Stewart Muglich

CSA Staff Notice 51-357 “Staff Review of Reporting Issuers in the Cannabis Industry”

The Canadian Securities Administrators (the “CSA”) recently published a notice based on a review conducted by the securities regulatory authorities in Alberta, British Columbia, Ontario, and Québec. The CSA reviewed the disclosure of 70 reporting issuers operating in …

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Proposed National Instrument 52-112: Non-GAAP And Other Financial Measures Disclosure


In January of 2016, the Canadian Securities Administrators (the “CSA”) published CSA Staff Notice 52-306 Non-GAAP Financial Measures (the “Staff Notice”) for the primary purpose of providing guidance to reporting issuers in Canada with respect …

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New Prospectus Exemption

The Canadian Securities Administrators (the “CSA”) recently adopted amendments to National Instrument 45-102 Resale of Securities (“NI 45-102”) and changes to Companion Policy 45-102CP to National Instrument 45-102 Resale of Securities (“45-102CP”) (collectively, the …

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CSE Requests Comments from Issuers with U.S. Marijuana-Related Activities on Impact of Cole Memorandum Rescission

The U.S. Department of Justice (the “DOJ”) published a memorandum on August 29, 2013 (the “Cole Memorandum”) indicating a policy shift of government priorities away from strict enforcement of federal cannabis prohibitions in those U.S. states …

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Exemption for Distribution of Securities Outside British Columbia

Recently, the British Columbia Securities Commission (“BCSC”) revoked and replaced BC Instrument 72-503 – Distribution of Securities outside British Columbia with a new instrument bearing the same number and name (“BCI 72-503”).

BCI 72-503 provides exemptions from …

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Proposed amendments to National Instrument 45-102 Resale of Securities (NI 45-102)

The Canadian Securities Administrators (CSA) recently published for comment proposed amendments to National Instrument 45-102 Resale of Securities (NI 45-102) that would introduce a new prospectus exemption for the resale of securities of a foreign issuer.

Proposed Exemptions

The proposed exemption …

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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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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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