Legal news and trends for Canadian in-house counsel and c-suite executives
Issue link: https://digital.canadianlawyermag.com/i/50884
fi rms and individuals who deal in securities, provide invest- ment advice, or manage investment funds, according to the New Brunswick Securities Commission, and have arguably been a bigger change for some issuers than the move to a na- tional regulator would be. Th e new registration regime under National Instrument 31- 103 came into eff ect in September 2009, completing the imple- mentation of the passport system, according to the Canadian Securities Administrators, and providing Canada-wide rules for the conduct of registrants and regulatory procedures they must follow. Th e project, which was many years in the making, includes fewer registration categories, higher profi ciency stan- dards for some registrants, and enhanced rules for consumer disclosure, referral arrangements, handling investor complaints, and disclosing and addressing confl icts of interest, says the Al- berta Securities Commission. Registration reform doesn't aff ect everyone, says Zordel, but for those in-house counsel it does, it's been a tough year. "In some respects, that's more of a change than the move to a na- tional regulator. Because what you were doing there was you were changing the law. You were changing the structure, you were changing the categories of registration, the requirements; that was a massive change in law," she says. As a result, Zordel says it has been a lot of work to implement and is still ongoing, including the technical problems of getting the systems to work. Th e CSA also recently proposed fi rst-year amendments to NI 31-103, aff ecting areas such as compliance systems and confl icts of interest. "When we move to a national securities act, we're hoping not to have as much of a challenge with that area," she adds. Sean Vanderpol, a partner practis- ing in Stikeman Elliott LLP's corporate and securities groups, agrees, saying while registration reform made a substantial im- pact in a smaller area, it was quite comprehensive and the issu- ers involved are still dealing with it. Recently, these registration requirements and the changing of the self-regulatory organizations' views on registration have had a large impact on the broker-dealer world in terms of the handling of client complaints and related issues, says Horton. "Th e regulatory world, it continues to evolve enormously and I think we're going to see a lot more changes in the regulation of previously unregulated products," she says. Life post- and other trends Continuous disclosure is always on the mind of any public company, but the issue was put back into the spotlight again Regulatory and Corporate Liability From Due Diligence to Risk Management Your guide to the legal assessment, application and a complete understanding of these important yet complex concepts The Honourable Justice Dennis O'Connor, Court of Appeal of Ontario Gain important perspective on the liability of organizations in regulatory and criminal contexts, and find out how to limit liability and the risk of prosecution. This resource deals with issues that are relevant to many areas of the law including occupational health and safety, the environment, competition and securities. ORDER your copy today Looseleaf & binder • $205 Releases invoiced separately (1-2/yr) P/C 0134030000 ISBN 0-88804-420-8 Find expert guidance and insightful analysis on: • • • the basis for regulatory and criminal liability how regulations apply to organizations and individuals in-depth analysis of Bill C-45 • how to deal with charges • how the principles of sentencing will impact upon a given scenario • navigating the regulatory and criminal liability systems in Canada For a 30-day, no-risk evaluation call: 1.800.565.6967 CL0910 22 • OCTOBER 2010 Canada Law Book, a Thomson Reuters business. Prices subject to change without notice, to applicable taxes and shipping & handling. INHOUSE The Honourable Todd L. Archibald, Kenneth E. Jull and Kent W IMAX "In analyzing the principles underlying both regulatory offences and defences such as due dili gence, the authors provide a sound analytical framework for the development of the law" . Roach An of Organizations) Act to Amend the - Criminal Code (Criminal Liability