On March 20, 2014, the Canadian Securities Administrators published a notice announcing the release for comment of two proposed equity crowdfunding prospectus exemptions. Some provincial securities administrators released for comment the proposed Multilateral Instrument 45-108 respecting Crowdfunding with accompanying policy statement; others released for comment a proposed Blanket Order respecting Start-Up Crowdfunding Prospectus and Registration Exemption.
Apr 4, 2014
On March 20, 2014, the Competition Bureau released for public comment draft enforcement guidelines on the price maintenance provisions found in section 76 of the Competition Act. These draft guidelines are the first official statement of the Bureau’s approach to enforcement of the civil price maintenance provisions since they were introduced in 2009, at the same time as the repeal of the criminal per se price maintenance offence previously found in section 61 of the Competition Act.
Apr 4, 2014
On March 24, 2014, the OECD released a discussion draft identifying the major tax challenges raised by the rapidly developing digital economy and summarizing several possible options to address these challenges.
Mar 25, 2014
On March 19, 2014, the OECD released two draft discussion papers aimed at neutralizing the effects of hybrid mismatch arrangements, as part of its work on base erosion and profit shifting. The first makes recommendations for domestic law changes. The second addresses OECD model treaty considerations. If implemented, these proposals could have a significant impact on common cross-border arrangements that use hybrid instruments or entities.
Mar 20, 2014
On March 14, 2014, the OECD released a discussion drat for public consultation on countering tax treaty abuse, pursuant to action item 6 of the G20 and OECD Action Plan on Base Erosion and Profit Shifting. The Discussion Draft addresses similar issues to those referred to in the 2014 Canadian Federal Budget on treaty shopping.
Mar 17, 2014
IIROC has issued for comment its long-awaited guidance to underwriters carrying out due diligence in connection with public offerings of securities. This initiative was one of several items recommended by the OSC as an area for further work following its emerging markets issuer review, although IIROC’s proposed guidance is not limited to emerging markets issuers and would apply to an investment dealer’s involvement in a public offering of securities by any issuer.
Mar 13, 2014
On March 11, 2014, the Canadian government announced that it had concluded a new free trade agreement with South Korea following negotiations that have lasted for over nine years. This agreement is stated to be part of the government's “most ambitious trade plan in Canadian history.”
Mar 13, 2014
The Office of the Superintendent of Financial Institutions has issued a notice dated March 5, 2014, directing banks, trust companies, insurers and other federally regulated financial institutions to immediately freeze assets of the former Ukranian president, Viktor Yanukovych, and his close associates and to refrain from having any dealings with these individuals. Although these institutions bear the highest compliance burden, these regulations will apply to all persons within Canada, as well to Canadians located outside the country.
Mar 11, 2014
On February 20, 2014, the government of Québec tabled its 2014-2015 budget in which it stated that it may enact amendments to Québec’s Business Corporations Act intended to protect Québec incorporated businesses from unsolicited take-over bids, as well as tax incentives intended to encourage businesses to establish and maintain head offices in the province of Québec.
Mar 5, 2014