The Canadian Securities Administrators have announced that they are developing a national instrument intended to replace the registration and prospectus exemptions related to start-up crowdfunding currently existing in certain provinces.
The Canadian Securities Exchange has now adopted amendments to its policies that introduce a requirement for resale restrictions on securities issued by CSE-listed companies pursuant to certain prospectus exemptions which would otherwise be free trading.
A recent study commissioned by the British Columbia Securities Commission found that Canadians, even those with investments, do not generally see themselves as “investors”.
The Canadian Securities Administrators caution companies to avoid disclosure and promotional practices that are manipulative or that may mislead investors.
The Canadian Securities Exchange proposed amendments to its policies that would introduce a requirement for resale restrictions on securities issued by CSE-listed companies pursuant to certain prospectus exemptions which would otherwise be free trading.
In a landmark decision, the Delaware Chancery Court ruled that a purchaser could walk away from an acquisition due to factors which were found to constitute a "material adverse change".
The CSA published guidance on disclosure expectations for cannabis issuers. The guidance is the result of the regulator’s disclosure review of 70 cannabis issuers, which revealed deficiencies.
A tweet by Elon Musk, the Chairman and CEO of Tesla, serves as an interesting case study of the potential risks involved in the use of social media by reporting issuers and other capital markets participants.
On August 15, 2018, securities regulators announced the pending revocation of two dealer registration exemptions: (1) the “Northwest Exemption” and (2) the exemption for trades in securities of MIEs in BC Instrument 32-517.
The British Columbia Liquor and Cannabis Regulation Branch has opened applications for cannabis retail store licences which would allow licensees to sell non-medical cannabis and cannabis accessories in BC.
The CSA will maintain the current approach to determining independence, which combines a principles-based approach with a number of bright-line”disqualifications.
The Canadian Securities Administrators published final amendments to simplify the report of exempt distribution set out on Form 45-106F1 Report of Exemption Distribution which must be filed following a distribution of securities in reliance on certain prospectus exemptions under NI 45-106.
