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The New Rules are incorporated into the general instrument governing most exempt trades of securities in Canada (NI 45-106).  The New Rules, together with certain other changes to Canada’s exempt trading regime (discussed in BlakesBulletin: Still Exempt? Important Changes to the Private Placement Regime being published contemporaneously with this bulletin), will become effective on May 5, 2015.

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Tags: Capital Markets, Structured Finance & Derivatives

In its recent decision in Canada (Attorney General) v. Federation of Law Societies of Canada, the Supreme Court of Canada (Court) held that the government cannot “turn lawyers into state agents”; it cannot require lawyers to act against their clients’ legitimate interests. The Court also affirmed the near-absolute protection of all solicitor-client privileged information.

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Tags: Litigation & Dispute Resolution

The integrity of the shareholder vote is a cornerstone of shareholder democracy for public companies. Shareholders’ ability to “have their say” is exercised at shareholder meetings largely through proxy voting, which is a fundamental feature in our capital markets. The layers of depositaries and intermediaries for beneficial ownership are viewed by many as a necessary evil. To facilitate the complexities and the sheer number of market participants involved in proxy voting, an accurate, reliable and accountable infrastructure must be in place for a fair and efficient capital market.

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Tags: Capital Markets

​The Supreme Court of Canada has granted leave to appeal in three securities class action cases in which the defendants seek to enforce the three-year limitation period for commencing statutory secondary market securities class action claims in Ontario. All three appeals are from a February 2014 decision in which the Court of Appeal for Ontario overturned its own earlier decision that applied the three-year limitation period.

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Tags: Capital Markets, Class Actions, Litigation & Dispute Resolution, Securities Litigation

The Ontario Securities Commission recently published Staff Notice 81-718 – Summary Report for Investment Fund Issuers 2012 which provides an overview of the key activities and initiatives of the Investment Funds Branch of the OSC in 2012.

Tags: Investment Products & Asset Management

​Justice Perell of the Ontario Superior Court of Justice recently dismissed the plaintiffs’ class certification motion in Arora et al. v. Whirlpool Canada LP and Whirlpool Corporation on the basis, in part, that there can be no recovery in a product liability negligence action for pure economic losses against the manufacturer of a non-dangerous consumer product.

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​Daniel Stern


​The law in Canada with respect to competitive procurement/tendering has been in development since 1981. What is somewhat unique to Canadian law is that competitive procurement processes create two contracts: (i) the bidding contract which sets out the “rules” that apply up until the completion of the competitive procurement process; and (ii) the substantive contract entered into between the procuring authority and the successful bidder.

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Tags: Procurement
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