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Torys LLP


Canada to adopt International Financial Reporting Standards: an update

Canada - August 7 2008 Earlier this year, the Canadian Accounting Standards Board confirmed January 1, 2011 as the date that International Financial Reporting Standards (IFRS) will replace Canadian generally accepted accounting principles (Canadian GAAP) for all Canadian publicly traded companies as well as for non-listed financial institutions, securities dealers and many cooperative enterprises that qualify as “publicly accountable enterprises.”

Asset equipment financeleasing

Canada - June 12 2008 The asset equipment finance and leasing practice area is related to the financing of equipment, vehicles and related assets by way of specific asset-based priority financing, primarily through leases, but also through conditional sales contracts, secured loans or securitizations

The TSX’s new shareholder approval rule encourages capital markets activity to finance M&A transactions

Canada - June 10 2010 In November 2009, the Toronto Stock Exchange adopted a new rule requiring shareholder approval for the issuance of stock in connection with public company acquisitions if the issuance would result in more than 25 dilution to existing shareholders

U.S. bankruptcy court bars tolling of fraudulent conveyance look-back period

Canada - February 2 2012 A U.S. bankruptcy judge in Delaware has held that the two-year "look-back" period in which a transfer occurring within two years of the bankruptcy petition filing date may be avoided, under Section 548 of the U.S. Bankruptcy Code, cannot be equitably tolled

Canadian withholding tax eliminated on interest payments to unrelated US lenders

Canada, USA - February 19 2008 As of January 1, 2008, withholding tax is no longer payable on most interest payments made by Canadian borrowers to arm’s-length lenders, including lenders that reside in the United States

Canadian regulators propose 5 early warning and alternative monthly threshold, including derivatives

Canada - March 19 2013 Canadian securities regulators are proposing to change the early warning and alternative monthly reporting regimes to require disclosure of

CIPO issues new guidance on patentability of computer-implemented inventions

Canada - March 15 2013 On March 8, 2013, the Canadian Intellectual Property Office (CIPO) published its practice guidance following the Federal Court of Appeal decision in

Canadian companies will be harder to acquire under new poison pill proposals

Canada - March 14 2013 The Canadian Securities Administrators have released proposed new rules for shareholder rights plans (or “poison pills”). Under the CSA proposal

Proof of materiality not required for certification of securities fraud class actions in the United States

Canada - March 13 2013 On February 27, 2013, the United States Supreme Court issued its highly anticipated decision in Amgen Inc. v. Connecticut Retirement Plans and Trust

Regulations to harmonize Canada-U.S. vehicle emissions regulations

Canada, USA - March 11 2013 Environment Canada recently published regulations amending the On-Road Vehicle and Engine Emission Regulations. The amendments, which will come into