Capital Markets Capital Markets

Cannabis Act passes in Senate with amendments

After six months of study, Bill C-45, the Cannabis Act, passed third reading in the Senate. The Senate voted to adopt the Bill with a total of 46...

CSA concludes real estate issuers should improve disclosure relating to distributions and non-GAAP financial measures

The Canadian Securities Administrators (CSA) have concluded that the quality and completeness of disclosure by real estate reporting issuers relating...

New guidance for referring to a TSX listing application in a prospectus or other document

The TSX has issued new guidance explaining when and how issuers can refer to an application to list securities on the TSX in a prospectus or other...

Poison pills under the new bid regime: lessons & questions flowing from Canada’s largest cannabis M&A deal to date

On March 15, 2018, the OSC and the Financial Consumer Affairs Authority of Saskatchewan issued their reasons for the Aurora-CanniMed decision.

Investment limited partnerships: Federal Budget 2018

The government's budget announced plans to go forward with amendments to the Excise Tax Act (Canada) that are intended to levy GST/HST on management...

Québec Court of Appeal harmonizes Canadian law by prohibiting pre-leave discovery in securities class actions

A Québec Court of Appeal decision in Amaya inc. c. Derome harmonizes the law across Canadian provinces with regard to the prohibition against...

Securities regulators referee the Aurora hostile bid for CanniMed

On December 22, 2017, the Ontario Securities Commission (the OSC) and the FCAAS made an order cease trading the shareholder rights plan adopted by...

Livent decision and the scope of auditor liability

In a significant decision on December 20, 2017, the Supreme Court of Canada provided important guidance on the scope of responsibility of auditors in...

U.S. capital markets developments in 2017: Small changes can make a big difference

Most of the developments coming from the U.S. Securities and Exchange Commission (the SEC) in 2017 that are of particular interest to Canadians are...