Photo of Adam RockBy Adam RockJuly 18 2017
Business Law

Recent Developments in Alberta Securities Laws

Click here to view in PDF.

This blog post summarizes certain significant developments in Alberta securities law during the first half of 2017:

  • January 26, 2017 – The Canadian Securities Administrators (the “CSA”) published CSA Staff Notice 54-305 Meeting Vote Reconciliation Protocols, which outlines CSA staff expectations and guidance for improving the processes involved in the tabulation of proxy votes.
  • February 23, 2017 – The CSA launched a “regulatory sandbox”, an initiative designed to support businesses seeking to offer innovative products, services, and applications, such as online platforms, including crowdfunding portals, online lenders, angel investor networks, or other technological innovations for securities trading and advising.
  • February 24, 2017 – The Supreme Court of Canada dismissed two appeals from Alberta defendants, thereby confirming the earlier Alberta Court of Appeal decision that there is no right to trial by jury for offences under the Securities Act (Alberta).
  • March 9, 2017 – The CSA published CSA Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers, which summarizes staff’s findings and disclosure expectations for public companies that use social media.
  • March 21, 2017 – The CSA announced a project to review the disclosure of risks and financial impacts associated with climate change.
  • April 4, 2017 – The CSA published for comment Proposed National Instrument 93-101 Derivatives: Business Conduct, which establishes an investor protection regime for over-the-counter derivatives markets that is intended to create a uniform approach to derivatives business conduct regulation in Canada.
  • April 6, 2017 – The CSA published CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers, which seeks comments on potential options for reducing the regulatory burden for public companies.
  • June 8, 2017 – The CSA published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions that would amend the report of exempt distribution set out in Form 45-106F1 Report of Exempt Distribution to address concerns raised by issuers about the certification and certain information requirements.
  • June 29, 2017 – The CSA published for comment proposed amendments to National Instrument 45-102 Resale of Securities that would introduce a new prospectus exemption for the resale of securities of a foreign issuer.

Invitation for Discussion:

If you would like to discuss this article in greater detail, or any other business law matter, please do not hesitate to contact one of the lawyers in the Business Law group at Nerland Lindsey LLP.


Note that the foregoing is for general discussion purposes only and should not be construed as legal advice to any one person or company. If the issues discussed herein affect you or your company, you are encouraged to seek proper legal advice.

Related Insights

  • Be Aware of the Competition Act When Making Acquisitions
  • Using the “Material Adverse Change” Condition to Terminate
  • Another Case of the Accidental Franchisor
  • CSA Proposes New Rule on Non-GAAP and Other Financial Measures Disclosure
  • Everyone Revokes the Northwest Exemption Except Alberta and Saskatchewan
  • ASC Expands Prospectus Exemptions for Distributions to Purchasers Outside Alberta
  • Canadian Companies Need to Assess Their “Foreign Private Issuer” Status for SEC Reporting Purposes
  • CSA Staff Says Most Coin/Token Offerings Are Securities