The New Listed Issuer Financing Exemption – Anyone can invest! Executive Summary: A new prospectus exemption is coming to National Instrument 45-106 called the Listed Issuer Financing Exemption. This new exemption is going to significantly change the game for public companies and how they raise money in all Canadian jurisdictions. Most reporting issuers will be…
We often hear numerous tax planning terms. In this article we are going to explore and provide answers to some questions regarding tax planning terms and strategies: What is a section 85 roll-over? What is a pipeline transaction? What are share reorganizations? What is a butterfly reorganization? What is a discretionary trust? What are flow-through…
On March 20, 2020, we sent out a client note summarizing some recent announcements made by the Canadian Securities Administrators (the “CSA”) in response to the impact of COVID-19 on market participants. Since that time, the CSA has published (i) more specific guidance relating to annual general securityholder meetings, and (ii) blanket orders which provide…
The OSC formed the Burden Reduction Task Force in November 2018 to enhance competitiveness by saving time and money for capital market participants. In undertaking the work, the OSC set out to achieve the following objectives: Make clear commitments to save market participants time and money Take swift action to identify and address as many…
The OSC Compliance and Registrant Regulation Branch (CRR) published the Summary Report for Dealers, Advisers and Investment Fund Managers (OSC Staff Notice 33-750) on August 8, 2019. The report provides information for exempt market dealers (EMDs), investment fund managers (IFMs), portfolio managers (PMs) and scholarship plan dealers. In Ontario, there are 1,053 firms registered in…
OSC Participation Fees Were Not Reflective of Current Market Cap On April 1, 2013 a revision to OSC Rule 13-502 came into effect which changed how OSC participation fees for reporting issuers were calculated. These changes included a concept called a “reference fiscal year” which was, in certain cases, deemed to be the participant’s last fiscal…
Capital Is Expensive Every company knows that raising money is expensive – even when utilizing private placements. If your a listed issuer you need to pay exchange fees (listing fees, maintenance fees and transaction based fees), audit fees, securities commission fees, agent commission & fees, transfer agent fees and legal fees – among many others. Raising…
