Canada’s new securities regulatory structure is a disservice to investors

By Anita Anand https://www.theglobeandmail.com/report-on-business/rob-commentary/new-securities-regulatory-structure-a-disservice-to-investors/article35167692/ The current proposal for reform of Canada’s securities regulatory structure, referred to as the “Cooperative Capital Markets Regulator,” is not in investors’ interests. This may seem strange because securities regulation is founded on the need to protect investors in the capital markets. Yet in both its governance structure and substance, the… Read More Canada’s new securities regulatory structure is a disservice to investors

Bad News for Investors from the CSA

  The Canadian Securities Administrators (CSA) announced yesterday that a majority of provinces and territories have abandoned the project of working on a best interest standard governing investment advisers and other financial intermediaries. This is bad news for investors especially given the “expectations gap” that consumers experience: they incorrectly assume that advisers are obliged to… Read More Bad News for Investors from the CSA

Continued Governance Problems at Bombardier

At today’s shareholder meeting, the CEO of Bombardier, Alain Bellmare, stated that Bombardier is now “tighter on governance.” Perhaps he was referring to the move of Pierre Beaudoin to step down as executive chair  after major Canadian pension funds refused to support Beaudoin  in this position. But this governance change, while positive, is minor. There… Read More Continued Governance Problems at Bombardier

Investors and Trump: What to Expect in Capital Markets: Looking Forward

By Anita Anand Observers of the financial markets are asking: how will investors and foreign companies be treated under Trump’s presidency?  Without question, the Securities and Exchange Commission’s long-standing mandate ­ to protect investors and maintain efficient capital markets ­ will remain the regulatory centerpiece regardless of the change in presidents. Trump’s appointment of Carl… Read More Investors and Trump: What to Expect in Capital Markets: Looking Forward

Is the World Better prepared for the Next Global Financial Crisis?

By Anita Anand and Michael Trebilcock Eight years have passed since the most recent global financial crisis although its long-term effects linger in the form of low growth rates, weak labour markets and high levels of public and private indebtedness in many countries.  History suggests that we will experience more crises which will increasingly exhibit… Read More Is the World Better prepared for the Next Global Financial Crisis?

Upcoming Event: Rewarding Corporate Whistleblowers – Will this Improve Canadian Capital Markets?

Please join the Capital Markets Institute on January 26, 2017 for a panel discussion on Rewarding Corporate Whistleblowers: Will this Improve Canadian Capital Markets?  The event will feature Heidi Franken, Chief, Office of the Whistleblower, Ontario Securities Commission; insights from current research on the US whistleblowing experience from Andrew Call, Associate Professor, W. P. Carey School… Read More Upcoming Event: Rewarding Corporate Whistleblowers – Will this Improve Canadian Capital Markets?

InterOil-Exxon precedent delivers a wake-up call on fairness opinions

By Anita Anand http://www.theglobeandmail.com/report-on-business/rob-commentary/interoil-exxon-precedent-delivers-a-wake-up-call-on-fairness-opinions/article33071936/ Rare is the precedent-setting securities case that emerges from the Yukon Court of Appeal. The recent attempted arrangement between InterOil Corp. and Exxon Mobile Corp., however, has given rise to such a case. The decision contains a welcome judicial pronouncement on fairness opinions in the context of corporate mergers. InterOil was… Read More InterOil-Exxon precedent delivers a wake-up call on fairness opinions