Capital Markets Capital Markets

Navigating control transactions: clarifying acceptable conduct boundaries

We review recent Canadian securities regulatory authority decisions that impact control transactions.

Two years of CIRO: enforcement, harmonization and what’s next

The Canadian Investment Regulatory Organization’s core priorities will be enforcement and regulatory harmonization.

Will new powers lead to more effective capital markets regulatory enforcement?

With broader investigative and enforcement powers, securities regulators levied increased sanctions in 2024.

Will access finally equal delivery? Progress in access model for certain Canadian continuous disclosure documents

An alternative model for the delivery of certain continuous disclosure documents by non-investment fund reporting issuers is back on the table.

Water cannot be turned into wine: Cormark and the legality of triangular hedging transactions

The Ontario Capital Markets Tribunal has provided important guidance on hedging transactions in connection with private placements.

CSA disclosure review highlights AI-washing and greenwashing among other continuous disclosure concerns

Areas that require disclosure improvements by Canadian reporting issuers include promotional claims about artificial intelligence and sustainability.

Canadian Securities Administrators’ 2023–2024 annual Year in Review

The annual report highlights efforts undertaken in response to emerging issues and changing conditions in the country’s capital markets.

Québec insider trading decision discusses transactional certainty for the materiality criterion

The Financial Markets Administrative Tribunal considered insider trading allegations around a proposed takeover of a Canadian energy company.

Aggressive enforcement by securities regulators continues

A recent decision of the Supreme Court of British Columbia granted a Mareva injunction, freezing the assets of the defendant.

Materiality in insider trading: recent insights from the Québec Financial Markets Administrative Tribunal

What threshold must a proposed transaction meet to be classified as material non-public information?