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.
Tag Archive: securities
The B.C. Securities Commission Extends Conditions For Registration Of Investment Dealers Trading In U.S. OTC Markets
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.
Beneficial Ownership Reports to Be Filed with the SEC by February 14
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.
OSC’s Coventree Decision Tightens Disclosure Standards for Canadian Public Companies
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.
