Under current regulation, managers of publicly offered
investment funds who wish to call an annual or special meeting of
securityholders, must deliver meeting materials to beneficial
owners of securities using the process set out in National
Instrument 54-101 Communication with Beneficial Owners of
Securities of a Reporting Issuer (NI 54-101) and National
Instrument 81-106 Investment Fund Continuous
Disclosure. The printing and postage costs associated
with the production and mailing of information circulars to
securityholders can be costly for funds and their managers.
BLG is pleased to announce that we recently obtained, on behalf
of certain investment fund managers, a novel exemption which allows
the managers to use the "notice and access" process that
is currently only available to reporting issuers that are not
investment funds under NI 54-101. Using this process, the
manager must send a notice and access document and a form of proxy
(or voting instruction form) to the securityholders of the fund,
and must post the information circular on its website, but is not
required to mail the information circular unless a securityholder
asks for one.
We are confident that this exemption will substantially reduce
the costs associated with holding securityholder meetings, and
would like to offer our assistance, on a fixed-fee basis, to other
fund managers who would like to obtain a similar exemption.
We would be pleased to discuss with you
Your participation in a group application for Notice-and-Access
relief to be granted to you and other participating fund managers
If you have unique circumstances, a tailored individual
exemption application to your principal regulator.
As a construction company that actively bids and works on larger infrastructure projects, you will likely be required to provide a signed certification in response to future Requests for Qualifications.
On November 14, 2016, the Securities and Exchange Commission ("SEC") announced an award of more than $20 million to a whistleblower who promptly provided the regulator with valuable information that allowed the SEC to commence an enforcement action against the wrongdoers before they could squander the money.
In the recent decision, 3716724 Canada Inc. v Carleton Condominium Corporation No. 375, the Ontario Court of Appeal found that the "business judgment rule" applies to decisions of boards of condominium corporations.
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