Michael Bunn (CA)

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New global asset management regulation webinar: The use of Canadian investment funds by non-Canadian managers

In our latest asset management regulatory webinar, Michael Bunn discusses the use of Canadian investment funds by non-Canadian managers, including types of Canadian investment funds; structuring considerations; and the regulation of Canadian funds. Previous webinars in our global asset management regulation series can be found on our Asset Management Regulation hub located on the NRF … Continue Reading

Does offshore banking confidentiality hold up in Canadian courts?

The April 2016 “Panama Papers” leak highlighted the attraction for transnational actors of the confidentiality available in certain offshore financial centres. Some of these jurisdictions have laws that make it a criminal offence for banks to disclose information about their clients, providing powerful protection for individuals and corporations who wish to keep their financial affairs … Continue Reading

Conditional Exemption from Registration for U.S. Broker-Dealers

The Ontario Securities Commission (OSC) recently published proposed OSC Rule 32-505 – Conditional Exemption from Registration for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario (the Rule). The Rule provides exemptions from the relevant dealer and adviser registration requirements in Ontario for U.S. broker-dealers and U.S. advisers that are trading to, with, or … Continue Reading

Canadian Regulators Impose Sanctions On Unregistered Individuals And Foreign Entities Operating In Canada

Three recent settlement agreements highlight the need for non-Canadian individuals and entities to obtain Canadian legal advice prior to undertaking trading, advising or referral activities with Canadian residents. Downing Settlement In a February 2015 settlement agreement with the British Columbia Securities Commission (BCSC), Sharon Downing (Downing), a resident of the United States, acknowledged that she … Continue Reading

Final IIROC Guidance On Underwriter Due Diligence

The Investment Industry Regulatory Organization of Canada (IIROC) recently released the final version of Guidance Note 14-0299 (the Guidance), which sets out general principles and suggested practices for underwriters’ due diligence with respect to public securities offerings. IIROC issued proposed guidance on this subject on March 6, 2014 (the Proposed Guidance). The Guidance is substantially … Continue Reading

The principal Canadian securities self-regulatory organization initiates consultation regarding proficiency services

On July 16, the Investment Industry Regulatory Organization of Canada (IIROC) requested comments in Notice 14-0181 (the “IIROC Notice”) concerning how it determines the proficiency qualifications for its members’ personnel. At the present time, a private organization, the Canadian Securities Institute (CSI), owned by Moody’s Corporation, is the exclusive course provider for IIROC regulatory courses. … Continue Reading
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