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ARTICLE · 26 MAY 2022

Did You Know? Ten Securities Law Fun Facts

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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May it serve as food-for-thought and a way to strike up a conversation about securities regulation and capital markets.

CanadaCorporate/Commercial Law
Matthew Merkley
Matthew Merkley
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While these fun facts may not be the ones anyone would look forward to bringing up (or hearing) at a dinner party (remember those?), the following facts about securities law may include some you did not know (or remember). May it serve as food-for-thought and a way to strike up a conversation about securities regulation and capital markets.

SECURITIES LAW FUN FACTS

  1. National Instrument 52-110 Audit Committees (NI 52-110) provides the criteria for a member of a public company board of directors qualifying as an independent director.  The general test and "deeming provisions" are set out in section 1.4, but if an individual wants to be qualified as independent for purposes of sitting on the issuer's audit committee, they must also consider the extra criteria in section 1.5.  So are those individuals "super" independent?
    • Sticking with NI 52-110, the criteria in section 1.4 must be considered relative to both the issuer itself, subsidiaries of the issuer and

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