The last few months have seen a number of developments in securities law across Canada on which we reflect in our first issue of the new year.
We report on the harmonization of Canadian take-over bid rules and the protection of minority security holders. We also discuss the ramifications of an unsuccessful attempt by staff of the Ontario Securities Commission to prosecute a director of a TSX-listed company in the context of public disclosure during negotiation of a merger transaction.
Legislators in Québec and other provinces have been busy with their introduction of civil liability for continuous disclosure, while in British Columbia, the province’s securities commission secured a multimillion dollar fine and ban for life in a high-profile capital markets fraud case.
As the impact of the credit market crisis continues to deepen, we discuss the rise of distress investing as the new M&A and the significance of two important cases from Delaware and Tennessee relating to deal protection and broken deals. Back home in Canada, we report on the proposed agreement for the restructuring of $33 billion of asset-backed commercial paper and some news from Ontario in relation to recent venture capital developments.
We have also included an update on the tax issues relating to income trusts and an article on the governance of public trusts. Another theme that arises in this issue is privilege, as the B.C. Court of Appeal endorses the growing recognition of privilege for commercial counterparties, while Ontario considers the question of protection of internal investigation reports through privilege in the health and safety context.