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Modifications proposées au Règlement sur les instruments dérivés du Québec

Posted in AMF

Le 1er février 2017, l’Autorité des marchés financiers (AMF) a publié pour consultation des modifications proposées (Modifications proposées) au Règlement sur les instruments dérivés du Québec.

Les Modifications proposées portent sur trois questions : l’exigence de transmettre des informations relativement aux opérateurs en couverture, l’interdiction d’offrir des options binaires aux personnes physiques et l’obligation pour les personnes agrées de présenter leurs états financiers.

Exigence de transmettre des informations relativement aux opérateurs en couverture

La Loi sur les instruments dérivés du Québec prévoit une exemption de presque toutes ses exigences lorsque des contreparties qualifiées participent à des activités ou à … Continue Reading

Proposed Amendments to Quebec Derivatives Regulation

Posted in AMF

The Autorité des marchés financiers (AMF) published for comments on February 1, 2017 proposed amendments (Proposed Amendments) to the Derivatives Regulation (Québec) (“QDR”).

The Proposed Amendments address three matters: filing requirements when dealing with hedgers, prohibiting the offering of binary options to individuals, and reporting obligations of qualified persons.

Filing Requirements When Dealing With Hedgers

The Quebec Derivatives Act (“QDA”) provides an exemption from almost all of its requirements when accredited counterparties engage in activities or transactions in over-the-counter (“OTC”) derivatives. Accredited counterparties as defined in the QDA are in general institutional investors such … Continue Reading

Compensation obligatoire des dérivés de gré à gré par contrepartie centrale au Canada – Mise à jour

Posted in AMF, CSA

En 2015, les Autorités canadiennes en valeurs mobilières (ACVM) ont proposé de rendre obligatoire la compensation par contrepartie centrale de certaines transactions normalisées de dérivés de gré à gré en vue d’accroître la transparence sur le marché des dérivés de gré à gré et d’atténuer davantage le risque systémique avec le Règlement 94-101 sur la compensation obligatoire des dérivés par contrepartie centrale et l’Instruction générale relative au Règlement 94-101 (Règlement 94-101) ainsi que le Règlement 94-102 sur la compensation des dérivés et la protection des sûretés et des positions des clients et l’Instruction générale Continue Reading

Mandatory Central Counterparty Clearing of OTC Derivatives in Canada – Update

Posted in AMF, CSA

In 2015, the Canadian Securities Administrators (CSA) proposed mandatory central counterparty clearing of certain standardized over-the-counter (“OTC”) derivatives transactions consistent with its goal to improve transparency in the OTC derivatives market and enhance the overall mitigation of systemic risk: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and its related Companion Policy 94-101CP (NI 94-101) and National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions and its related Companion Policy 94-102CP (NI 94-102).

NI 94-101 requires certain counterparties to clear specified standardized OTC derivatives through a central … Continue Reading

2016 CSA Continuous Disclosure Review: Mistakes to Avoid and Drafting Tips

Posted in Continuous and Timely Disclosure, Uncategorized

On July 18, 2016, the Canadian Securities Administrators (CSA) published a summary of the results of their annual continuous disclosure (CD) review of reporting issuers for fiscal year 2016. See CSA Staff Notice 51-346 – Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Staff Notice).

Summary

The CSA annually conducts both “full reviews” and “issue-oriented reviews” to identify material deficiencies in reporting issuers’ CD records. This year, a total of 902 CD reviews were conducted (down from 1,058 in fiscal 2015), with full reviews comprising 31% of the total reviews and issue-oriented reviews comprising 69%.… Continue Reading

The AMF Launches Whistleblower Program

Posted in AMF, Industry News

On June 20, 2016, the Autorité des marchés financiers (the “AMF”), Quebec’s financial services regulatory authority, launched its Whistleblower Program. Individuals who have information about offences that have been committed contrary to the laws and regulations administered by the AMF, including the Securities Act, the Derivatives Act and others, may report such wrongdoing under the Whistleblower Program.

