It’s About Time – CSA Proposes Amended Take-Over Bid Regime
The Canadian Securities Administrators (CSA) have published for a 90-day comment period significant amendments to the take-over bid regime in Canada (the Proposed Amendments). These proposed amendments will increase the amount of time afforded to a target issuer to respond to a hostile bid, effectively resulting in a 120-day “permitted bid” regime.
A Rare Case of Market Manipulation
In a rare case of market manipulation, the Bureau de décision et de révision, the Québec administrative tribunal specialized in financial markets, recently issued a decision, giving effect to an agreement between the Autorité des marchés financiers and Mr. Michel Galipeau condemning the latter to an administrative penalty of $20,000.
Significant Changes to Investment Canada Act Review Thresholds, Disclosure Requirements and National Security Review Timelines
On March 25, 2015, the federal government announced significant changes to the thresholds for determining whether net benefit review under the Investment Canada Act is required as well as more onerous disclosure obligations for all foreign investors who acquire control of Canadian businesses.
SEC Charges Highlight Importance of Updating Early Warning Reports
The SEC recently announced charges against eight directors, officers and major stockholders for failing to make timely updates to their beneficial ownership reports on Schedule 13D regarding steps taken in connection with potential going private transactions. These charges are a reminder to Canadian market participants active in the United States of the importance of updating Schedule 13D reports when investment intentions change.
OSC Scores Important Victory in Finkelstein Insider Trading and Tipping Decision
In a much anticipated decision released yesterday that carries implications for lawyers and other professional “gatekeepers,” a panel of the Ontario Securities Commission found former Toronto lawyer Mitchell Finkelstein and four investment advisors to have engaged in insider tipping and trading in contravention of the Ontario Securities Act.
Mitchell Finkelstein passed deal tips to fraternity friend, OSC rules
Speaking with The Globe and Mail, Osler’s Larry Ritchie comments on the high-profile Ontario Securities Commission victory that saw Mitchell Finkelstein, a former Bay Street lawyer, prosecuted for violating insider trading rules.
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