had adequate time to digest that
Who is in a Special Relationship with an Issuer?
The scope of people who might be in a "special
relationship" with the issuer is very broad. People who may be
in a special relationship are set out at right and extend beyond
these examples as well.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Aboriginal issues continue to have significant influence on energy, mining, infrastructure and other projects in Western Canada. As a result, aboriginal law is key to driving change. Understanding recent legal and policy developments is critical to assessing risks and opportunities, and implementing successful business strategies.
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Our Mining partners, with expertise in insolvency, finance and capital markets, mining operations, and environmental regulation, will discuss a range of topics relevant to Canadian and international investors interested in these special situations including:
Extracting assets out of Canadian insolvency scenarios
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The use of electronic signatures is becoming increasingly commonplace in commercial transactions, as individuals and businesses capitalize on the administrative efficiency afforded by today’s digital world.
After several months of consultation and deliberations, the Organisation for Economic Co-operation and Development rendered public a revised draft Guidance on Due Diligence for Responsible Business Conduct.
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