Posted on October 29, 2010
As discussed last week, the OSC recently released the annual reports of its Compliance and Registrant Regulation Branch and Investment Funds Branch. OSC-watchers can now feast on two more annuals, the fiscal 2010 versions of the Corporate Finance Branch Report and Market Regulation Branch Annual Report. Specifically, the Corporate Finance Branch Report provides issuers with details on its disclosure review programs while the Market Regulation Branch Annual Report provides a summary of key policy activities and initiatives relating to market structure and clearing and settlement.
For more information, see OSC Staff Notice 51-706 and Staff Notice 21-704.
Posted on October 29, 2010
Ontario Securities Commission staff today released their views on the regulatory issues surrounding the conversion of closed-end funds into mutual funds. Specifically, OSC staff identified a number of issues.
Conversion process
According to OSC staff, the conversion process must be transparent to investors. Closed-end funds with a built-in conversion feature should make disclosure regarding the conversion prominent in the fund's initial prospectus. Closed-end funds without a built-in conversion feature should include disclosure regarding the possible conversion and the contemplated process in the initial prospectus. If the conversion is not contemplated at the time of the initial prospectus, OSC staff expect that the decision to convert will trigger the material change reporting requirements. Investors should be provided with sufficient written notice (60 days is suggested in instances where securityholder approval is not sought) before the conversion of the fund. Further, OSC staff expect that investors will be provided with a redemption right prior to the typical suspension of redemptions.
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Posted on October 29, 2010
The Canadian Securities Administrators released guidance this week to assist reporting issuers, other than investment funds, on continuous disclosure requirements relating to environmental matters. The notice is specifically intended to clarify existing disclosure obligations (rather than create new ones), including with respect to the determination of materiality, risk oversight and management and the impact of IFRS adoption. The guidance document also considers the various levels of oversight to which environmental disclosure is subject (by way of oversight of financial statements generally), namely the issuer's audit committee, board of directors and CEO and CFO. Of particular interest are the examples of specific disclosure included in the guidance.
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Posted on October 29, 2010
Non-Canadian fund managers urged to thoroughly review implications
As we recently discussed, on October 15, 2010, the Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 31-103 – Registration Requirements and Exemptions (NI 31-103) related to the registration of (i) investment fund managers who carry out investment fund management activities from a location outside of Canada (International IFMs), and (ii) domestic Canadian investment fund managers with a head office in one Canadian province or territory and who carry out investment fund management activities in other provinces or territories (Domestic IFMs). While NI 31-103 currently provides temporary exemptions from registration for such investment fund managers, the proposed amendments are intended to be adopted prior to the expiration of the temporary exemptions on September 28, 2011, meaning that investment fund managers required to be registered must be registered by that date. The CSA are accepting comments on these proposals until January 13, 2011 and specifically invited comments from investment fund managers.
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Posted on October 28, 2010
On October 8, the Canadian Securities Administrators (CSA) published amendments to National 81-101 Mutual Fund Prospectus Disclosure, its companion policy and related forms in furtherance of their project to implement point of sale disclosure for mutual funds. As we discussed in earlier posts of June 2009 and June 2010, the CSA intend to proceed with a staged implementation of the project, with the first stage being the finalization of requirements respecting the preparation and filing of a "fund facts" document.
To that end, the amendments released this month, which take into account feedback received on the CSA's 2009 proposals, set out the content and filing requirements of the fund facts document. To be filed concurrently with a mutual fund's simplified prospectus and annual information form, the document will "highlight key information that is important to investors" in plain language. The document will also have to be made available on a mutual fund's or manager's website.
The CSA expect that the amendments will come into force on January 1, 2011. Mutual funds will be given until April 8, 2011 to begin filing fund facts documents with prospectuses, while funds will have until July 8, 2011 before fund facts documents must be filed for each class or series of securities of the mutual fund. Later stages of the CSA's project will consider point of sale delivery for other types of publicly offered investment funds.
Posted on October 28, 2010
Earlier this month, the Investment Industry Regulatory Organization of Canada (IIROC) published Notice 10-00259 relating to securities trading halts in coordination with the application of 'circuit breakers' on U.S. markets. In the U.S., trading halts occur based on trigger levels of 10%, 20% and 30% drops of the Dow Jones Industrial Average, calculated at the beginning of each quarter using the previous month's average closing value. The NYSE thresholds have been announced for the fourth quarter of 2010 as 1,050 points, 2,100 points and 3,150 points respectively.
