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Home > Our Insights > Follow These 5 Steps for Compliant Disclosure on Social Media
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Follow These 5 Steps for Compliant Disclosure on Social Media

Published:

March 30, 2017

Author(s):

  • Julie Robinson, Partner at McInnes Cooper
  • David Wallace, Associate at McInnes Cooper
  • Peter L'Esperance, Articled Clerk at McInnes Cooper

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Social media platforms, like Instagram, Twitter, LinkedIn, YouTube, Facebook and GooglePlus, arguably have more followers and are more closely monitored by market participants than conventional news outlets – making them an efficient and effective tool for public issuers to engage with potential customers, shareholders and other stakeholders. Recognizing this trend, the Canadian Securities Administrators (CSA) recently reviewed the social media disclosure practices of issuers. On March 9, 2017, the CSA published Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers summarizing its findings and expectations for reporting issuers’ use of social media while meeting their disclosure obligations.

Here are the three key areas of concern the CSA identified about public issuers’ compliance with their disclosure requirements when using social media, and five steps issuers can follow to ensure their use of social media complies with those requirements.

3 KEY AREAS OF COMPLIANCE CONCERN

The CSA reviewed the social media disclosure practices of 111 issuers. As a result, it identified three key areas of regulatory concern respecting compliance with the principles and requirements outlined in National Policy 51-201 Disclosure Standards (NP 51-201) and National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) when using this relatively new and growing disclosure venue:

Selective Disclosure. Social media postings aren’t enough for issuers to meet the securities law requirement that material information be “generally disclosed” to the public; issuers must also disclose information through conventional channels, such as press releases and SEDAR. Moreover, the Notice identifies that issuers that disclosed material forward-looking information on social media alone tended not to comply with other disclosure obligations related to forward-looking information, such as identifying the forward-looking information as such and stating the material factors or assumptions used to develop it. As a result, this forward-looking information could be misleading even to those investors who did receive it.

Unbalanced Information. NP 51-201 provides that disclosure should be factual, balanced and include both favourable and unfavourable news. The Notice identified numerous issuer social media postings that are sufficiently promotional or unbalanced to raise compliance concerns. Specifically, the Notice identified situations where issuers: provided commentary or information on social media about their financial results that did not appear to be consistent with or contained in their continuous disclosure on SEDAR, their social media disclosure was either untrue or promotional to a degree that it risked misleading investors, or they provided links via social media to untrue or unbalanced analyst reports or other articles concerning the issuer. The Notice states that where an issuer directs prospective investors to an independent analyst’s report, they should provide the names and recommendations of all independent analysts who cover the issuer in order to prevent issuers from selectively disclosing the reports of only those analysts whose views are favourable to the issuer. 

Inadequate Social Media Governance Policies. The CSA observed that many issuers don’t have the policies, procedures and controls to ensure that disclosure via social media complies with regulatory standards and recommends that issuers develop and/or enhance the strength of their social media governance policies to address:

  • Who can post information about the issuer on social media.
  • What sites (including personal social media accounts as opposed to corporate social media accounts) they can use.
  • What type of issuer information (e.g. financial, legal, operational, marketing, etc.) they can post on social media.
  • What, if any, approvals are required before they can post information.
  • Who is responsible for monitoring the issuer’s social media accounts and third party postings about the issuer.
  • What other guidelines and best practices the issuer will follow.

5 STEPS TO COMPLY WITH DISCLOSURE OBLIGATIONS WHEN USING SOCIAL MEDIA

Here are five steps public issuers can follow to ensure their use of social media complies with the principles and requirements of NP 51-201 and NI 51-102:

  1. Policy. Develop and enforce a social media policy addressing who can post, when they can post, on what sites they can post, the applications on which they can post and whether and what approvals they require to do so.
  1. Training. Ensure employees responsible for an issuer’s social media content are trained on the issuer’s disclosure obligations as expressed in NI 51-102 and the principles outlined in NP 51-201.
  1. Timing. Co-ordinate the timing and content of disclosure via conventional channels, such as SEDAR and news releases, and those via social media and ensure to make disclosure via conventional methods before, not after, social media.
  1. Content. Ensure social media use for marketing purposes is balanced, accurate and consistent with continuous disclosure on SEDAR.
  2. Third Party Monitoring. Establish protocols for sharing or linking to analyst reports or third party articles, including ensuring the information in the report or article is current and accurate and disclosing the identity of the author or analyst, their relationship to the issuer and the names and/or recommendations of other analysts covering the issuer.

