Financial Regulatory Forum

Ontario Securities Commission to review exempt market regime after calls for expansion

By Daniel Seleanu in Toronto

ONTARIO, June 28 (Thomson Reuters Accelus) - The Ontario Securities Commission has launched a review of its prospectus-exempt distribution framework, following industry calls to open the exempt market to more investors. The review will look for inspiration to this year’s U.S. JOBS Act legislation on small-business capital raising, the commission said. (more…)

Grading Canada’s enforcement efforts

By John Mackie

CANADA, March 8 (Business Law Currents) – With the Supreme Court of Canada having put an end to the notion of a national securities regulator this past December, securities regulation and enforcement remain matters of provincial and territorial jurisdiction, at least for the time being. In the wake of that decision, several reports have recently been issued regarding enforcement activities by provincial regulators. (more…)

New Canadian compensation rules make work for issuers in coming proxy season

By John Mackie

Aug. 16  (Business Law Currents) With the recent announcement by the Canadian Securities Administrators (CSA) that changes in executive disclosure requirements will apply for financial years ending on or after October 31, Canadian issuers may want to do some advance planning in order to avoid last minute scrambling in the New Year.

The proposed amendments to Form 51-102F6 – Statement of Executive Compensation range from simple drafting changes and clarifications to new substantive requirements, and reflect both the proposal issued last November and the comments received in response.

Perhaps the biggest changes contemplated by the new form are the obligation to disclose an issuer’s risk management practices vis-à-vis compensation policies and practices, and the emphasis placed on discussions of performance targets. For issuers, the former may require stepping onto unfamiliar ground, and the latter may test their willingness to share financial planning data with the street at large.

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