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Let's talk antitrust: Discussing recent cases and emerging competition issues
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
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Global | Publication | June 2016
The Toronto Stock Exchange has published for comment proposed amendments to the TSX Company Manual (the Proposed Amendments). The Proposed Amendments, if enacted, would:
Written comments on the Proposed Amendments will be accepted until June 27, 2016.
Requiring a TSX-listed issuer to maintain its own website will bring the TSX in line with certain other exchanges,
including NYSE and AIM. The TSX Venture Exchange does not have issuer website requirements. The TSX is
concerned that market participants may encounter difficulty locating documents on SEDAR (the Canadian Securities Administrators’ public depository for continuous disclosure documents) as issuers do not necessarily use the same filing practices. The Proposed Amendments will require TSX-listed issuers to post current copies of the following documents on their website:
Some but not all of these documents are required to be filed on SEDAR. The TSX is soliciting comments on the
appropriateness of the website requirements. Specifically, the TSX is soliciting feedback on whether additional
documentation should be required to be filed or excluded from filing, the material costs to comply with the new
requirements, possible concerns that shareholders may rely on less than current documentation on a website, and the appropriate time period to allow issuers to satisfy the new requirements if adopted.
It is likely many issuers will be able to easily comply with the website requirements and may in fact already have
protocols in place regarding website postings. Such procedures will need to be put in place or reviewed to ensure the correct documents are posted and kept current.
The Proposed Amendments both simplify and enhance disclosure regarding security-based compensation
arrangements of TSX-listed issuers. The Proposed Amendments are updated to reflect more recent compensation arrangements, including those taking the form of a plan that set out the terms and conditions pursuant to which options, performance stock units, deferred stock units or other awards (collectively awards) are granted. The highlights of the Proposed Amendments relating to security-based compensation arrangements are:
If the Proposed Amendments come into effect, TSX-listed issuers still need to comply with the rules relating to
executive compensation imposed by Canadian securities legislation.
A copy of the Proposed Amendments can be accessed here.
Video
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Publication
After a lacklustre finish to 2022 when compared to the vintage year for M&A that was 2021, dealmakers expected 2023 to see the market continue to cool in most sectors, in response to the economic headwinds of rising inflation (with its corresponding impact on financing costs), declining market valuations, tightening regulatory scrutiny and increasing geopolitical tensions.
Publication
On 18 September 2023, the CMA published its Initial Report (Initial Report) on AI Foundation Models (FM), supplemented in April 2024 with the publication of its “Update Paper” focused on potential antitrust risks associated with FMs and a “Technical Update Report” providing more detail on the development on FMs (collectively the “Reports”). Below, we consider these CMA publications.
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