Canada: Securities

After a brief dip in popularity in the Canadian public M&A market, contingent value rights, or CVRs, have seen renewed interest as acquirors and target companies look to bridge gaps on value attributable to a future milestone, asset or performance outcome. CVRs provide target shareholders with a contractual right to receive additional consideration post-closing if specified payment triggers are satisfied during their term; they are used to address circumstances where the parties agree on the base value of a company but disagree on specific (and contingent) drivers of value.

The TSX Venture Exchange (TSXV) has removed its longstanding requirement for issuers to engage a sponsor in connection with listing transactions effective March 31, 2026.

This retrospective examines key developments in securities litigation over a five-year period, analyzing critical legal precedents that affect issuers, underwriters, and securities lawyers. The analysis covers OSC receiver appointments, underwriter indemnity rights, and the procedural complexities of securities class actions against insolvent issuers.

Sous réserve de critères et conditions, les émetteurs émergents peuvent désormais déposer un rapport financier intermédiaire et le rapport de gestion correspondant sur une base semestrielle (le « projet pilote »)...

Venture issuers who meet certain conditions and criteria can now file financial statements and related MD&A on a semi-annual basis (the SAR Pilot) under the Canadian Securities Administrators...

For more information about what it takes to cross the 10% threshold, the implications of doing so, determining your security-holding percentage (including deemed ownership), and more, see our blog about crossing the 10% threshold

The Ontario Securities Commission ("OSC") has issued an advance notice regarding the 2026 Risk Assessment Questionnaire ("RAQ") for registrants in Ontario.

A small selection of public companies in Canada can now "opt out" of disclosing financial results on a quarterly basis in favour of a new semi-annual reporting (SAR) framework.

Ontario's Capital Markets Tribunal recently denied a private party's application for standing under section 127 of the Securities Act, reinforcing the high standard required for private parties to bring applications before the Tribunal. The decision clarifies when a party may be considered "directly affected" by an issuer's conduct and emphasizes that section 127's public interest jurisdiction is not designed to resolve private securities law disputes.