Will Crowdfunding “Kickstart” Ontario’s Exempt Market?
On March 20, the Ontario Securities Commission (OSC) along with its counterparts in Quebec, New Brunswick, Nova Scotia, Manitoba, and Saskatchewan, unveiled the proposed rules to deal with crowdfunding (among other things) as a source of capital for start-ups and SMEs. The comment period ends on June 18. In a sense, the OSC is playing catch-up, in that the US and UK regulators seem to be one or two years ahead of the OSC in permitting and regulating crowdfunding. Most advocates for crowdfunding seem generally pleased with the proposals, which would allow issuers to raise up to $1.5 million in ... [more]
Canada’s Anti-Spam Law
Canada’s new Anti-Spam legislation, commonly known as “CASL”, establishes an “opt-in” regime by making it presumptively unlawful to send a commercial electronic message (CEM), unless the recipient has consented to receive it, and the sender includes certain information and an unsubscribe mechanism. CASL applies to anyone who uses email for any commercial purpose. Violators face heavy sanctions, including fines up to $10 million, and private damages actions. Most of CASL’s provisions come into force on July 1, 2014. [more]
Criminal Investigations and Cross Border Litigation Not A Bar to US Depositions
The Superior Court of Ontario recently granted an application for the enforcement of letters rogatory to take evidence of, and compel the production of documents by, two non- party Ontario residents in a consolidated multidistrict class action in the US. The Court held that the conditions for enforcement were met and, importantly, rejected the arguments of the Respondents to the application that permitting the examinations would violate the respondent’s rights against self-incrimination.... [more]
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