Foreign Private Issuers soon required to submit financial data in XBRL

On January 30, 2009, the Securities and Exchange Commission (“Commission”) adopted rules to require domestic public companies and foreign private issuers that prepare their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), …

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Stricter enforcement from the regulators

The Canadian Securities Administrators (the “CSA”) recently released their 2016 Enforcement Report (the “Report”) which highlights actions taken by the CSA across Canada.  The Report was summarized by the Chair of the CSA as follows:

The …

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Business travel to the USA after President Trump’s Executive Order: How Canadians and PRs are affected

Canadian citizens and permanent residents (PRs) may be denied entry into the United States due to President Trump’s recent Executive Order, despite assurances suggesting otherwise from the Canadian and U.S. governments. Personal and business travellers should consider planning their trips …

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Confidentiality agreements and whistleblower compliance

Staff in the Office of Compliance Inspections and Examinations (the “Staff”) recently issued a Risk Alert[1] (the “Risk Alert”) regarding compliance with key whistleblower provisions arising out of the Dodd-Frank Wall Street Reform and Consumer

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SEC amends Rules 147 and 504 under the Securities Act

The U.S. Securities and Exchange Commission (the “SEC”) recently adopted final rules that are intended to modernize how companies can raise money to fund their businesses through intrastate (Rules 147 and 147A) and small offerings (Rule 504) while maintaining investor protections.…

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No ‘adorable’ way to discuss wage discrimination

This time last year the Hollywood actress Jennifer Lawrence spoke out about making less than her male co-stars after the Sony hack revealed payroll figures on the internet. She questioned whether she had failed as a negotiator when her male …

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Craft beer and trade-marks: 5 essential questions

Picture this: you are a craft brewery owner. Business is great – your sales are growing and you are increasing production. Without warning, the unthinkable occurs: you get a letter from the lawyers for Mega Brewing Corp. The lawyers claim …

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Legal basics of procurement – Part 2 (Duty of good faith)

The following article discusses the differences between traditional tendering contracts and request for proposals (or RFPs), in relation to the duty of good faith.

1. What is an invitation to tender?

The formative Canadian decision on the tendering process and …

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Bill C-25 proposes amendments to the Canada Business Corporations Act

Last week, Bill C-25 was introduced which would amend the Canada Business Corporations Act (the “CBCA”) to, among other things, make “majority voting” mandatory for all “distributing corporations” and would require prescribed disclosure on diversity for “prescribed corporations”. …

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Cyber security

Cyber security has been identified as a priority area in the Canadian Securities Administrators (“CSA”) 2016‑2019 Business Plan as well as by some CSA members. Accordingly, the CSA is working to promote cyber security awareness and resilience. More …

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