Please contact your McInnes Cooper lawyer or any member of the Corporate Finance & Securities Team @ McInnes Cooper to discuss this topic or any other legal issue.


McInnes Cooper has prepared this document for information only; it is not intended to be legal advice. You should consult McInnes Cooper about your unique circumstances before acting on this information. McInnes Cooper excludes all liability for anything contained in this document and any use you make of it.

© McInnes Cooper, 2017. All rights reserved. McInnes Cooper owns the copyright in this document. You may reproduce and distribute this document in its entirety as long as you do not alter the form or the content and you give McInnes Cooper credit for it. You must obtain McInnes Cooper’s consent for any other form of reproduction or distribution. Email us at [email protected] to request our consent.

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    Publications
  • Time to Shine: Nova Scotia to Launch Solar Energy Pilot Program in 2017

    Dec 15, 2016

    On December 13, 2016, the Province of Nova Scotia released for comment draft regulations that will establish the Solar for Community Buildings…

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    Publications
  • The law of unintended consequences: Supreme Court of Canada speaks on the rectification of transactions in Jean Coutu Group (PJC) Inc. v. Canada (Attorney General) and Canada (Attorney General) v. Fairmont Hotels Inc.

    Dec 14, 2016

    On December 9, 2016, the Supreme Court of Canada clarified when a court can rectify a transaction that has had unintended tax consequences for…

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    Publications
  • Keeping It Flowing: 10 Steps to Anticipate Citizens’ Challenges to New Developments

    Dec 7, 2016

    Recently, the Nova Scotia Supreme Court denied a motion for a temporary stay of proceedings to prevent the deployment of certain tidal devices…

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    Publications
  • Supreme Court of Canada Warns Judgment Creditors: Implied Consent is Enough to Disclose Discharge Statement in Royal Bank of Canada v. Trang

    Nov 22, 2016

    On November 17, 2016 the Supreme Court of Canada decided a mortgagee has the mortgagor’s implied consent to disclose its discharge statement…

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    Publications
  • Businessperson or “Business Visitor”: Canada’s Business Visitor Visa Rules

    Nov 22, 2016

    Canada’s most important trading relationship might undergo some change with the results of the 2016 U.S. election. Facilitating cross-border…

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    Publications
  • Founders Shareholders’ Agreement: Key Considerations, Terms & Complementary Agreements

    Oct 21, 2016

    All shareholders – whether in a startup, a small or large business or a family-owned business – can benefit from a shareholders’…

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    Publications
  • Protect Your Assets: An Intellectual Property (IP) Primer

    Oct 19, 2016

    This publication has been updated as at February 28, 2022. For many businesses, large and small, their “Intellectual Property” (IP) is…

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    Publications
  • 3 Key Employment Law Steps to Take Now to Help You Sell Later

    Oct 19, 2016

    Business owners wear many hats – including employer. Your employees may be your business’s greatest asset, but they could also be your…

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    Publications
  • Ontario Follows Suit With Securities Act Changes Tightening the Belt on Insider Trading Regulation

    Aug 15, 2016

    The standards expected of market participants are steadily increasing in response to demand to address white collar crime – including…

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    Publications
  • 5 Key Considerations When Deciding Between Federal & Provincial Incorporation

    Aug 9, 2016

    A key legal decision in starting or growing your business is choosing the business structure that’s right for you. If you incorporate,…

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    Publications
  • NS Dives into Pooled Registered Pension Plans (PRPP)

    Jun 30, 2016

    As of June 25, 2016, provincially regulated workers and employers in Nova Scotia, Quebec, BC and Saskatchewan can participate in Pooled…