The major features of the program are:

  • Confidentiality – The AMF makes every effort to keep the whistleblower’s identity and the information they provide confidential;
  • No reprisal – An employer is prohibited from firing, demoting or otherwise adversely affecting
Continue Reading

Les propositions des ACVM concernant les personnes inscrites ont des effets très importants sur les courtiers et les conseillers au Canada

Posted in Advisors, Amendments, Broker-Dealers, Compliance and Supervision, CSA, IIROC, Industry News, MFDA, Registrants, Requests for Comment

Les Autorités canadiennes en valeurs mobilières (les ACVM) ont publié un important document de consultation dans lequel il est proposé de rehausser considérablement les obligations de tous les conseillers, courtiers et représentants, y compris les membres de l’OCRCVM et de l’ACFM (les personnes inscrites). Les commentaires sur ce document de consultation peuvent être présentés jusqu’au 26 août.… Continue Reading

À compter d’aujourd’hui, le système d’alerte au Canada exige des informations plus détaillées en ce qui concerne l’objectif d’une acquisition

Posted in Amendments, Continuous and Timely Disclosure, Shareholder Activism

Des modifications importantes au régime de déclaration du système d’alerte canadien entrent aujourd’hui en vigueur (se reporter à notre article publié le 3 mars 2016 qui s’intitule Les règles du système d’alerte du Canada se resserrent en mai). Nous mettons ici l’accent sur les exigences nouvelles et plus rigoureuses liées à la description de l’objectif de l’acquisition.… Continue Reading

CSA Registrant Proposals Have Far-Reaching Effects on Dealers and Advisers in Canada

Posted in Advisors, Amendments, Broker-Dealers, Compliance and Supervision, CSA, IIROC, Industry News, MFDA, Registrants, Requests for Comment

Recently, the Canadian Securities Administrators (CSA) released an important Consultation Paper that proposes to significantly increase the obligations of all advisers, dealers and representatives, including IIROC and MFDA members (Registrants). Comments on the Consultation Paper can be made until August 26.

The CSA is proposing two distinct categories of changes that, if adopted, will significantly impact the economics of existing Registrant business models and Registrant compliance costs:

1. Best Interest Standard: A “client best interest” standard against which all Registrant-client obligations would be interpreted.

2. “Targeted Reforms”: A comprehensive set of so-called “targeted reforms” will affect … Continue Reading

As of Today, Early Warning Disclosure in Canada Has to Contain More Detailed Information About the Purpose of Acquisitions

Posted in Amendments, Continuous and Timely Disclosure, Shareholder Activism

Effective today, significant amendments to the Canadian early warning reporting (EWR) regime (EWR Amendments) come into force (see our March 3, 2016 publication, Canada’s Early Warning Rules Get Tougher in May). Here we focus on the new, more stringent requirements to describe the purpose of acquisitions.

The new EWR Amendments require the filer to describe any plans or future intentions it might have with respect to 11 specific potential corporate actions:

  • the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;
  • a corporate transaction, such as a merger, reorganization or liquidation,
Continue Reading

Third Try: CSA Publishes Revised Mandatory Clearing Rules For OTC Derivatives

Posted in CSA

Our Business Law and Financial Services lawyers wrote an article on the Revised Clearing Rule Mandatory Central Counterparty Clearing of Derivatives (NI 94-101) — published by the Canadian Securities Administrators (CSA) in February 2016 — which modifies the proposed requirements for regulated clearing agencies to clear certain OTC derivatives transactions. The authors describe the new NI 94-101 requirements of the Revised Clearing Rule, as well as outline the changes that will now affect the Initial Clearing Rule drafted last February.… Continue Reading

Derivatives Update: A New Customer Clearing Rule and Changes to the Quebec Derivatives Regulation

Posted in AMF, CSA

Our Business Law and Financial Services lawyers wrote an article on a new customer clearing rule published by the Canadian Securities Administrators (CSA) called Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (NI 94-102) and its related Companion Policy 94-102CP, both of which replace CSA’s 2014 Model Provincial Rule on Derivatives. The authors discuss and dissect key features of the new NI 94-102 proposal, as well as comment on the proposed amendments to the Québec Derivatives Regulation (QDR) proposed by Autorité des marchés financiers (AMF).… Continue Reading

OSC Proposes Higher Financial Awards for Whistleblowers

Posted in Amendments, Compliance and Supervision, Enforcement, Industry News, OSC, Proposals, Registrants, Requests for Comment, SEC, Uncategorized

The OSC is close to adopting a proposed final version of its previously-announced whistleblowing policy (the Program). The Program would award eligible whistleblowers up to $5 million for reporting serious securities- or derivatives-related misconduct that leads to significant enforcement or settlement outcomes.

