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.
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.
Following the Divisional Court's decision in Toronto-Dominion Bank v. Ryerson University, companies that contract with government institutions should be aware that such contracts are likely open to disclosure under the Freedom of Information and Protection of Privacy Act.
Back in April 2015, we discussed key questions to keep in mind when negotiating earn-outs, and looked at recent trends coming out of the American Bar Association's 2014 Canadian Private Target M&A Deal Points Study (the 2014 ABA Study).
Before sending out that next tweet or posting to a blog, hit the pause button and consider whether the timing and content pass muster. Reporting issuers and their representatives must take note of Staff Notice 51-348
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