One Case, Two Commissions, Several Novel Securities Issues

by Anita Anand This week, the Ontario Securities Commission and British Columbia Securities Commission simultaneously heard a case relating to the hostile takeover bid that Idaho’s Hecla Mining Co. has launched for Dolly Varden Silver Corp., a junior issuer based in British Columbia. Hecla seeks to acquire all of the Varden shares it does not …

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Will the OSC Whistle-Blower Program Change the Game, or Just Get Played?

by Anita Anand In this article, published in the Globe and Mail on July 14, 2016, Wendy Berman and Lara Jackson argue that whistleblowers may be vulnerable under the new regime even though they are permitted to remain anonymous if represented by counsel: Full article is here: http://www.theglobeandmail.com/report-on-business/rob-commentary/will-the-osc-whistle-blower-program-change-the-game-or-just-get-played/article30903748/. The Ontario Securities Commission’s new Office of the Whistleblower …

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What’s Wrong With Dual Class Shares?

by Anita Anand Many large firms – Google, Alibaba and Fitbit to name a few — have dual class or multiple voting share structures (MVS) in which the firm issues two or more classes of shares, one to the public and the other to insiders (typically founders, promoters, management, private investors or board members). The shares that …

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Defining Systemic Risk: Comments on the proposed Capital Markets Stability Act

by Anita Anand At root, the debate over whether Canada should have a cooperative securities regulator (or some version thereof) stems from questions about the appropriate institutional supervisory structure for Canada’s financial system. While a specific question is whether securities regulation should be dispensed provincially or federally, a larger question pertains to the optimal regulatory …

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