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Alpha Exchange yesterday published proposed public interest rule amendments
intended to bring IntraSpread functionality in compliance with
UMIR dark liquidity provisions that are coming into force on
October 15, 2012. Specifically, the amendments would amend its
IntraSpread dark pool functionality to remove dark orders that
provide price improvement of 10% over the national best bid
and offer, and introduce dark orders that can trade at the
NBBO with SDL orders (orders with "fill or
kill" duration that execute actively against dark orders)
under certain circumstances.
The amendments are intended to come into effect on October 15,
2012. Comments are being accepted on the proposed amendments until
August 27.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Alberta Court of Appeal recently decided that a corporate director who was found to have made negligent misstatements about the management team’s knowledge, expertise and competence to operate its business, was not personally liable in tort.
As a result of renewed efforts to enforce Canada’s "Corruption of Foreign Public Officials Act" and the most-recent proposed amendments to the Act earlier this year to extend jurisdiction to Canadian corporations’ activities abroad, boards of directors, senior management, and internal auditors have been encouraged to renew their efforts to protect their companies from the legal and reputational risks associated with breaches of our anti-corruption legislation.
The rule in "Re Hastings-Bass", [1975] Ch. 25 (CA), has been understood to permit the court to declare void and set aside the exercise of a discretionary power under a trust.
The Canadian Securities Administrators recently published final amendments to their securities rules that will expand the scope of marketing activities that can be conducted in connection with prospectus offerings.
In a case that upholds the Supreme Court of Canada's notion that there is no presumption that the scope of an employee's authority includes the commission of unlawful acts, an Alberta Master has summarily dismissed a case based in vicarious liability.
The Ontario Superior Court of Justice released its judgment in Cornish v. Ontario Securities Commission, on appeal from a decision of the Ontario Securities Commission issued September 28, 2011.
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