Recent Articles

Quebec's AMF intends to approve Maple transaction

Stikeman Elliott LLP
March 20, 2012 20:45

Quebec's Autorité des marchés financiers (the AMF) announced last week that it intends to approve Maple Group's proposed acquisition of the TMX Group. As we discussed in an October 2011 post, the AMF requested comments on the proposed acquisition last year. According to...

OSC identifies concerns arising from review of emerging market issuers

Stikeman Elliott LLP
March 20, 2012 20:30

The Ontario Securities Commission today published a Staff Notice outlining areas of concern relating to emerging market issuers. As we discussed last summer, the OSC recently undertook a targeted review of Ontario reporting issuers with significant business operations in emerging markets...

SEC awarded stay in "no contest" settlement case

Stikeman Elliott LLP
March 19, 2012 17:48

On March 15, the U.S. Court of Appeals for the Second Circuit issued a stay of proceedings in a case brought against Citigroup Global Markets Inc. by the Securities and Exchange Commission.  The SEC's complaint against Citigroup for negligent misrepresentation related to the company's...

IOSCO issues consultation report on ETFs

Stikeman Elliott LLP
March 19, 2012 16:45

Last week, the International Organization of Securities Commissions (IOSCO) released a consultation report intended to provide industry and regulators with guidelines against which the quality of regulation and industry practices concerning exchange traded funds could be assessed....

BCSC excludes former registrants from EMD registration relief

Stikeman Elliott LLP
March 16, 2012 20:21

The British Columbia Securities Commission (BCSC) today published revisions to BC Instrument 32-513, which provides certain limited trade-based registration exemptions to persons that would otherwise be required to register as exempt market dealers in BC. Specifically, the amendments,...

Canadian regulators sign MOU with ESMA regarding credit rating agencies

Stikeman Elliott LLP
March 16, 2012 19:20

The Ontario Securities Commission, Quebec's Autorité des marchés financiers and the British Columbia Securities Commission today announced that they have entered into a Memorandum of Understanding with the European Security Market Authority with respect to the supervision and...

CSA revises instrument regulating credit rating agencies

Stikeman Elliott LLP
March 09, 2012 18:30

The Canadian Securities Administrators today published a revised version of NI 25-101 Designated Rating Organizations and related consequential amendments intended to achieve uniformity of drafting across Canada. As we discussed in a January post, the CSA initially submitted the materials...

Congress considers registration exemption for "crowdfunding"

Stikeman Elliott LLP
March 08, 2012 19:00

The U.S. House of Representatives recently passed a "crowdfunding" bill that would allow companies to sell securities to individual investors via non-traditional means such as social networking websites. Specifically, the proposed amendments to the Securities Act of 1933 would...

BCSC extends registration exemption for MIEs until end of year

Stikeman Elliott LLP
March 08, 2012 18:15

On March 2, the British Columbia Securities Commission (BCSC) extended the exemption from the dealer registration requirement for trades in securities of mortgage investment entities (MIEs) until December 31, 2012. The exemption had been scheduled to expire on March 31. As we discussed...

SEC issues guidance on amended accredited investor net worth standard

Stikeman Elliott LLP
March 07, 2012 20:55

As we discussed in a post earlier this year, the U.S. SEC recently adopted an amended "accredited investor" net worth standard that excludes the value of an individual's primary residence. The SEC has now published a small entity compliance guide that summarizes the new standard...