It is IIROC's policy that it will coordinate trading halts with U.S. markets, but for days when Canadian markets are open and American markets are closed, IIROC has published related triggers based on drops in the S&P/TSX Composite Index. The TSX trigger levels are: Level 1 (10%) - 1,200 points; Level 2 (20%) - 2,450 points and Level 3 (30%) - 3,650 points, with the effects of the triggers depending on the time of day the threshold drop occurs. Triggering the Level 1 threshold between 2:00 and 2:30 p.m. results in a 30 minute halt in trading, while trading would be shut down for the rest of the day should a Level 3 halt occur.
Posted on October 28, 2010
The Ministry of Finance recently announced proposed changes to Regulation 90 under the Commodity Futures Act to ensure consistency with IFRS terminology. Comments on the proposed amendments are due on November 19.
Posted on October 27, 2010
On October 22, the Investment Industry Regulatory Organization of Canada released its Annual Consolidated Compliance Report, which discusses the deficiencies found by IIROC compliance teams during field examinations of member firms. IIROC teams in Financial and Operations Compliance, Business Conduct Compliance and Trading Conduct Compliance identified three general compliance deficiencies common across the above programs, namely: (i) inadequate supervisory testing; (ii) inaccurate or incomplete books and records; and (iii) compliance programs not updated to reflect new rules or obligations. Specific compliance deficiencies identified included inaccurate or inappropriate margin provisions, inadequate controls around the sale of private placements and inadequate procedures to ensure that better priced orders in the visible market are not traded-through.
IIROC further stated that it would be undertaking focused regulatory reviews on an ongoing basis to test for compliance in specific areas. For more information, see IIROC Notice 10-0278.
Posted on October 27, 2010
As we discussed earlier this month, the CSA recently proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions (31-103) relating to the registration of international investment fund managers and registration of domestic investment fund managers in additional provinces and territories.
Under the proposals, specific thresholds would preclude an international investment fund manager from relying on the exemption from registration. Similar thresholds, however, were not included for non-resident investment fund managers. As such, the Ontario Securities Commission and the Autorité des marchés financiers have issued an additional request for comments on whether threshold limitations proposed for international investment fund managers should also be applied to non-resident investment fund managers.
Comments on the issue are being accepted until January 13, 2011. For more information, see CSA Notice 31-320.
Posted on October 25, 2010
The U.S. Securities and Exchange Commission (SEC) last week released a proposal that, among other things, would require issuers that are subject to federal proxy rules to conduct: (i) a shareholder advisory vote to approve the compensation of executives at least once every three years; (ii) a shareholder advisory vote on the frequency of executive compensation votes at least once every six years; and (iii) a shareholder advisory vote on golden parachute arrangements in connection with merger transactions. The SEC's proposal, which result from an amendment to the Securities Exchange Act of 1934 emanating from the recent Dodd-Frank Act, would also impose various disclosure requirements.
Meanwhile, further proposals would require institutional investment managers that manage certain equity securities having an aggregate fair market value of at least $100 million to annually report to the SEC on how they voted proxies relating to the matters described above, namely, executive compensation, the frequency of say-on-pay votes and "golden parachute" arrangements.
The SEC is accepting public comments on the proposals until November 18.
Posted on October 22, 2010
As we described in our post earlier today, the OSC's Compliance and Regulation Branch recently released its 2010 annual report. Beyond what we've already discussed, the report also provides a hint of regulatory changes that can be expected in the near future:
- The report discusses the recent work by regulators on the Client Relationship Model and states that future amendments to National Instrument 31-103 Registration Requirements and Exemptions will require registered firms to provide additional disclosure to clients of all costs associated with the products and services they receive, as well as meaningful reporting to clients on how their investments perform.
- Reportedly, the CSA are also considering adding a sub-adviser registration exemption to NI 31-103 to apply across Canada, similar to Ontario's exemption found in s. 7.3 of OSC Rule 35-502 Non Resident Advisers. Currently, many other Canadian jurisdictions grant discretionary relief with similar terms.
