An income trust is an entity whose securities entitle the holder to the net cash flows generated by an underlying business or income-producing property owned by the trust or another entity. Income trusts are reportedly more tax efficient than common equity firms. Following what some observers...

In the wake of the financial crisis, Credit Rating Agencies (CRAs) have been criticized for having played a significant role in the market turmoil. Numerous reports have identified failures on the part of CRAs that have affected the quality and integrity of the rating process. In light of the...

The credit crisis that started in the American mortgage subprime market in 2007 is having profound social and economic consequences. In this context, lawmakers, regulators, and commentators have questioned the role of rating agencies in the market turmoil. In light of the critiques, a strong...

The recent decision of the Supreme Court of Canada in Theratechnologies Inc. v 121851 Canada Inc. (“Thera”) goes to the heart of the debate on the place of the public and private enforcement methods in the Canadian securities regulation regime. Fundamentally, the case concerns the...

Corporate governance is increasingly attracting attention from Canadian governments and regulators. Although they have been numerous, the proposals put forward in Canada by corporate governance reform committees share two salient characteristics. First, they assume that reform of corporate...

Small and medium-sized enterprises (SMEs) play a vital role in the Canadian economy. While the growth and success of these enterprises do not depend solely on financial support, access to financing is critical for their expansion. In this respect, public equity financing performs a crucial...

While it is by no means a new trading strategy, short selling has attracted considerable attention on the part of regulators and the public over the last decade. In the midst of the financial crisis, securities markets regulators across the world imposed temporary bans or constraints on short...