'Canada Steps Up'--Task Force to Modernize Securities Legislation in Canada: recommendations and discussion |
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| Authors: | Halpern Paul; Puri Poonam |
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| Institution: | *Paul Halpern, TSX Chair in Capital Markets and Director, Capital Markets Institute, Rotman School of Management, University of Toronto; Poonam Puri, Associate Professor of Law, Osgoode Hall Law School, York Univeristy. Visiting Professor, Rotman School of Management, University of Toronto. |
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| Abstract: | The first 150 words of the full text of this article appear below. Key points- The Task Force to Modernize Securities Legislationin Canada released its report entitled ‘Canada Steps Up’in October 2006. Its 65 recommendations focused on bringingCanadian securities law into the 21st century, enhancing Canada'scompetitiveness in the global marketplace and eliminating itshigher cost of capital relative to the US.
- This article reviewsand analyses the Task Force's recommendations in five criticalareas: cost–benefit analysis (CBA), improving access tocapital markets, the use from electronic disclosure systemsand financial literacy, the regulation of hedge funds and finally,enforcement.
- This article also reviews two issues that receivedsignificant Task Force discussion, but were left as ideas forconsideration, namely an insurance scheme for misinformationin the capital markets and subsidizing securities analysis toimprove analyst coverage of small firms.
- Finally, conclusionsare drawn from the Task Force's deliberations and recommendationsand next steps are suggested.
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1. Introduction
| There is a Canadian . . . Full Text of this Article]
2. Recommendations and discussion
| Cost–Benefit Analysis (Chapter 3 in the Task Force Report6) Improving access to capital markets The current Canadian regime: POP and shelf offerings The POP system Shelf prospectuses The unallocated shelf The US Public Offering Reforms A Canadian Offering Reform Proposal C-WKSI eligibility criteria C-WKSI offering documentation The C-WKSI speed advantage Private placements Broadening the ‘accredited investor’ category Electronic Disclosure and Financial Literacy (Chapter 4) Hedge Funds (Chapter 6) Current regulatory regime Exempt trades Exempt securities Regulatory recommendations Disclosure Principal protected notes linked to hedge funds Manager registration Enforcement (Chapter 7)
3. Areas for future consideration
| The Role of Gatekeepers (Chapter 8) Insurance Against Misinformation (Chapter 9)
4. Conclusions
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Appendix
| Summary of Task Force recommendations Recommendations regarding approaches to securities regulation and general principles Recommendations regarding understanding how investors make investment decisions and better meeting the needs of investors Recommendations regarding accessing the Canadian capital markets Recommendations regarding the regulation of hedge funds Recommendations regarding the enforcement of securities laws
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