As 2014 comes to a close, we want to share with our clients and friends our observations on the most significant legal developments affecting Canadian business over the past year and their implications for 2015 and beyond.
Four securities regulatory developments in 2014 warrant special attention:
• The Canadian Securities Administrators (CSA) proposed a new “permitted bid” take-over
regime, which will give boards of directors more time to respond to hostile take-over bids.
• The CSA made revisions to their original proposed revamp of the early warning rules,
including the decision, at the urging of institutional investors, not to lower the early warning
reporting threshold from 10% to 5% – the reporting threshold in the United States and
many other jurisdictions.
• Following in the footsteps of the U.S. Commodity Futures Trading Commission and the
European Securities and Markets Authority, securities regulators in Ontario, Québec and
Manitoba now require the reporting of over-the-counter (OTC) derivatives transactions
– including interest rate swaps, equity swaps, credit swaps, foreign exchange forwards and
most cash-settled commodity derivatives.
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