Top News

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 […]

May 14 2015

New plans and proposals deserve praise

During the past few weeks, we’ve seen announcements of several new policy initiatives with noteworthy investor-focused qualities. Although they may not be the most pivotal items on regulators’ agendas, each one of these initiatives deserves positive recognition from investors nonetheless: Buying exchange-traded funds (ETFs) through mutual fund dealers. Thanks to […]

May 11 2015

FAIR Canada Comments on the OSC’s Proposed Whistleblower Program

FAIR Canada has submitted comments and recommendations on the OSC’s proposed whistleblower program that is set out in OSC Staff Consultation Paper 15-401 (the “Consultation Paper”). FAIR Canada supports instituting a whistleblower program. A properly designed whistleblower program will help combat fraud and other wrongdoing, thereby helping the OSC to fulfill […]

Apr 13 2015

Want strong investor protection? Become ‘Regulators Without Borders’

Most people don’t appreciate how complex investment regulation really is, or what a diverse ecosystem of agencies we’ve got overseeing everybody’s money. For example, few Canadians realize that our country’s constitution prevents provincial securities regulators from governing some investment products sold by banks. There are federal banking regulators responsible for […]

Apr 01 2015

FAIR Canada’s Comments on the Proposed Streamlined Prospectus Exemption for Rights Offerings

FAIR Canada has provided comments to the CSA regarding proposed amendments to the existing prospectus-exempt rights offering regime. We support regulatory efforts to improve the ability of reporting issuers to raise capital in a cost efficient manner that, at the same time, provides adequate protection to investors. FAIR Canada supports […]

Mar 31 2015

CSA and OSC Defy Logic with Changes in Regulation of the Exempt Market

The Minimum Amount (MA) Exemption: FAIR Canada supports the CSA’s decision to revise the MA Exemption so that individuals can no longer use it. We commend the CSA for recognizing that “…the amount invested is not a good proxy for sophistication or the ability to withstand financial loss for individual […]

Mar 27 2015

Crowdfunding portals need to get their own startups right

We don’t know yet whether Canadian securities regulators will permit equity crowdfunding to go forward. They’re still thinking about it, pondering whether it’s a good idea to let startup companies and small enterprises raise capital by selling shares to the public over the Internet without a prospectus. The regulators are […]

Mar 24 2015

How committed are we to preventing investment fraud?

March is Fraud Prevention Month, so Canadians are getting loads of information to help them avoid being scammed. That’s terrific. It’s critically important to educate the public — and empowering average investors to protect themselves is both desirable and necessary. However, it’s also insufficient. We can urge everyone to walk […]

Feb 27 2015

OSC Issues Investor News Notice about Structured Notes

Following the CSA Staff Notice on Structured Notes the OSC has issued an Investor News Bulletin “Investing 101: Structured Notes“. This is similar to the SEC’s Investor Bulletin on Structured Notes issued this past January. The latest OBSI Annual Report notes that structured product complaints are on the rise.  We therefore welcome steps to improve investor decisions […]

Feb 03 2015

Regulators Turn Down CRM2 Delay Request, With Only Minor Adjustment

The Canadian Securities Administrators decided to hold firm on the July 15, 2016 date for implementation of the cost and performance reporting requirements. FAIR Canada is pleased the CSA has decided that investors will not have to wait longer to get the crucial information that will be in these reports. We also applaud the CSA for its decision to leave the definition of book cost unchanged and, as we recommended…

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