In a highly anticipated decision released on April 15, 2015, the Québec Court of Appeal upheld the controversial decision of Justice Tingley of the Québec Superior Court that the Dunkin’ Donuts franchisor in Québec breached its franchise agreements with its Québec franchisees by failing to adequately support them in the face of the “Tim Hortons phenomenon” in that province.
Apr 17, 2015
On April 9, 2015, the Canadian Securities Administrators published amendments intended to streamline the continuous disclosure requirements for venture issuers by improving the quality of the information and reducing the burden of preparation. This Update outlines the key amendments, which come into force on June 30, 2015.
Apr 15, 2015
On April 13, 2015, the Ontario Government announced that Ontario will unveil a cap-and-trade system linked to other jurisdictions including Québec and California. This system will set greenhouse gas emissions limits on a sector-by-sector basis and will allow businesses to sell unused portions of their greenhouse gas quotas. The details of the program remain unannounced, but businesses in Ontario have been given notice by the government that carbon pricing in Ontario will be the new normal.
Apr 14, 2015
The long-awaited update to the Code of Conduct for the Credit and Debit Card Industry was released earlier today by the federal government. The updated Code will have implications for all participants in the credit and debit card industry – payment networks, card issuers, acquirers and merchants. This Update highlights the purpose of the updated Code and summarizes the new requirements for market participants.
Apr 13, 2015
On April 3, 2015, the OECD released a discussion draft on Strengthening Controlled Foreign Corporation (CFC) Rules that stresses the importance of CFC rules in countering base erosion and profit shifting, and makes several draft recommendations regarding the design of domestic CFC rules. The discussion draft expands on the OECD’s prior work as part of its Action Plan on Base Erosion and Profit Shifting (BEPS).
Apr 6, 2015
On March 19, 2015, the Québec Minister of Finance tabled an Act allowing the Caisse de Dépôt et placement du Québec to carry out infrastructure projects. This Act empowers the Caisse de Dépôt et placement du Québec to manage and carry out infrastructure projects relating to public transit in the province of Québec.
Apr 2, 2015
The Securities and Exchange Commission (SEC) recently adopted final rules that are designed to enable smaller companies to offer and sell up to US$50 million of unrestricted securities in a consecutive 12-month period without registration under the U.S. Securities Act of 1933 (U.S. Securities Act), subject to eligibility, disclosure and ongoing reporting requirements.
Apr 1, 2015
Antitrust class actions have become a permanent fixture in the Canadian and U.S. competition enforcement landscape. In this Antitrust Advisory, we highlight Canada’s unique private remedies and distinct class action regime, ensuring U.S. clients and counsel are prepared for parallel class actions filed on both sides of the border.
Apr 1, 2015
In a rare case of market manipulation, the Québec administrative tribunal specializing 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.
Apr 1, 2015
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.
Mar 31, 2015