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ARTICLE · 28 JANUARY 2016

January 2016 – Updates In Brief

Miller Thomson
Miller Thomson
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Miller Thomson

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With the recent implementation by the CSA of changes to the rights offering regime, both the TSX and TSXV have provided guidance with respect to their policies regarding rights offerings.

CanadaCorporate/Commercial Law
Kevin Sorochan
Kevin Sorochan
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In December 2015 and January 2016, the Canadian Securities Administrators ("CSA"), the Toronto Stock Exchange ("TSX") and the TSX Venture Exchange ("TSXV") implemented, or announced the upcoming implementation of, a number of initiatives that will affect the capital raising efforts of issuers in Canada. A brief summary of each initiative follows.

Changes for Exempt Market Filings

In December 2015, the CSA confirmed that, commencing on May 24, 2016, issuers will be required to file reports of exempt distribution, offering memorandum and certain other offering documents in electronic format using the System for Electronic Document Analysis and Retrieval ("SEDAR") when distributing securities to investors in all provinces and territories of Canada (except British Columbia and Ontario) in reliance upon certain capital raising exemptions found in National Instrument 45-106 (each a "Required Exempt Filing"). Exemptions which give rise to Required Exempt Filings include

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