The Toronto Stock Exchange (the “TSX”) has published a staff notice offering guidance on the pricing of public offerings and private placements by issuers in possession of material undisclosed information. While the staff notice codifies current unwritten practice for those financings that are announced concurrently with an acquisition (the “Pricing Exception”), it clarifies limitations on the Pricing Exception and introduces an additional requirement.
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The federal government has proposed amendments to the Canada Business Corporations Act (the “CBCA”) generally aimed at, among other things, improving shareholder democracy and participation and gender diversity on boards and in senior management positions.
On October 3, 2016, the Minister of Finance tabled a Notice of Ways and Means Motion to amend the principal residence exemption rules in the Income Tax Act (Canada). These amendments not only, as advertised, restrict the ability of non-residents to claim the principal residence exemption, but also restrict the ability of certain trusts to do so, and eliminate the Canada Revenue Agency’s policy of not requiring taxpayers to report dispositions of principal residences in certain circumstances.
B.C. Court of Appeal confirms the scope of quality assurance protection pursuant to section 51 of the Evidence Act: records produced while investigating a physician’s professional conduct at a hospital are barred from production in legal proceedings even if those records are not ultimately produced before or submitted to a quality assurance hospital committee as long as they are produced for the purposes set out in section 51
A former teacher at Bodwell High School has learned a valuable lesson from the B.C. Human Rights Tribunal— it is not discriminatory for an employer to offer child-related benefits to only employees with children.
On September 27th, 2016, the Federal Ministers of Environment and Climate Change, Fisheries and Oceans, and Natural Resources announced the Federal Government’s decision to approve the Pacific NorthWest (PNW) LNG project, more than three years after the federal environmental assessment process began.
With the new Societies Act set to come into force on November 28, 2016, the BC Corporate Registry continues to add information to its website.
Plaintiffs in a claim for misrepresentation in a takeover bid circular in Ontario must choose between an action for rescission or an action for damages; however, an action for damages can be against both the offeror and its directors, among others. In Rooney v. ArcelorMittal S.A., the Ontario Court of Appeal reversed a lower court decision that required plaintiffs in an action for damages to choose between suing either the bidder or its directors, but not both. The decision also confirms that a claim against an offeror is only available to securityholders who tendered to the bid.