by Joshua Gold of Anderson Kill & Olick, P.C
For senior management, directors and officers (D&O) insurance understandably has an importance like no other policy in the company’s portfolio. Given the staggering number of data security breaches revealed in recent months, that self-protective instinct must also include ensuring that management is covered against cyberthreats. No company is immune-even computer security firms and government agencies working on top secret projects have been hit.
by Nick Miller of Clarity Advantage
In which we are reminded that one key to cross selling is understanding clients’ goals and destinations.
“I would like to buy some socks,” my friend said. He was just inside the entrance to a V E R Y nice men’s clothing store, responding to a sales person’s gently formal yet genuinely warm greeting.
“Ah, of course,” responded the sales person, authoritatively. “Socks. Follow me.”
by David J. Kaufman of Duane Morris LLP
I have had a BlackBerry for something like 15 years; each year or so getting a new replacement model. Hell, I even had a Palm Pilot and all of its incarnations. I recall my Palm tethered to an Omnisky modem that “pushed” your e-mails to the device. (Remember those units?) I distinctly remember replacing that brick with a relatively new e-mail device from RIM that automatically delivered your e-mail. Now again it seems like the time to switch to a new device yet again. Here’s why.
by Emilie Duguay of Lavery, de Billy
Are you an inventor or developer who wishes to approach businesses in order to sell, distribute or manufacture your discoveries? Have you met a potential partner? Are you getting ready to negotiate the purchase or sale of a business or enter into any other significant transaction? Does this potentially involve the disclosure of strategic information or other confidential information about your business?
The conclusion of a confidentiality agreement should be the starting point of the business relationship. This agreement should be signed even before you engage in preliminary discussions and negotiations concerning the terms of the deal. Although a confidentiality agreement is not foolproof, the fact remains that using one can help you protect your business secrets and avoid worry and expense.
by Nick Miller of Clarity Advantage
In which we discover that starting conversations with strangers is easy if we can find common interests.
With the melody, “Rock My Soul in the Bosom of Abraham,” and the rhythmic clapping of a fully aroused, Boston opening night audience still ringing in my ears, I stood at the end of Row Q, waiting my turn to step into the aisle and leave the theater.
In the aisle, waiting his turn to move past me, stood an older man, perhaps in his early ’80s. In his prime, he would have been a little taller than me. Solidly built. I imagine he was probably quite athletic and terribly good looking. Now he was an older man in a wrinkled tan rain coat and blue blazer, his head bowed forward, slightly, almost resting, waiting patiently for a throng of dance patrons to move up the aisle.
“Are you uplifted?” I asked, looking at him.
He turned his face toward me, looking at me silently for a moment, as if gauging the source and the purpose of the question. I smiled at him, gently.
“Yes,” he said, with a thin smile. “I am…. I saw it Tuesday night, I’ve seen it tonight, and I’ll see it Saturday night.”
One of my clients is paying top dollar for the assets of MFDA and IIROC member firms.
Please contact me directly with referrals.
Successful sales will be rewarded with a generous contribution to your favorite charity.
Eric Grossman, CGA
Email: eric.grossman@grossmancga.com
Tel: 647.333.7229
LinkedIn profile: http://ca.linkedin.com/in/ericgrossmancga
Do your or a client need capital or debt?
See: Available: Funds
Join the LinkedIn Canadian Commercial Lenders Group,
the Canadian Securities Group,
or the Canadian Accountants Group!
On January 9, the Investment Industry Regulatory Organization of Canada (IIROC) published guidance regarding the procedures to be followed by a Participant (dealer) wishing to guarantee a trade price for a client order that outperforms a benchmark price.
In October 2009, the British Columbia Securities Commission imposed conditions of registration for all British Columbia investment dealers that trade in securities of OTC issuers through an office in British Columbia. These conditions were to expire December 31, 2011.
The conditions, specified here, are now extended to December 31, 2014.
by Leslie McCallum of Torys LLP
Investors that beneficially own more than 5% of a class of voting equity securities of an SEC-registered issuer may need to file a report with the SEC by February 14, 2012. This annual reporting deadline applies in certain circumstances to regulated institutional investors, passive investors and other categories of investors described below. Reporting is required in respect of investments in any SEC-registered issuer, including foreign private issuers and those under the Multijurisdictional Disclosure System.
by Rene R. Sorell of McCarthy Tétrault LLP
I. Overview
1. Late in September 2011, the Ontario Securities Commission (OSC) released a decision in which it analyzes in detail, deficient disclosure judgments made by Coventree Inc. (Coventree), a public company, and its officers, in relation to the market disruption that occurred in the asset-backed commercial paper (ABCP) market in 2006-7. A sanctions hearing will be held later this month. Long delays have occurred in addressing the ABCP disruption. At the end of 2009, various participants in the ABCP market agreed to settle enforcement proceedings by paying significant monetary penalties. The current decision follows an exceptionally long 45-day hearing.