We summarized the original OSC consultation paper in a previous article. The OSC received comments on the consultation paper and also hosted a stakeholder roundtable on the proposals. Reporting issuers will want to re-examine their internal compliance and reporting systems, codes of conduct and employment agreements in light of the proposed program. Key features are summarized … Continue Reading

CSA Proposals Require Enhanced Corporate Debt Trade Reporting and Transparency by 2017

Posted in Broker-Dealers, Continuous and Timely Disclosure, CSA, Exempt Market Dealers, IIROC, Industry News, Marketplaces, OSC, Proposals, Requests for Comment

Last week, the Canadian Securities Administrators (CSA) published for comment Proposals that would require trade information for all corporate debt securities executed by dealers to be made publicly available, subject to delayed dissemination and volume caps, by the end of 2017. The CSA Proposals aim to enhance the regulation and transparency of the Canadian fixed income market, partly in response to certain limitations highlighted in a Report on “The Canadian Fixed Income Market 2014” published earlier this year by the Ontario Securities Commission which suggested that retail investors in corporate fixed income securities have less access to … Continue Reading

Le point sur l’information : Les ACVM accroissent le nombre d’examens de l’information continue

Posted in Autorités canadiennes en valeurs mobilières

Le 16 juillet 2015, les Autorités canadiennes en valeurs mobilières (ACVM) ont publié le sommaire des résultats de leur programme d’examen annuel de l’information continue (IC) des émetteurs assujettis (à l’exception des fonds d’investissement) relativement aux émetteurs dont l’exercice se terminait le 31 mars 2015 dans l’Avis 51-344 du personnel des ACVM – Activités du programme d’examen de l’information continue pour l’exercice terminé le 31 mars 2015 (Avis du personnel).

Sommaire

En vertu du programme d’examen de l’IC, les ACVM effectuent des « examens complets » et des « examens limités à des sujets précis » afin de relever les … Continue Reading

Disclosure Watch: CSA Increases Number of Continuous Disclosure Reviews

Posted in Capital Markets, Compliance and Supervision, Continuous and Timely Disclosure, CSA

On July 16, 2015, the Canadian Securities Administrators (CSA) published the summary of the results of their annual continuous disclosure (CD) review program of reporting issuers (other than investment funds) for issuers with a fiscal year end of March 31, 2015 in CSA Staff Notice 51-344 – Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2015 (Staff Notice).… Continue Reading

Les règles exigeant la présentation d’information sur la participation des femmes au conseil d’administration et à la haute direction entrent en vigueur le 31 décembre 2014

Posted in Amendments, Autorités canadiennes en valeurs mobilières, Continuous and Timely Disclosure, CSA

Le 15 octobre 2014, les Autorités canadiennes en valeurs mobilières (ACVM) ont publié la version définitive des modifications relatives aux règles d’information sur la gouvernance énoncées dans le Règlement 58-101 sur l’information concernant les pratiques en matière de gouvernance (modifications), lesquelles exigeront que les sociétés ouvertes qui sont des émetteurs assujettis au Manitoba, au Nouveau-Brunswick, en Nouvelle-Écosse, au Nunavut, en Ontario, au Québec, en Saskatchewan, à Terre-Neuve-et-Labrador et dans les Territoires du Nord-Ouest fournissent, dans leurs circulaires de sollicitation de procurations par la direction (ou, en l’absence d’envoi de circulaires aux porteurs de titres, dans leurs notices annuelles), de l’information … Continue Reading

Rules Requiring Disclosure of Participation of Women on Boards and in Senior Management coming into force December 31, 2014

Posted in Amendments, Autorités canadiennes en valeurs mobilières, Continuous and Timely Disclosure, CSA

The Canadian Securities Administrators (CSA) published October 15, 2014 in final form amendments to the governance disclosure rules contained in National Instrument 58-101 – Disclosure of Corporate Governance Practices(Amendments) that will require public companies which are reporting issuers in Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec and Saskatchewan to provide disclosure in their management proxy circulars (or in their Annual Information Form, if no circular is sent to their securityholders) regarding the representation of women on their boards and in executive officer positions. The Amendments do not apply to issuers listed on the … Continue Reading

Two More Provinces Join the Cooperative Framework for Canadian National Securities Regulation

Posted in CSA, Industry News, Investment Funds, Proposals

Saskatchewan and New Brunswick yesterday joined Ontario, British Columbia and the federal government as parties to the national capital markets regulator (“CMR”) agreement in principle first signed in September 2013. As we discussed in a previous article, the proposed cooperative CMR will be responsible for policy development, regulation-making, regulatory operations and enforcement. On the same day, Alberta, Quebec and Manitoba publicly reiterated their opposition to the CMR.