Posted on October 22, 2010
On October 15, the Ontario Securities Commission (OSC) released its Investment Funds Branch Annual Report for 2010 as well as its Compliance and Registrant Regulation Branch Annual Report.
The Investment Funds Branch (IF) report provides an overview of the IF Branch's major policy initiatives for the year (including with respect to the CSA's point of sale project and the modernization of investment fund product regulation) and also describes the IF Branch's ongoing reviews of the prospectus and continuous disclosure filings of Ontario-based investment funds.
Meanwhile, the Compliance and Registrant Regulation (CRR) Branch report summarizes the CRR Branch's activities and initiatives for the year (including, notably, with respect to registration reform), provides information for firms and individuals applying for registration for the first time and reviews its findings for the normal course reviews it conducted of regulated registrants. With respect to the latter, the CRR Branch found that the percentage of firms requring "significantly enhanced compliance" rose from 32% in fiscal 2009 to 50% in fiscal 2010. Meanwhile, referrals to the enforcement branch due to serious breaches of securities law jumped from 4% to 10% of field reviews.
General deficiencies identified by the CRR Branch included improper marketing practices on the part of large portfolio managers, inadequate written policies and procedures on the part of newly registered portfolio managers and prohibited investments for investment funds.
For more information, see OSC Staff Notice 81-712 and OSC Staff Notice 33-734.
Posted on October 22, 2010
Keith Chatwin and Chris Scherman
You may recall our post of March 2009 commenting on Canadian Securities Administrators (CSA) Staff Notice 51-327 – Oil and Gas Disclosure: Resources other than Reserves Data (the Staff Notice). With the Staff Notice, the CSA were attempting to plug what had previously been a rather significant hole in the disclosure requirements mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) by providing guidance on the disclosure of, among other things, standalone possible reserves, high, best and low case category estimates, the addition of resources across resource categories and other related topics.
Unfortunately, the CSA’s attempt to cut the flow of inadequate and potentially misleading resource reporting with the Staff Notice was unsuccessful. Misleading disclosure continues to pollute the capital markets and impair the ability of investors to compare issuers. As a result, the CSA took the next logical step by proposing amendments to NI 51-101 itself (the Amendments) on December 18, 2009 to codify the Staff Notice and make compliance mandatory, among other things.
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Posted on October 21, 2010
On October 15, 2010, the Canadian Securities Administrators (CSA) issued a Notice of Amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) and related and consequential amendments. NI 51-101 sets out annual filing requirements for reporting issuers who are involved in oil and gas activities and the disclosure standards applicable both to those annual filings and any other disclosures relating to their oil and gas activities. The stated purposes of the amendments are to clarify the standards of disclosure, codify existing staff guidance and practice, and add requirements to enhance reliability of certain disclosure of reserves and resources other than reserves. Each member of the CSA has made, or are expected to make, the amendments, which will come into force on December 30, 2010 provided that all requisite ministerial approvals are obtained.
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Posted on October 19, 2010
The Investment Industry Regulatory Organization of Canada (IIROC) yesterday released a new Anti-Money Laundering Compliance Guide to replace the IDA's 2002 "Deterring Money Laundering Activity". The new document is intended to provide dealers with guidance on complying with anti-money laundering and anti-terrorist financing requirements in light of the legislative and regulatory changes of recent years.
According to IIROC, since no standard program will be appropriate for all firms, the guidance has been prepared to assist dealers in adapting their compliance program "specifically to their firm's business, ensuring that it covers the scope of their customer base, the types of accounts, the types of transactions, the extent of the firm's international activities and all the risks and other relevant factors within the firm."
See IIROC Notice 10-0273
Posted on October 19, 2010
On October 15, the International Organization of Securities Commissions (IOSCO) announced the formation of a task force intended to coordinate the efforts of international regulators with respect to over-the-counter (OTC) derivatives markets. Specifically, the Task Force on OTC Derivatives Regulation will be charged with developing consistent international standards, coordinating other related international initiatives and serving as a centralized group within IOSCO for the consultation and coordination generally on related issues.
The Task Force's work, to follow a phased approach will include: (i) conducting a study by the end of January 2011 on exchange and electronic platform trading for derivatives; (ii) producing a report by July 2011 on data reporting and aggregation requirements; and (iii) setting out consistent international standards for OTC derivatives regulation in the certain areas.
