The Canadian Securities Administrators (CSA) published on April 9, 2015, in final form, amendments to the continuous disclosure and governance obligations of venture issuers (the Amendments). The objective of the Amendments is to streamline and tailor disclosure by venture issuers. In Canada, venture issuers are generally junior public companies whose shares are listed on the TSX Venture Exchange (TSX-V) or the Canadian Stock Exchange (CSE). Provided all necessary ministerial approvals are obtained, the amendments will come into force on June 30, 2015.
The Amendments will affect the continuous disclosure and governance obligations contained in National Instrument 51-102 – Continuous … Continue Reading
On November 27, 2014, the Canadian Securities Administrators (CSA) published proposed amendments to the rights offering regime that aim to make rights offerings more expedient and less costly by creating a streamlined prospectus exemption for reporting issuers (Proposed Exemption). The proposed amendments also aim to increase investor protection with the addition of civil liability for secondary market disclosure and the introduction of a more user-friendly form of rights offering circular document. Finally, the proposed amendments would also update requirements for prospectus-based rights offerings and would repeal the prospectus exemption for rights offerings by non-reporting issuers. This article highlights several of … Continue Reading
The Canadian Securities Administrators (CSA) recently released CSA Staff Notice 51-341 setting out the results of their Continuous Disclosure Review Program for fiscal 2014.
The Program is used to evaluate compliance of reporting issuers (RIs) with continuous disclosure obligations and how regulators reacted in the year to deficiencies including referrals of RIs to enforcement, commencement of cease-trading proceedings, placing RIs on the default list, forcing refilings, and requiring changes in future RI filings.
The CSA conducted fewer reviews in fiscal 2014 (a 26% year-over-year decrease), but these reviews led to more serious consequences for issuers.
Almost … Continue Reading