United States

Supreme Court will hear appeal on insider trading conviction. The US Supreme Court granted certiorari to hear an appeal of the Ninth Circuit’s affirmation of the insider trading conviction of Bassam Yacoub Salman. Salman is asking the Court to consider his conviction in light of a split in the circuits that resulted from the Second Circuit’s earlier decision in United States v. Newman, and determine whether there needs to be an exchange of significant personal benefit for the government to prevail in insider trading cases involving tippers and tippees. (1/19/2016) Salman v. United States.

Canada

OSC publishes changes to companion policy 45-501CP. The Ontario Securities Commission (OSC) published changes to Companion Policy 45-501CP - to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions. (1/14/2016) OSC rules and policies.

OSC publishes staff notice on non-GAAP financial measures. The OSC published staff notice 52-306 - Non-GAAP Financial Measures to provide guidance to an issuer that discloses non-GAAP financial measures, which may mislead investors if they are not accompanied by the appropriate disclosure. The guidance applies both to an issuer that uses International Financial Reporting Standards (IFRS) as well as to an issuer that uses accounting principles other than IFRS. (1/14/2016) OSC staff notice.

OSC publishes Notice of Ministerial Approval of Multilateral Instrument 45-108Crowdfunding. The OSC published the Notice of Ministerial Approval of Multilateral Instrument 45-108 Crowdfunding and Consequential Amendments. (1/14/2016) OSC press release. Risk Acknowledgement form. Notice of Specified Key Events form.

OSC releases YouTube video on the purpose and focus of Ontario’s new Investor Office. The OSC released Financial Success is a Marathon, Not a Sprint, which is the second in a trilogy of YouTube videos that highlight the purpose and focus of Ontario’s new Investor Office. This video follows the first in the series, which was entitled Behind Every Statistic is a Person. (1/12/2016) OSC press release.