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In the fourth quarter of 2012, market participants and
regulators focused on new measures to support positive economic
activity while enhancing investor protection. To improve market
efficiency, notice-and-access measures are now available for the
2013 proxy season, the Ontario Securities Commission
("OSC") continues to examine opportunities to improve
financing via the exempt market - even looking into crowdfunding,
the TSX Venture Exchange ("TSXV") has also extended some
temporary relief measures it put in place in August 2012. On the
investor protection side, the Canadian Securities Administrators
("CSA") released a consultation paper exploring whether
to impose a fiduciary duty on dealers and advisors and the Toronto
Stock Exchange ("TSX") has