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|Consistency among Circuits for Securities Class Certification after the U.S. Supreme Court Halliburton Decision|
John A. Menicucci; Husch Blackwell LLP;
July 22, 2014, previously published on July 17, 2014On June 23, 2014, the United States Supreme Court issued its decision in Halliburton Co., et al. v. Erica P. John Fund, Inc., No. 13-317 (2014). The Supreme Court vacated and remanded the decision of the 5th Circuit U.S. Court of Appeals and did not part from its 1988 decision in Basic Inc. v....
|Harmonized Securities Regulation For Canadian Public Investment Funds Finalized With Twists (But There’s More To Come)|
Rebecca A. Cowdery, Carol E. Derk, K. Ruth Liu, Lynn M. McGrade; Borden Ladner Gervais LLP;
July 21, 2014, previously published on July 9, 2014On June 19, 2014, the Canadian Securities Administrators (CSA) published final amendments to National Instrument 81-102 Mutual Funds - to be renamed Investment Funds - and related instruments as part of Phase 2 of the CSA’s project to modernize the regulation of publicly offered investment...
|The 156 Day Pill - When, Not If It Should Go|
Warren B. Learmonth, Michael T. Waters; Borden Ladner Gervais LLP;
July 21, 2014, previously published on July 10, 2014One of Canada’s leading securities regulators, the British Columbia Securities Commission (BCSC), defended the unusually long shelf life it accorded to a poison pill in the face of a hostile take-over bid with the release of reasons supporting its decision in early May to allow Augusta...
|The Enforcement Begins: Highlights of the CRTC FAQ Updates on CASL|
Roland Hung, Shana Wolch; McCarthy Tétrault LLP;
July 21, 2014, previously published on July 17, 2014CASL came into effect on July 1, 2014, including the provisions for sending commercial electronic messages (“CEM”) (section 6) and installing computer programs (section 8). Since July 1, 2014, it is reported that the CRTC has received more than 1,000 complaints. Hence, awareness of...
|SEC's MCDC Initiative - The Clock is Ticking|
David Y. Bannard; Foley & Lardner LLP;
July 18, 2014, previously published on July 14, 2014Not-for-profit health care providers that have borrowed on a tax-exempt basis within the last five years should be aware of the Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative. The MCDC Initiative applies to municipal...
|Halliburton: Deepening the Divide Between Certification of US and Canadian Securities Class Actions|
Laurie Baptiste; McCarthy Tétrault LLP;
July 17, 2014, previously published on July 15, 2014Everyone has been talking about the recent decision from the US Supreme Court in Halliburton Co v Erica P. John Fund Inc (Halliburton) and its rulings regarding the “fraud on the market” doctrine in US securities class action litigation. In Canada, many are likely wondering about the...
|Investment Funds in Panama|
Ricardo Arias; Morgan & Morgan;
July 17, 2014Due to its geographical position, political stability and characteristics of its economy, such as its territoriality principle, Panama has become one of the most important worldwide jurisdictions for foreign investors to carry out their business activities. In this article you will significant...
|US Securities and Exchange Commission Issues Final Rules Regarding the Application of Security-Based Swap Intermediary Definitions to Cross-Border Security Based Swap Activity|
Joshua Cohn, Curtis A. Doty, Alex C. Lakatos, Jerome J. Roche, David R. Sahr; Mayer Brown LLP;
July 17, 2014, previously published on July 15, 2014The US Securities and Exchange Commission (“SEC”) has adopted final rules (the “CrossBorder Rules”) regarding the cross-border application of certain security-based swap (“SBS”) provisions of Title VII of the DoddFrank Wall Street Reform and Consumer Protection...
|Saskatchewan and New Brunswick join Cooperative Capital Markets Regulatory System|
James Bartlett, Bradley D. Markel, James T. McClary, Usman M. Sheikh; Bennett Jones LLP;
July 17, 2014, previously published on July 14, 2014On July 9, 2014, Canada's Minister of Finance announced that Saskatchewan and New Brunswick have agreed to join the Cooperative Capital Markets Regulatory System that has been proposed by the governments of Canada, British Columbia and Ontario. This announcement marks the first material development...
|Canadian Securities Regulator Upholds Poison Pill: Shareholder Approval Buys Target Five Month Breather from Hostile Bid|
Wendy Berman, Jonathan Wansbrough; Cassels Brock & Blackwell LLP;
July 17, 2014, previously published on July 10, 2014The British Columbia Securities Commission (“BCSC”) recently departed from past practice by permitting Augusta Resource Corporation’s (“Augusta”) shareholder rights plan or poison pill (the “SRP”) to remain in effect for up to 156 days, in the face of a...