In another
example of attempting to harmonize financing
requirements across Canada, the Canadian Securities
Administrators have implemented National Instrument
45-106. This National Instrument introduces
a degree of uniformity to distributions which
are exempt from the prospectus and registration
requirements of provincial legislation. The
subject matter of these exempt distributions
range from doing away with the "closely held
issuer" exemption in Ontario to consolidating
exemptions previously relied upon by investment
funds. We, at the Securities Law Group of
Fogler, Rubinoff, hope that you will find
the attached memorandum both useful and straight
forward. Please see full articlehere
One
of the most significant changes in Ontario
securities laws was recently announced. The
new civil liabilities for misrepresentations
in the secondary market that investors will
have against companies, directors and officers,
significant shareholders and experts comes
into force on December 31, 2005.
Rick Moscone and Karen Murray of our securities
department have prepared a "plain English"
memorandum which explains these new liabilities
and what can be done to safeguard yourself
against a lawsuit being launched under these
new provisions.
The provisions are rather lengthy and complicated
but the attached memo will hopefully give
you enough of an understanding of how the
new provisions work so that you will know
if and when you should consult with a lawyer
in any given set of circumstances.
Please feel free to contact Rick or Karen,
or any other member of the Fogler Rubinoff
securities department, if you would like further
information on this or any other topic. Please
see full articlehere
