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) […]
The Underwriting Trilogy – Part I – What is a “Best Efforts” Underwriting?
December 27, 2013 by 1 Comment
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, […]
Canada’s New Anti-Spam Law – Top 10 Things You Need to Know!
December 19, 2013 by Leave a Comment
It is going to get a lot tougher for Canadian companies, securities registrants and others to electronically communicate and market to clients since Canada has recently enacted anti-spam legislation. Below is a top 10 things you need to know list about the new law prepared by Bernice Karn, my Partner at Cassels Brock and Blackwell […]
Raising the Bar for CCOs of Securities Registrants in Canada – Proposed Amendments to NI 31-103
December 14, 2013 by Leave a Comment
The Canadian Securities Administrators (CSA) has recently proposed various amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) that include, a proposal to add an experience component to the proficiency requirement to be a chief compliance officer (CCO) of not only an exempt market dealer (EMD) but also for a […]
The Offering Memorandum Exemption in a Nutshell
December 13, 2013 by Leave a Comment
By Brian Koscak and Alixe Cormick The offering memorandum exemption (the OM exemption) in Section 2.9 of National Instrument 45-106 Prospectus and Registration Exemptions (NI 45 106) allows issuers to sell to anyone regardless of their income, net worth, investment amount, or relationship to the principles of the issuer. Everyone an issuer could solicit in […]