CMR implementation milestones agreed have been pushed out by about six months. By August 2014, a memorandum of agreement will be entered into setting out the terms and conditions of … Continue Reading

Les Autorités canadiennes en valeurs mobilières proposent des indications sur les pratiques et la communication d’information à l’intention des agences de conseil en vote sans imposer de règles

Posted in Autorités canadiennes en valeurs mobilières

Autorités canadiennes en valeurs mobilières (ACVM) ont récemment publié aux fins de commentaires le projet d’ Avis 25-201 relatif aux indications à l’intention des agences de conseil en vote (l’avis proposé). Les intéressés ont jusqu’au 23 juin 2014 pour faire part de leurs commentaires.

L’avis proposé s’appliquera à toutes les agences qui fournissent l’un ou l’autre des trois types suivants de services de conseil en vote :

  • analyser les questions soumises au vote à une assemblée des actionnaires;
  • faire des recommandations de vote;
  • élaborer des lignes directrices en matière de vote par procuration.
Continue Reading

Canadian Securities Regulators Propose Guidance on Practices and Disclosure for Proxy Advisory Firms but Steer Clear of Rules

Posted in CSA

The Canadian Securities Administrators (CSA) recently released for comment proposed National Policy 25-201, Guidance for Proxy Advisory Firms (Proposed Policy). Comments are requested by June 23, 2014.

The Proposed Policy will apply to all firms that provide any of three types of proxy advisory services:

  • analyzing matters put to a vote at a shareholders’ meeting;
  • making vote recommendations; and
  • developing proxy voting guidelines.

The Proposed Policy follows the publication by the CSA in June 2012 of Consultation Paper 25-401, Potential Regulation of Proxy Advisory Firms, which was the subject of extensive commentary by issuers, institutional investors and other market … Continue Reading

Toronto Stock Exchange Makes Majority Voting Mandatory

Posted in Amendments, Industry News

The following article may be of interest to readers of this blog: Toronto Stock Exchange Makes Majority Voting Mandatory

The Toronto Stock Exchange (TSX) announced on February 13, 2014, amendments (Amendments) to the TSX Company Manual (Manual) mandating majority voting. From June 30, 2014 (Effective Date), the Amendments will require each director of a TSX-listed issuer, other than directors of a majority-controlled listed issuer, to be elected by a majority of the votes cast at any shareholders’ meeting other than a contested meeting. Read More.

 … Continue Reading

OSC Proposes New Rules Requiring Disclosure of Participation of Women on Boards and in Senior Management

Posted in Compliance and Supervision, Continuous and Timely Disclosure, OSC, Proposals, Requests for Comment

The following article may be of interest to readers of this blog: OSC Proposes New Rules Requiring Disclosure of Participation of Women on Boards and in Senior Management

As part of the Ontario government’s efforts to foster increased gender diversity on the boards and in the senior ranks of Canada’s largest companies, the Ontario Securities Commission (OSC) recently published for comment until April 16, 2014 proposed amendments to the existing governance disclosure rules contained in National Instrument 58-101 — Disclosure of Corporate Governance Practices (Proposed Amendments) that would require public companies which are Ontario reporting issuers to provide disclosure in … Continue Reading

L’Ontario et la Colombie-Britannique s’entendent avec le Canada sur la création d’un cadre coopératif de réglementation nationale des valeurs mobilières

Posted in Autorités canadiennes en valeurs mobilières, CSA, Fonds d'investissement

La Colombie-Britannique, l’Ontario et le Canada ont annoncé hier qu’ils avaient convenu de créer un organisme national de réglementation des valeurs mobilières fondé sur un modèle coopératif. Le modèle proposé vise à faciliter le lancement d’un organisme national de réglementation des valeurs mobilières, à la suite d’une décision rendue en 2011 par la Cour suprême du Canada selon laquelle les provinces jouissent d’un pouvoir constitutionnel beaucoup plus grand que le gouvernement fédéral en matière de réglementation des valeurs mobilières.… Continue Reading