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    Publications
  • Supreme Court of Canada Decides Income Tax Act Sections are Unconstitutional – and Strengthens Solicitor-Client Privilege in Canada (Attorney General) v. Chambre des notaires du Québec & Canada (National Revenue) v. Thompson

    Jun 6, 2016

    On June 3, 2016, the Supreme Court of Canada, in two related decisions, strengthened the legal protection of solicitor-client privilege in…

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    Publications
  • Get Your SEDAR Profile: Changes to Private Placement Filing Requirements Effective May 24 & June 30, 2016

    Jun 6, 2016

    On June 30, 2016, amendments to National Instrument 45-106 Prospectus Exemptions and related changes to Companion Policy 45-106 Prospectus…

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    Publications
  • 3 Tips to Use “Forward-Looking Information” to Enhance Your Investor Relations

    May 31, 2016

    You’re on a tight timeline to issue a press release. You finish your draft and ‘cut & paste’ your standard “forward-looking…

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    Publications
  • From Startup to Exit: 5 Key Stages of the Financing Lifecycle

    May 10, 2016

    This publication has been updated as at April 18, 2022. Access to sufficient capital is always a business issue, from the startup stage right…

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    Publications
  • A Penalty by Any Other Name: Supreme Court of Canada Says Interest Rate Increase Triggered by Default, Whatever It’s Called, Infringes the Interest Act in Krayzel Corp. v. Equitable Trust Co.

    May 9, 2016

    On May 6, 2016, the Supreme Court of Canada decided that a mortgage imposing a higher interest rate in the event of default and reserving a…

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    Publications
  • 5 Key Changes to Early Warning Reporting System Effective May 9, 2016

    May 2, 2016

    Amendments changing the early warning reporting system take effect on May 9, 2016, provided all necessary approvals are obtained (except in…

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    Publications
  • New Early Warning Reporting System Exemptions for Certain Securities Lending Arrangements Effective May 9, 2016

    May 2, 2016

    Amendments changing the early warning reporting system take effect on May 9, 2016, provided all necessary approvals are obtained (except in…

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    Publications
  • The New Nova Scotia Mineral Resources Act: The Good, The Risky & The Neutral

    Apr 21, 2016

    On April 15, 2016, Bill No. 149, The Mineral Resources Act (2016) (2016 Act), passed its second reading in the NS House of Assembly. Although…

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    Publications
  • From Watershed Decision to Watershed Law: Government Proposes Physician-Assisted Dying Law in Bill C-14 An Act to amend the Criminal Code and to make related amendments to other Acts (medical assistance in dying)

    Apr 15, 2016

    On April 14, 2016, Canada’s federal Justice Minister proposed legislation setting out the conditions that a person wishing to undergo…

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    Publications
  • The Small Business Deduction: Key Proposed Changes & Strategic Solutions

    Apr 12, 2016

    Federal Budget 2016 proposed to significantly reduce the benefit of and access to the Small Business Deduction. The Small Business Deduction…

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    Publications
  • Doing Business With the Public Sector: Key Confidentiality Risks & 3 Risk Management Strategies

    Mar 24, 2016

    When a business responds to a public sector Request for Proposal or Expression of Interest (both of which we’ll refer to as an RFP for these…

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    Publications
  • Construction Project Manager Sentenced to 3½ Years for Workplace Accident in R. v. Vadim Kazenelson (aka “Metron”)

    Mar 9, 2016

    In what appears to be the first case of the conviction of a front line supervisor under section 217.1 of the Criminal Code and sentencing to a…

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    Publications
  • Doe 464533 v. D.: Business Implications of the Civil Privacy Claim for “Public Disclosure of Private Facts”

    Jan 27, 2016

    On January 21, 2016, the Ontario Superior Court of Justice dramatically expanded the scope of legal privacy protection – and the liability…

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    Publications
  • Ontario Court Provides Guidelines to Balance Privacy Rights & “Tower Dumps” in R v. Rogers Communications

