By Alixe Cormick and Brian Koscak “… and we are going to list our securities on the NYSE …” In our prior article (the Prior Article), we discussed how securities laws in Canada prohibit making written or oral representations that: (a) a security will be listed on an exchange or quoted on a quotation […]
Changing Your Mind: Part I – Two Day Cancellation Rights under the Offering Memorandum Exemption
December 30, 2013 by Leave a Comment
By Alixe Cormick and Brian Koscak Do you not hate shopping in stores that will not let you return items? We have all purchased an item we were excited to acquire, but then changed our mind and returned it the following day. Return policies in retail stores vary from no returns allowed, to bring us […]
When Do Start-Ups Have to Register as a Dealer in Canada – Proposed Amendments to NI 31-103
December 29, 2013 by 1 Comment
This article examines proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) that provides additional guidance to clarify when, and if, a start-up or early stage issuer including, a technology or mining issuer, has to register as a dealer under NI 31-103. A start-up or early stage issuer that […]
The Underwriting Trilogy – Part I – What is a “Best Efforts” Underwriting?
December 27, 2013 by 1 Comment
The term “underwriting” is a technical securities law term that means a process whereby a dealer has been engaged by an issuer to raise capital from investors in connection with a particular offering. Generally, there are three types of underwriting models in Canada: (a) a “best efforts” underwriting; (b) a “bought deal” underwriting; and (c) […]
OBSI – Mandatory ADR for All Canadian Securities Registrants – Coming May 1, 2014
December 26, 2013 by 1 Comment
Effective May 1, 2014 (the Effective Date), the Canadian Securities Administrators (the CSA) has announced that the Ombudsman for Banking Services and Investments (OBSI) will become the independent and common dispute resolution and mediation service provider that will be required to be used by all registered firms under NI 31-103[1] in all jurisdictions in Canada, […]