Posted on October 15, 2010
The Canadian Securities Administrators (CSA) today proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions (31-103) relating to the registration of international investment fund managers and registration of domestic investment fund managers in additional provinces and territories. While 31-103 currently provides temporary exemptions from registration for such investment fund managers, the proposed amendments are intended to be enacted prior to the expiration of the temporary exemptions on September 28, 2011.
Generally, the CSA proposals would require an international investment fund manager to register in a province or territory if the investment fund it manages has local securityholders and the manager, or the fund, has actively solicited local residents to purchase securities of the fund. Domestic investment fund managers would be required to register in another province or territory (in addition to the Canadian jurisdiction in which its head office is located) if the securityholders are local residents of the province or territory and the manager or the fund has actively solicited local residents to purchase securities of the funds.
Meanwhile, the CSA proposed an exemption from the registration requirement for international investment fund managers where the fund it manages is only distributed to permitted clients, subject to certain conditions and thresholds. For the benefit of non-resident investment fund managers, a grandfathering exemption would be available where neither the investment fund manager nor the investment fund has actively solicited local residents after September 28, 2011.
Further, a new notice requirement that would require all investment fund managers to provide a notice to investors regarding non-resident status and the associated risk to investors was also proposed. The Companion Policy to NI 31-103 would also be amended under the proposals to provide guidance on the CSA's interpretation of the registration requirement as well as the term "actively solicited".
The CSA is accepting comments on its proposals until January 13, 2011.
Posted on October 15, 2010
The Canadian Securities Administrators (CSA) today released the findings of its Staff Review of compliance with National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. Similar to the review of 2008 annual MD&A and CEO/CFO certifications conducted last year, this year's review was intended to evaluate the level of improvement in compliance with NI 52-109 and to raise awareness among issuers regarding their certification disclosure obligations. The notice also provides issuers with guidance in satisfying their compliance obligations.
Ultimately, the review's findings showed an improvement in the level of compliance compared to last year's review. Specifically, the percentage of issuers requested to re-file MD&A and certificates declined from 16% to 12%, while the percentage requested to re-file only certificates declined from 14% to 10%. Meanwhile, the percentage of issuers from whom no action was required increased from 38% to 45%.
Some of the deficiencies noted include issues with the content of CEO/CFO certifications, including related MD&A disclosure, problems with issuers who were required to re-filed interim or annual financial statements to correct accounting errors and MD&A disclosure relating to the impact of International Financial Reporting Standards (IFRS) on internal control over financial reporting and disclosure controls and procedures.
Going forward, the CSA state that they will continue to review issuers' compliance and will take action when deficiencies are identified. For a more comprehensive summary of the CSA's findings, see CSA Staff Notice 52-327 Certification Compliance Update.
Posted on October 15, 2010
On Wednesday, the U.S. Securities and Exchange Commission published proposed Regulation MC under the Securities Exchange Act of 1934, intended to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities and national securities exchanges that post or make available for trading security-based swaps. Under proposed Regulation MC, the agencies, facilities and exchanges noted above would be required to adopt ownership and voting limitations as well as certain governance requirements. Comments are being accepted by the SEC for 30 days after the date of the proposal's publication in the Federal Register.
The SEC also adopted an interim final rule requiring that security-based swap transactions that were entered into before the July 21, 2010 signing of the Dodd-Frank Act (and which had not expired as of that date) be reported to the SEC or a registered security-based swap data repository. According to SEC Chairman Mary Schapiro, "[t]his interim final rule provides a means for the Commission to gain a better understanding of the security-based swap markets, including their size and scope".
Posted on October 15, 2010
The Securities and Exchange Commission (SEC) issued a proposal this week to require issuers of asset-backed securities to perform a review of the assets underlying the relevant securities and publicly disclose the review's findings and conclusions. While the proposal would not dictate the level or type of review to be performed, the SEC expects that the "issuer's level and type of review ... may vary depending on the circumstances." The SEC is accepting public comment on its release until November 15.
Posted on October 13, 2010
The Canadian Securities Transition Office released an update last week outlining the activities it has undertaken since the delivery of its Transition Plan this past summer. According to the CSTO, it has "begun to identify the specific skills required to carry out the activities and tasks required to execute the Transition Plan" and has received regulatory staff seconded by participating jurisdictions. Discussions continue regarding the allocation of further staff.
