Top News

Jul 09 2015

NSSC Should Ensure Adequate Investor Protection, Incorporate Best Interest Duty in its Proposed Offering Memorandum Prospectus Exemption

FAIR Canada recently provided comments to the Nova Scotia Securities Commission (“NSSC”) about proposed amendments to National Instrument 45-106 Prospectus Exemptions regarding the offering memorandum prospectus exemption (the “OM Exemption”). Under the NSSC’s proposed OM Exemption, “eligible investors” would be permitted to invest up to $100,000 provided they first receive suitability […]

Jul 06 2015

What choice do we have when choice itself is engineered?

In magic it’s called “forcing” a card. The magician fans out a shuffled deck and asks an audience volunteer to pull out any card. Invariably, the one picked is a card that the magician has poked forward ever so slightly and has deftly maneuvered so that the volunteer’s fingers alight […]

Jul 03 2015

FAIR Canada comments on CSA’s Proposed Take-Over Bid Rules

At the end of June, FAIR Canada provided comments to the Canadian Securities Administrators (the “CSA”) regarding proposed amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (“MI 62-104”) and changes to National Policy 62-203 Take-Over Bids and Issuer Bids (“NP 62-203”) (collectively, the “Proposed Bid Amendments”). Under the […]

Jun 22 2015

CBC discusses the mutual fund fee report

Neil Gross, FAIR Canada’s executive director, recently appeared on The Exchange with Amanda Lang to discuss the need for mutual fund fee reform and the release of a much anticipated research report on this subject by Brondesbury Group. The research was commissioned by the Canadian Securities Administrators, an umbrella organization of provincial and […]

Jun 15 2015

FAIR Canada Comments on Proposed Exemption For Certain Distributions Through an Investment Dealer

FAIR Canada provided comments to the securities commissions in British Columbia, New Brunswick and Saskatchewan (the “Participating Jurisdictions”) on the proposed prospectus exemptions that would allow issuers listed on a Canadian exchange to raise money by distributing securities to investors who have obtained advice about the suitability of the investment […]

Jun 10 2015

Comments at the Whistleblower Roundtable on Financial Compensation

The Ontario Securities Commission’s Whistleblower Roundtable held on June 9th elicited much comment on the proposed program’s financial incentives. FAIR Canada and several other panelists recommended that the proposal be amended to: Lower the threshold for payment of an award below the $1-million fine level as fewer cases on Canada […]

Jun 08 2015

Whistleblowers deserve full protection – including anonymity

Whistleblowers are needed. That’s the consensus among all those who recently submitted comments on the whistleblower compensation program the Ontario Securities Commission (OSC) has proposed. Even staunch investment industry partisans acknowledged that insider informants play a vital role in bringing to light wrongdoing that otherwise would continue harming investors and […]

Jun 05 2015

OSC: Commit to Action on the Best Interest Standard, Ensure Harmonization will Further Investor Protection Measures

At the beginning of June, FAIR Canada provided comments on the Ontario Securities Commission’s (OSC) draft statement of priorities for 2015-2016 (the Draft Priorities). While FAIR Canada recognized the OSC for its commitment to investor protection to date, our letter stresses that there is a real need for progress with […]

Jun 01 2015

Crowdfunding has a place, but it’s a crazy way to invest

If you live in British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick or Nova Scotia, you now have the ability to buy shares of startup companies online through special websites called crowdfunding portals. Soon, everyone else in Canada may be able to buy shares that way, too. This is “equity crowdfunding.” […]

May 14 2015

Theratechnologies Inc. v. 121851 Canada Inc. – The Supreme Court of Canada’s Decision on the Leave Test

On April 20, 2015 the Supreme Court of Canada released its decision in Theratechnologies Inc. v. 121851 Canada Inc. (“Theratechnologies”), weighing in on the test for granting leave to pursue statutory causes of action in secondary market misrepresentation cases. The Court ruled there must be a “reasonable or realistic chance […]

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