I have created a new LinkedIn group, Canadian Securities, because I could not find a similar group that provides a forum for members of Canada’s securities community and their professional advisors to connect and help one another, and to discuss industry news, common problems, and job opportunities.
Members work in member firms of the MFDA, IIROC, and EMDA, as well as at securities commissions and other government bodies, in banks, credit unions, retail, wholesale, and institutional investment dealers and traders, financial planning, wealth management, mutual funds, exempt market dealers, accounting and law firms, and other advisers and suppliers to the industry.
Members have the option of receiving updates either daily, weekly, or never. No spam is permitted.
Go here to join the group: http://www.linkedin.com/groups?about=&gid=4243407
I am grateful to Greg Barber of Rotman Information Solutions for his kind words in the January/February 2012 issue of CGA Ontario’s Statements magazine, found here:
http://grossmancga.com/site/download/Statements,%20Jan-Feb%202012%20-%20Net%20Assets.pdf
And please do take advantage of the Rotman Information Solutions research services for CGAs which are described in the ad in the middle of the column. This is a free service for CGAs in Ontario.
Do your or a client need capital or debt?
See: Available: Funds
Join the LinkedIn Canadian Commercial Lenders Group
or the Canadian Accountants Group!
by Peter Moffatt of Gardiner Roberts LLP
Ontario’s Bulk Sales Act poses a challenge to investors who want to acquire an Ontario business. An investor who is considering the acquisition of a business based in Ontario, Canada, and the attorneys who are advising such an investor, need to be aware of the application of Ontario’s Bulk Sales Act,R.S.O. 1990, c. B.14 (BSA).
Bulk sales legislation, including the BSA, has its roots in English law and historically was common in many jurisdictions in North America. Today, Ontario is one of the few remaining jurisdictions in North America, and the only jurisdiction in Canada, which still has bulk sales legislation in force. Several jurisdictions in the US, including California, Georgia, Maryland, Virginia and the District of Columbia, continue to have bulk sales legislation in force, and additional jurisdictions in the US, while no longer having in force bulk sales legislation of general application, have bulk sale notification provisions embedded in their taxing statutes.
The primary reason cited for the repeal of bulk sales legislation in jurisdictions of Canada other than Ontario is, in the words of the Supreme Court of Canada, that bulk sales legislation achieves its goals “only at the cost of significant commercial inconvenience, disruption and expense”: National Trust Co. v. H&R Block Canada Inc., [2003] 3 S.C.R. 160, at para 8 (H&R Block). The purpose of this article is to describe the types of transactions to which the BSA may apply and to provide insight into how to overcome BSA compliance issues.
by Robert Kasian of MacPherson Leslie & Tyerman LLP
“If you care at all about the future of the world’s food supply, you care – whether you know it or not – about Saskatchewan.” (Andrew Ross Sorkin, Columnist – The New York Times, October 11, 2010)
Saskatchewan has received a lot of attention in the world press and investment community over the past several years. In particular, investment in Saskatchewan farm land has been on the radar of some of the world’s most prominent investors for several years. This interest has been driven by several factors including Saskatchewan’s booming economy, Canada’s stable financial and political environment, growing food demand and increasing commodity prices. At an average price of approximately C$500/acre, Saskatchewan also has some of the cheapest farm land in the developed world. In Alberta the average price is approximately C$1,400/acre and in the United States almost US$3,000/acre. In the United Kingdom, the average price of farm land is approximately US$10,000/acre. All of these factors have contributed to unprecedented interest in Saskatchewan farm land as an investment.
Whether you’re managing a team of employees or you’re on your own, remember that although what you do and how you do it are important, it’s the “why” that provides real motivation to succeed.
An experiment conducted by the University of Pennsylvania’s Wharton School of Business demonstrates the power of “why.” At a university call center where employees phone alumni to solicit contributions to scholarship funds, the staff was randomly divided into three groups: The first group read stories written by former call center employees about the benefits of the job (such as improved communication and sales skills). The second group shared accounts from former students about how their scholarships helped them with their education, careers and lives. The third, a control group, read nothing, just explained the purpose of the call and asked for a contribution.
After a month, the researchers found that the first group and the third group raised roughly the same amount of money from alumni after the experiment began as before. But callers in the second group, who had related the stories about the impact of the scholarships students received from the fund-raising campaign, raised twice as much money from twice as many alumni as they had before.