The CSTO's annual report for 2009-2010 was also recently tabled in Parliament. The report describes the transition office's activities for the past fiscal year, including its consultations with stakeholders and the development of national securities legislation and the Transition Plan.
Posted on October 8, 2010
The Investment Industry Regulatory Organization of Canada (IIROC) also published proposed rules today regarding general dealer member financial standards, the protection of client assets, financing arrangements, operations and other internal control requirements. As part of IIROC's rules rewrite project, the proposals are intended to eliminate unnecessary rule provisions, clarify IIROC's expectations with respect to certain rules, ensure that the rules reflect current industry practices, ensure consistency with other rules and streamline the decision making and rule interpretation process.
Much like IIROC's other rule proposals published today, the new provisions contain numerous substantive changes to current rules, such as with respect to reporting of early warning situations and deadlines for certain financial filings. IIROC is accepting public comments on the proposals for 90 days from today's publication of its notice.
See: IIROC Notice 10-0267
Posted on October 8, 2010
As part of its ongoing project to rewrite its Dealer Member Rules in plain language, the Investment Industry Regulatory Organization of Canada (IIROC) today published a set of proposed new provisions respecting its members' dealings with clients. The proposals cover such issues as suitability, sales practices, communicating with the public, supervision and complaint handling. According to IIROC, the rewrite is intended to eliminate unnecessary rule provisions, clarify IIROC's expectations with respect to certain rules, ensure that the Rules reflect IIROC's practices and ensure consistency with other rules and applicable securities legislation. Draft guidance was also published by IIROC.
Beyond consolidating existing rules, the proposals also contain substantive changes to current obligations. For example, proposed Rule 3400 states that in order to comply with suitability requirements, members must consider the suitability of the client's account type, trading strategy, order type and the method of financing the trade. Proposed Rule 3500, meanwhile, would require members to provide clients with a commission fee schedule on account opening. Further substantive changes can be found throughout the proposals.
IIROC is accepting public comment on its proposals for 90 days from today.
See: IIROC Notice 10-0266
Posted on October 8, 2010
The Canadian Securities Administrators (CSA) published an update today regarding their plans for requiring adoption of IFRS by Canadian investment funds. As we discussed in October 2009, the CSA proposed amendments to NI 81-106 Investment Fund Continuous Disclosure last year that would have required investment funds to transition to IFRS by January 1, 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board time to implement a proposed exemption for investment companies from having to consolidate investments they control. As the CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS, the CSA intend to wait before seeking approval for, or republishing IFRS-related amendments to NI 81-106. The new goal for IFRS implementation for investment funds is now January 1, 2012.
See: CSA Staff Notice 81-320
Posted on October 6, 2010
On September 30, 2010, the U.K. Financial Services Authority (FSA) released a consultation paper proposing changes to its rules regarding how financial firms handle consumer complaints. Specifically, the FSA proposed: (i) abolishing the current two-stage complaints handling process; (ii) requiring firms to identify a senior individual responsible for complaints handling; (iii) setting out guidance regarding how firms can satisfy rules relating to root cause analysis of complaints received; (iv) providing guidance regarding the requirement that firms take into account decisions of the ombudsman service and other material when resolving complaints; and (v) increasing the ombudsman service's award limit from £100,000 to £150,000. The changes are proposed to be implemented between August 2011 and July 2012 and would, according to the FSA, "improve how customers are treated when they complain to firms, and ultimately lead to increased consumer confidence in financial services".
In Canada, changes to IIROC's Dealer Member Rules requiring its members to designate a complaints officer and establish complaint-handling procedures went into effect on February 1 of this year. Changes to the MFDA policy regarding complaint handling also took effect on February 1. The CSA have also proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions and the related companion policy with respect to client complaints and dispute resolution. While these provisions currently apply to all registrants, one of the proposed amendments would exempt IIROC and MFDA members from the relevant sections of NI 31-103CP now that MFDA and IIROC rules have come into effect.
