Osler Updates

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ISO/IEC 27018 – New Code of Practice Promotes Privacy Protection in the Cloud

The Privacy Commissioner of Canada has made it clear that, while privacy is not a barrier to businesses using cloud computing, it must be taken into consideration. Related guidance has been issued in which businesses are reminded that the Personal Information Protection and Electronic Documents Act (PIPEDA) establishes rules “with respect to obtaining consent for the collection, use and disclosure of personal information, securing the data, and ensuring accountability for the information and transparency in terms of practices.” 

Oct 20, 2014

CSA Releases Final Amendments to NI 31-103 – Changes will Impact Exempt Market Dealers and Other Market Participants

On October 16, 2014, the Canadian Securities Administrators published amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations and related instruments. The amendments include a number of significant changes, particularly for firms registered as exempt market dealers and for firms that rely on both registrations and registration exemptions.  

Oct 17, 2014

Competition Bureau Emphasizes Proactive Approach to Fostering a Culture of Compliance and Managing Competition Law Risk

In recognition of the critical role of compliance programs and training in competition law risk management, the Competition Bureau has issued for comment an updated draft of its Corporate Compliance Programs Bulletin. The Draft Bulletin outlines the Bureau’s high expectation that Canadian businesses proactively foster a culture of compliance within their organizations and dedicate significant resources to managing their competition law risk. 

Oct 16, 2014

Status of Canadian Resource Revenue Transparency Reporting

In June 2013, Prime Minister Harper announced that within two years the federal government would establish mandatory reporting standards for Canadian extractive companies to enhance transparency on the payments they make to governments. This Update outlines the current status of Canadian resource revenue reporting.

Oct 15, 2014

New Disclosure Rules Regarding Women on Boards to be Effective for 2015 Proxy Season

New disclosure rules regarding the representation of women on the boards and in senior management of public companies, and director term limits, will come into effect December 31, 2014. Disclosure will be required for management information circulars filed following an issuer's financial year ending on or after December 31, 2014. 

Oct 15, 2014

CSA Provides Update on Proposed Changes to Early Warning Regime – Reporting Threshold Stays at 10%

The Canadian Securities Administrators (CSA) have provided an update on their proposed changes to the early warning reporting regime (the Draft Amendments), which were originally published for comment in March 2013 and summarized in a previous Osler Update.

Oct 10, 2014

Canada-EU Comprehensive Economic and Trade Agreement: Legal Text Now Available for Advancing Strategic Business Plans

On September 26, 2014, the Canadian Government and the European Union (EU) released the legal text of the Canada and European Union Comprehensive Economic and Trade Agreement (CETA), modernizing rules on trade-related issues and providing new opportunities in government procurement and foreign investment. 

Oct 7, 2014

Landmark Canada-China Investment Treaty Comes Into Force

On October 1, 2014, a new foreign investment promotion and protection agreement (FIPA) between Canada and China came into force. This investment treaty has been long in coming, with drawn out negotiations and delayed implementation spanning more than 10 years.  

Oct 6, 2014

Four Weeks to Go Until Canadian Derivatives Trade Reporting Requirements Take Effect

Effective October 31, 2014, provincial rules in Ontario, Québec and Manitoba will require derivatives dealers and clearing agencies to report OTC derivatives transactions that involve “local counterparties” in the three provinces. This is a reminder for all clients that trade OTC derivatives that if you are a local counterparty, or trade with a local counterparty, there are steps that you need to take to be ready for trade reporting.  

Oct 3, 2014

Insider Trading Restrictions – Recent Decision by the Bureau de décision et de révision

On September 19, 2014, the Bureau de décision et de révision granted a request by the Autorité des marchés financiers for an administrative penalty of $9,000 against Jacques Gauthier, who was President and Chairman of the board of directors of AAER Inc. at the time of the insider trading events. 

Oct 1, 2014