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.”

Encroaching on privacy in the name of privacy

Canada - January 15 2009 Unlike the United States, Canada has comprehensive federal privacy legislation that applies to businesses namely, the Personal Information Protection and Electronic Documents Act (PIPEDA

SEC requires companies to use XBRL

USA - February 6 2009 On January 30, 2009, the U.S. Securities and Exchange Commission adopted rules requiring companies to provide their financial statements to the SEC and on their websites in an interactive data format using eXtensible Business Reporting Language (XBRL

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

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

Proposed regulations to promote the energy sector’s environmental compliance

Canada - March 11 2013 The Canadian Nuclear Safety Commission (CNSC) and the National Energy Board (NEB) have each released proposed regulations, the Administrative