Cindy Lin, 2L, Rédactrice exécutive de Forum Conveniens

Suite aux modifications apportées en 2016 au régime canadien des offres publiques d’achat, certains conseils d’administration ciblés se tournent vers l’utilisation de placements privés lorsqu’ils sont confrontés à une offre hostile. Cela soulève des questions intéressantes de caractérisation : Quand les placements privés sont-ils considérés comme ayant un but légitime, par opposition à être examinés par les autorités de régulation des valeurs mobilières comme une tactique défensive inappropriée ? Dans cet article, la rédactrice éxecutive Cindy Lin fournit des orientations à ceux qui souhaitent savoir quand et comment les placements privés sont traités par les commissions.

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Cindy Lin, 2L, Volume 82 Executive Editor of Forum Conveniens

Following the 2016 amendments to the Canadian takeover bid regime, some target boards have turned to the use of private placements when faced with a hostile bid. This gives rise to interesting questions of characterization: When are private placements seen as having a proper purpose, versus scrutinized by securities regulators as an improper defensive tactic? In this article, Executive Editor Cindy Lin provides guidance for those who are interested in knowing when and how private placements are dealt with by the commissions.

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Madison Kerr, 3L, Senior Editor

Recently, the Securities Act (Ontario) has been amended to include the fostering of capital market competition into the established purposes of the Act, thereby influencing the interpretation and enforcement of securities law in Ontario. Senior Editor Madison Kerr discusses what fostering competition may look like in practise and identifies the two intended effects of securities law enforcement - intrajurisdictional and interjurisdictional competition.

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