Posted on October 6, 2010
Back in January, we described a notice published by the British Columbia Securities Commission adopting an urgent rule regarding self-dealing. The urgent rule replaced the self-dealing provisions previously found in the Securities Act (British Columbia), which were repealed in September 2009. The BCSC has now published notice that it has adopted a permanent instrument, which makes minor changes to the urgent rules to take into account comments received.
See also:
BCN 2010/27 Notice of Adoption of BC Instrument 81-513 Self Dealing and related consequential amendments (Published September 24, 2010)
BC Instrument 81-513 Self Dealing (Published September 24, 2010)
BCN 2009/36 Notice of Adoption as an urgent rule, and of Publication for Comment, of BC Instrument 81-513 Self-Dealing and related consequential amendments (Published December 24, 2009)
BC Instrument 81-513 Self Dealing (Published December 24, 2009)
Posted on October 5, 2010
The Basel Committee on Banking Supervision yesterday released guidance intended to assist banks in enhancing their corporate governance frameworks. Principles for enhancing corporate governance provides guidance with respect to such issues as the responsibilities of the board, board qualifications, risk management and internal controls and the board's oversight of a compensation system's design and operation. The document also provides guidance respecting the role of supervisors.
According to the Basel Committee, the principles "address fundamental deficiencies in bank corporate governance that became apparent during the financial crisis." A consultative version of the document was published in March 2010.
Posted on October 5, 2010
The TMX Group announced yesterday that it intends to begin operating a new alternative trading system (ATS) in 2011. The new platform, known as TMX Select, is expected to feature expanded trading hours, continuous trading of board lots only and strict price-time priority for visible orders. According to today's Globe and Mail, the TMX Group expects that the new ATS will attract orders from competing platforms, which reportedly now handle an estimated 30 to 35 per cent of trading volume in Canada.
Posted on October 5, 2010
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a joint report on Friday outlining their findings respecting the extreme market volatility of May 6, 2010. According to the report, the rapid execution of an automated sell program concerning a large number of futures contracts by a large fundamental trader during a time of high volatility and thinning liquidity was a main contributor to the day's events. The selling pressure from the automated sell program helped cause a liquidity crisis in the contracts and in individual securities.
Meanwhile, CFTC Chairman Gary Gensler stated yesterday that a joint committee of the CFTC and SEC has been asked to consider the report and make recommendations. Mr. Gensler specifically mentioned that he expects to hear recommendations with respect to: (i) requiring executing brokers to have an obligation to enter and exit in an orderly manner; (ii) increasing visibility into the full order book, either in aggregate or in detail; and (iii) potential revisions to market pauses, either for single exchanges or for cross-market circuit breakers.
The Investment Industry Regulatory Organization of Canada released its review of the day's market volatility last month.
Posted on October 1, 2010
The Canadian Securities Administrators (CSA) today published IFRS-related amendments to a number of national instruments and companion policies with the intention of reflecting the transition to IFRS and updating accounting terms and references. Generally, the amendments affect continuous disclosure rules, prospectus rules, certification rules and registration materials and make housekeeping changes to various instruments. Assuming that all required Ministerial approvals are granted, the amendments will come into force on January 1, 2011.
Posted on October 1, 2010
As we discussed back in April, new harmonized insider reporting rules in Canada will soon result in an accelerated deadline for filing insider reports in respect of changes to previously reported holdings. Specifically, with respect to transactions occurring after October 31, 2010, an insider report will now have to be filed within five calendar days rather than the previous 10 day deadline. Thus, insiders should ensure that they are prepared to comply with this new requirement. Note, however, that initial reports will still be subject to a 10 day deadline.
For more information on the new insider reporting obligations generally, see our previous posts, below.
Preparing for Canada's new insider reporting requirements in force April 30, 2010 (Posted: April 21, 2010)
CSA publish insider reporting FAQ (Posted April 29, 2010)
CSA publish revised guidance respecting equity monetizations (Posted June 14, 2010)
Posted on October 1, 2010
Last month, the European Commission unveiled a proposed regulation intended to address short selling and certain aspects of credit default swaps. According to the EC, its proposal would, among other things, improve transaction transparency, provide for a coordinated European framework and address specific risks of naked short selling. If adopted, the regulation is expected to take effect on July 1, 2012.
For more information, see the EC's press release, frequently asked questions, text of the EC proposal, the impact assessment and the summary of impact assessment.
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