    Jan 18, 2016

    On January 14, 2016, the Ontario Superior Court decided that Canadians have a clear privacy interest in their records of their cellular…

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    Publications
  • 5 Key Changes Streamline Venture Issuer Obligations

    Jan 18, 2016

    Things have gotten a bit easier for venture issuers, such as those listed on the TSX Venture Exchange, with recent changes to their obligations.…

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    Publications
  • Tax Implications of Personal Services Businesses (PSB) Status & Strategies to Avoid It

    Oct 23, 2015

    Incorporation offers legal advantages to sole proprietors of small businesses, including certain tax advantages. However, when a corporation…

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    Publications
  • New Kid on the Block: Crowdfunding Joins Traditional Equity-Based Funding Options for Startups & SMEs

    Oct 19, 2015

    Access to sufficient capital to fund operations, research and development, and other costs is a key challenge for start-ups and for some small…

    Read More
    Publications
  • Canada’s Anti-Spam Legislation (CASL): The Top 3 Lessons Businesses Can Learn from Year 1

    Sep 29, 2015

    The anti-spam sections of Canada’s Anti-spam Legislation (CASL) took effect on July 1, 2014 amidst hype, controversy and dire warnings. Were…

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    Publications
  • Beneficiary’s Purpose Matters: Invalidation of Bequest to Neo-Nazi Group as Against Public Policy Withstands Appeal in McCorkill v. Streed, Executor of the Estate of Harry Robert McCorkill (aka McCorkell), Deceased

    Jul 30, 2015

    Note: On June 9, 2016, the Supreme Court of Canada dismissed the National Alliance’s application for leave to appeal the New Brunswick Court…

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    Publications
  • 3 Reasons for Directors, Officers and Supervisors To Take Occupational Health and Safety Personally

    Jun 25, 2015

    Most people know that a company itself has OHS obligations, and that it risks corporate liability if it violates those obligations. However, not…

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    Publications
  • The New NS Missing Persons Act: 5 Privacy Implications for Businesses, Organizations & Public Bodies

    Jun 2, 2015

    Effective April 22, 2015 the NS Government enacted the NS Missing Persons Act, lowering the threshold for police to get an order to access…

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    Publications
  • The Export/Import Journey: 3 Key Ways Choosing a Free Trade Agreement Country Can Simplify the Trip

    Apr 2, 2015

    The market for the sale and the supply of goods is a global one for many businesses in today’s economy. Both exporting goods from Canada and…

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    Publications
  • Wait a Minute Mr. Postman … 3 Lessons Health Canada’s Privacy Breach Delivers to the Private Sector

    Mar 25, 2015

    On March 3, 2015 Canada’s Privacy Commissioner determined that Health Canada breached privacy laws by mailing letters to over 40,000 Marihuana…

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    Publications
  • No Messing Around – $1.1M First Penalty for Canada’s Anti-Spam Legislation (CASL) Violations by Compu-Finder

    Mar 6, 2015

    On March 5, 2015, the Canadian Radio and Television Commission (the CRTC, the main agency charged with administering and enforcing most of CASL)…

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    Publications
  • Make Way for Women on Boards: 5 New Disclosure Obligations

    Mar 6, 2015

    Effective for the 2015 proxy season, all non-venture issuers reporting in nine Canadian Provinces and Territories must disclose the…

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    Publications
  • No More Criminalization of Physician-Assisted Dying: The Ripple Effects of A Watershed Decision in Carter v. Canada (Attorney General)

    Feb 9, 2015

    NOTE: On April 14, 2016, the federal government proposed legislation setting out the conditions that a person wishing to undergo…

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    Publications
  • Changes to Canada’s Trademarks Law: The Good, The Bad & The Ugly

    Jan 26, 2015

    NOTE: Substantial changes to Canada’s Trade-Marks Act took effect on June 17, 2019 Soon, there’ll be big changes to Canada’s Trademarks…

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    Publications
  • Privacy in Basic Cell Phones: SCC Continues Trend of Privacy Protection in R. v. Fearon

