Tag Archives: Susan Copland

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC submitted comments to the Ontario Securities Commission (OSC) on the proposed changes to the way in which unsolicited or hostile corporate take-over bids are carried out in Canada. The proposed changes to the rules aim to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company. The IIAC supports the OSC’s objectives, but we have a concern about the extent of time bids must remain open.

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders … Continue reading

Tagged:

Comments Off on The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

IIAC’s Response to Proposed Guidance on Marketplace Thresholds (IIAC Blog)

IIAC’s Response to Proposed Guidance on Marketplace Thresholds (IIAC Blog)

The IIAC has submitted comments to the Investment Industry Regulatory Organization of Canada (IIROC) on the proposed guidance requiring Canadian exchanges and alternative trading systems to establish specific price thresholds that, when breached, would trigger a halt in trading in the event a particular stock experiences rapid and unexplained price movement over a short period of time.

The IIAC generally supports the principles of the guidance, but voiced significant concern with the requirement that dealers tailor their individual order flow so as to avoid exceeding the marketplace threshold for a particular security.

In our view, … Continue reading

Tagged:

Comments Off on IIAC’s Response to Proposed Guidance on Marketplace Thresholds (IIAC Blog)

Free Cybersecurity Webinar

Free Cybersecurity Webinar

Where in the World is your Data?  Presented by NPC

 

 

 

 

 

 

 

 

The IIAC is working with members and industry experts to develop various tools and resources to assist Member firms with their cybersecurity preparedness, and to highlight some existing helpful sources of information. To this end, IIAC members are invited to register for a complimentary webinar hosted by NPC on February 12, 2015 titled “Where in the world is your data? Data protection in the age of device-independence and the Cloud.”

For details and registration, click here.

This webinar … Continue reading

Tagged:

Comments Off on Free Cybersecurity Webinar

IIAC Seeks Member Firm Volunteers for Cyber Security Working Group

IIAC Seeks Member Firm Volunteers for Cyber Security Working Group

The issue of cyber security is front and centre as a major concern for Canada’s investment industry.

Given the value and the sensitivity of data held by firms, the investment industry is a prime target of cyber criminals.

IIAC member firms’ level of cyber security and preparedness for an incident varies widely. With the interconnectedness of the systems and common service providers, this leaves the industry exposed for an incident that could have a significant impact on firms, clients and the industry reputation.

Recognizing the individual approach that has been taken by firms, and that not all firms possess the resources to … Continue reading

Tagged:

Comments Off on IIAC Seeks Member Firm Volunteers for Cyber Security Working Group

CSA Accepts Key IIAC Recommendations on Early Warning Proposals

CSA Accepts Key IIAC Recommendations on Early Warning Proposals

On October 10, 2014 the CSA issued an update to market participants on the status of the Draft Amendments to National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues. 

The IIAC commented on the proposals in the summer of 2013. Consistent with IIAC recommendations, the CSA has advised that it will not proceed with (A) the proposal to reduce the reporting threshold from 10% to 5%, and (B) the proposal to include “equity equivalent derivatives” for the purposes of determining the threshold for early warning reporting disclosure. The final amendments to the … Continue reading

Tagged:

Comments Off on CSA Accepts Key IIAC Recommendations on Early Warning Proposals

CASL Compliance Survey

CASL Compliance Survey

This survey closes at 10:00 am tomorrow! 

With July 1, 2014 fast approaching, IIAC member firms are asking questions about how other companies are approaching their compliance efforts for Canada’s new anti-spam legislation. Our counsel, and developer of the IIAC toolkit, Osler, Hoskin & Harcourt  LLP, has put together a simple survey to gather information about CASL compliance initiatives to help benchmark in this regard.

Survey responses will be anonymous and we won’t be able to cross-reference participants with their answers.  We’ll provide aggregated results to every organization that confirms their participation. 

There isn’t much time left so if … Continue reading

Tagged:

Comments Off on CASL Compliance Survey

CSA and IIROC Request Comments on Proposed Amendments to Order Protection Rule (OPR)

CSA and IIROC Request Comments on Proposed Amendments to Order Protection Rule (OPR)

  IIAC seeks volunteers for Working Group

On May 15, 2014, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 23-101 Trading Rules (NI 23-101). The proposals seek to address certain costs and inefficiencies related to the current application of OPR, as well as concerns related to trading fees and market data fees. IIROC concurrently issued proposed amendments to the Universal Market Integrity Rules (UMIR) that align with the CSA proposal. Under the proposed amendments, orders would be protected where displayed on a marketplace that has met certain criteria set out in the … Continue reading

Tagged:

Comments Off on CSA and IIROC Request Comments on Proposed Amendments to Order Protection Rule (OPR)

The IIAC, along with IFIC and Osler, Hoskin & Harcourt LLP, will host a CASL Compliance webinar at 2:00 p.m. ET on June 11, 2014.  The webinar will address compliance issues and strategies relating to the Canadian Anti-Spam Legislation that will take effect July 2014. 

Webinar details: 

Date: Wednesday, June 11, 2014                    

Time: 2:00 p.m to 3:00 p.m. (ET) 

Topics will include: 

An overview of the CASL Toolkit Primer recently posted to both the IIAC’s and IFIC’s members-only websites; Responses to questions received from IFIC and IIAC about certain … Continue reading

Tagged:

Comments Off on

Canada’s new anti-spam legislation (CASL) is coming into force on July 1, 2014.  A broad range of electronic messaging activities of all IIAC members will be impacted by this new legislation, and there are potentially severe penalties for non-compliance.   At the request of our members, we have created a CASL Primer Toolkit (available for IIAC member firms only) designed to provide members with a base level of understanding and distillation of the Act’s requirements.  We worked with IFIC on this toolkit to ensure that we have an industry wide solution for both investment and mutual fund dealers. 

CASL … Continue reading

Tagged:

Comments Off on