Publications
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The TSX Venture Exchange reaches out to the VC community
The TSX Venture Exchange (the “TSX-V”) has released a white paper which describes how it intends to become an attractive public market for early-stage companies from fast-growing sectors such as technology, clean technology, renewable energy and life sciences (the “high-growth sectors”) and how it (…)
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Crowdfunding: Enhanced capital raising opportunities for startups
Equity crowdfunding will soon have a new framework in which to operate in Canada and this is excellent news for investors and startups alike. On November 5, 2015, the Canadian Securities Administrators announced that regulatory authorities in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia (…)
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The Canada Public Sector Pension Investment Board launches a lawsuit against Saba Capital: Lessons for Fund managers when valuing illiquid securities
On September 25, 2015 the Public Sector Pension Investment Board (the “PSP Investment Board”) filed a lawsuit before the New York State Supreme Court against Saba Capital, the hedge fund managed by Boaz Weinstein (the former co-chief of the credit business at Deutsche Bank AG), for allegedly (…)
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Intellectual property due diligence in an investment context
A due diligence analysis of intellectual property rights is an important step when acquiring or making a significant investment in a business. It is particularly important in the case of a technology business, where IP rights are assets that account for almost all the value in a business. A due (…)
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Major changes enable registered charitable organizations to invest in limited partnership units
The federal budget presented on April 21, 2015 (the “Budget”) contains important measures enabling registered charitable organizations and private and public foundations (hereinafter collectively referred to as “Registered Organizations”) to invest their funds in units of a limited partnership. (…)
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Proposal for new TSX listing requirements for ETFs, closed-end funds and structured products: codification of existing practices
On January 15, the Toronto Stock Exchange (the “Exchange”) published proposed amendments to the Toronto Stock Exchange Company Manual (the “Manual”). More specifically, a completely new section will be added to the Manual (Part XI) for determining the minimum listing requirements to be met by (…)
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FATCA for investment funds – Be ready for May 1, 2015!
The Foreign Account Tax Compliance Act, or FATCA, has been an integral part of Canada’s tax system for over a year. Originally legislated under U.S. law, FATCA allowed the Internal Revenue Service (“IRS”) to obtain information from financial institutions about the financial accounts of U.S. citizens (…)
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Private equity fund economics in Canada: An overview of the essentials
Private equity fund economics play an important role in attracting investors to a given fund. Indeed, investors want to know how expenses will be shared, what fees are applicable and how profits will be allocated. The summary below provides a brief overview of the most common fund arrangements with (…)
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Rules on mark-to-market properties — A pitfall to avoid
The Income Tax Act (Canada) contains specific rules which apply to certain properties held by financial institutions known as the mark-to-market properties rules (hereinafter “MTMP”). These complex rules are often poorly understood and can result in unexpected tax consequences in various situations (…)
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Establishment of a new $375 million venture capital fund and recapitalization of the Anges Québec Capital fund
The Budget Plan unveiled by the Quebec Government as part of the Budget Speech of last June 4 includes many initiatives to increase venture capital financing. The 2014 2015 Budget presented by the Minister of Finance, Carlos Leitão, provides for several measures to make $560 million available to (…)
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What precautions should a proposed director take prior to accepting to act as a corporate director? / What are the duties of a member of a board of directors?
This Need to Know Express is part of a series of newsletters which each answers one or several questions in a practical and concrete way. These bulletins have been or will be published over the next few weeks. In addition, a consolidated version of all the Need to Know Express newsletters published (…)
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Proposed General Anti-treaty Shopping Rule : Private Investment Funds Will Need to Play it Safe
LAVERY: A LEADER IN MONTREAL IN THE PRIVATE EQUITY, VENTURE CAPITAL AND INVESTMENT MANAGEMENT INDUSTRY Creating and setting up private equity and venture capital funds are complex initiatives requiring specialized legal resources. There are very few law firms offering such services in Quebec. Lavery (…)
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Is a director required to be a shareholder or member of the legal person? / Who is eligible to become a director?
This Need to Know Express is part of a series of newsletters which each answers one or several questions in a practical and concrete way. These bulletins have been or will be published over the next few weeks. In addition, a consolidated version of all the Need to Know Express newsletters published (…)