    Dec 11, 2014

    On December 11, 2014 the Supreme Court of Canada continued its trend to recognize privacy rights – and develop the law to protect them –…

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    Publications
  • Canada’s Anti-Spam Legislation (CASL) Software Installation Sections: 10 FAQs

    Dec 11, 2014

    On January 15, 2015, the software provisions of Canada’s Anti-Spam Legislation (CASL) will take effect.  CASL’s anti-spam sections, touted…

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    Publications
  • 5 “Legal” Reasons Why Natural Resource Companies Should Care About Corporate Social Responsibility (CSR)

    Dec 10, 2014

    “Corporate Social Responsibility” (CSR) as a concept has been floating around in business-speak for years – but stakeholders in the mining…

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    Publications
  • Complying with Canada’s Anti-Spam Legislation (CASL): A blueprint for the construction industry

    Dec 1, 2014

    The construction industry - project owners, contractors, subcontractors and trades - might be relaxing, ignoring the hype around Canada’s…

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    Publications
  • Thou Shalt Not Lie: SCC Recognizes New Duty of Honesty in Contract Law in Bhasin v. Hrynew

    Nov 14, 2014

    On November 13, 2014, the Supreme Court of Canada (SCC) effected a significant development in Canadian contract law by recognizing the…

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    Publications
  • Complying With Canada’s Anti-Spam Legislation (CASL): Protecting Directors & Officers from Personal Liability

    Oct 14, 2014

    CASL’s anti-spam sections came into force on July 1, 2014. Every organization that CASL affects should now be complying with it – and their…

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    Publications
  • The Top 5 Corporate Governance Best Practices That Benefit Every Company

    Sep 16, 2014

    Many believe that only public companies or large, established companies with many shareholders need to be concerned about, or can benefit from,…

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    Publications
  • Canadian Treaty Shopping Proposal Shelved Pending Final OECD Recommendation, First To Be Released September 16

    Sep 11, 2014

    The Canadian federal government has been concerned for some time about “treaty shopping” by non-residents – the practice of non-residents…

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    Publications
  • Complying With Canada’s Anti-Spam Law (CASL) – Foreign Organizations Doing Business in Canada Need to Pay Attention

    Aug 1, 2014

    Most Canadians have heard about Canada’s Anti-Spam Legislation (CASL): we’ve been bombarded with “CASL Compliant” emails asking us to…

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    Publications
  • SCC Protects Internet Users’ Expectation of Privacy In Online Activities in R. v. Spencer

    Jun 16, 2014

    On June 13, 2014 the Supreme Court of Canada decided that Canadians have a reasonable expectation of privacy in their online activities, and…

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    Publications
  • Counting Down to Canada’s Anti-Spam Legislation (CASL) – The Last Minute Guide to Preparing For CASL

    Jun 12, 2014

    The countdown to CASL is almost over: there are only 13 business days until the anti-spam provisions of CASL – and most of the penalties for…

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    Publications
  • Joining the Crowd – NS & NB Consider Crowdfunding

    Jun 11, 2014

    Note: For an update on Crowdfunding, read: New Kid on the Block – Crowdfunding Joins Traditional Equity-Based Funding Options for Start-ups…

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    Publications
  • Counting Down to Canada’s Anti-Spam Legislation (CASL) –10 Steps to Prepare for CASL

    May 8, 2014

    On July 1, 2014 – less than two months from now - the anti-spam sections of Canada’s Anti-Spam Legislation (CASL) take effect. Individuals…

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    Publications
  • Counting Down to Canada’s Anti-Spam Legislation (CASL) – Does CASL Make You A “Spammer”?

