CSA extends comment period for two proposals. The Canadian Securities Administrators extended to July 12, 2013, the comment period on the proposed ’National Instrument 62-105 Security Holder Rights Plans and proposed Companion Policy 62-105CP Security Holder Rights Plans” and on the proposed amendments to “Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and proposed changes to National Policy 62-203 Take-Over Bids and Issuer Bids.” (6/3/2013) OSC notice.
OSC releases results of targeted review. The Ontario Securities Commission released the findings of a targeted review of portfolio managers and exempt market dealers, which assessed compliance with regulatory requirements. (5/31/2013) OSC press release.
Swaps and special purpose vehicles. With the approach of the June 10, 2013 deadline for complying with the US CFTC’s swap clearing requirement, Risk.net discussed the continued confusion over how that requirement will apply to unclearable swaps linked to special purpose vehicles. (5/31/2013) Confusion.
Canadian regulators amend prospectus rules. The Canadian Securities Administrators published amendments to “National Instrument 41-101 General Prospectus Requirements” and other rules and related policies. The amendments will increase the range of permissible “pre-marketing” and “marketing” activities in connection with prospectus offerings by issuers other than investment funds. If all approvals are obtained, the amendments will take effect on August 13, 2013. (5/30/2013) CSA press release.
OSC publishes overview of investment funds. The Ontario Securities Commission published “The Investment Funds Practitioner,” which provides an overview of recent issues arising from applications for discretionary relief, prospectuses, and continuous disclosure documents that investment funds filed with the OSC. It is intended to assist investment fund managers who regularly prepare public disclosure documents and applications for exemptive relief. (5/23/2013)