The proposed amendments to NI 24-101 and CP 24-101 (the
"Proposed Amendments") are intended to
assist in a successful migration to T+2 settlement from the current
T+3 regime. The Proposed Amendments also update NI 24-101 to
reflect certain developments since it came into force in 2007, as
well as clarify certain existing provisions. For example, the
Proposed Amendments include making trades in exchange-traded mutual
fund (ETF) securities, a significant area of growth since 2007,
subject to NI 24-101. Other proposed revisions to modernize or
clarify NI 24-101 and CP 24-101 include broadening the definition
of "clearing agency" to include clearing agencies other
than CDS and enhancing the provisions on matching services
utilities systems and business continuity planning.
The Consultation Paper provides an overview of existing
settlement discipline measures in the Canadian equity and debt
markets and raises policy considerations for addressing the risk
that the transition to a standard T+2 settlement cycle might
increase settlement failures. The CSA is using the Consultation
Paper to seek comments on whether (i) additional settlement
discipline measures might be required, including additional
amendments to NI 24-101 and CP 24-101, and (ii) other settlement
discipline mechanisms – similar to those already in place or
proposed in certain foreign jurisdictions, such as a
settlement-fail penalty mechanism or a close-out (or forced buy-in)
requirement – for the Canadian equity and debt markets would
deter settlement failures.
The comment period on the Proposed Amendments and the
Consultation Paper expires on November 16, 2016.
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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