    Apr 15, 2014

    The countdown to CASL is on: on July 1, 2014, the anti-spam sections of Canada’s Anti-Spam Legislation (“CASL”) take effect. Individuals…

    Read More
    Publications
  • Cloud Computing: A Privacy FAQ

    Mar 19, 2014

    As organizations turn to cloud computing services, ensuring compliance with legislation and reducing privacy risks is key. In Canada, there is…

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    Publications
  • Counting Down to Canada’s Anti-Spam Legislation (CASL): 10 Reasons Why You Should Care About The Upcoming CASL Right Now

    Feb 28, 2014

    On July 1, 2014, the anti-spam sections of Canada’s Anti-Spam Legislation (aka “CASL”) will take effect. CASL is: Broad. It applies…

    Read More
    Publications
  • Counting Down to Canada’s Anti-Spam Legislation (CASL) – What You Need to Know Now

    Feb 28, 2014

    On July 1, 2014, the anti-spam sections of Canada’s Anti-Spam Legislation (aka “CASL”) take effect. CASL will apply to just about every…

    Read More
    Publications
  • Privacy in Computer Contents: Supreme Court of Canada Picks Up Where It Left Off in R. v. Vu

    Nov 8, 2013

    On November 7, 2013, the SCC decided police require specific authorization in a search warrant to search the data in a computer because of the…

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    Publications
  • Legal Update: Risky Trading – Insiders and Potential M&A’s

    Nov 1, 2013

    Recent decisions of securities regulators and amendments to Canadian securities laws demonstrate regulators' lowered tolerance for insiders who…

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    Publications
  • General Security Agreements – Tips and Traps

    Aug 28, 2013

    A general security agreement (GSA) is the most common form of personal property security used in the Atlantic Provinces to secure commercial…

    Read More
    Publications
  • Franchise Questions: What do I need to know about moving into new markets?

    Jun 7, 2013

    In Franchise Canada’s Spring 2013 “Viewpoints” feature, McInnes Cooper franchise lawyer Michael Melvin answers this question for…

    Read More
    Publications
  • A Practical Analysis of “Material Fact”

    May 21, 2013

    In its April 2013 decision in Re Stan, the Alberta Securities Commission provides issuers with a practical approach to the assessment of both a…

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    Publications
  • A White Paper on Reforming Canada’s Transportation Policies For the 21st Century

    Feb 8, 2013

    While much of the developed world struggles with debt and chronically low growth, Canada, one of the best-performing members of the G-7,…

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    Publications
  • CSA Staff Notice 11-318: Guidance for Cease Trade Order Database Users

    Aug 27, 2012

    Introduction and Purpose Staff of the Canadian Securities Administrators (CSA Staff or we) are publishing this Staff Notice (the Notice) to…

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    Publications
  • Canadian Securities Administrators Adopt Rule For Over-The-Counter Issuers

    Jun 1, 2012

    Multilateral Instrument 51-105, Issuers Quoted in the U.S. Over-the-Counter Markets will come into effect on July 31, 2012. Once effective,…

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    Publications
  • Alert: Supreme Court of Canada Finds Proposed Canadian Securities Act Unconstitutional

    Dec 22, 2011

    On May 26, 2010, the Canadian federal government released the proposed Canadian Securities Act (the Act) which would, among other things, create…

    Read More
    Publications
  • Investor Readiness

    Nov 1, 2011

    Entrepreneurs need to be ready for due diligence, so it’s essential to involve legal advisors and accountants early in the process. Click…

    Read More
    Publications
  • Accounting Firms – Do they need to be registered as exempt market dealers

    Oct 6, 2011

    In 2009 Canadian securities regulators changed the rules relating to securities “registration” – these rules determine who is required to…

    Read More
    Publications
  • Legal Update: Cloud Computing and Privacy FAQ

    Apr 7, 2011

    Note: Click here to read an updated version of this Legal Update in Cloud Computing: A Privacy FAQ as seen in as seen in CCCA Magazine, Spring…

    Read More
    Publications
  • A Closer Look at the Regulations Under the New Brunswick Franchises Act

    Oct 1, 2010

    McInnes Cooper franchise lawyer Michael Melvin highlights some of the significant features of the Disclosure Documents Regulation and the…

    Read More
    Publications
  • What are electronic disclosure documents and why and how may they be used?

    May 31, 2010

    In Franchise Canada’s May/June 2010 “Ask A Legal Expert” feature, McInnes Cooper franchise lawyer Michael Melvin answers this question for…

    Read More
    Publications

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