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New proposed amendments to Competition Act target net-zero claims
New amendments to Bill C-59 introduce a novel misleading advertising provision that targets broad environmental representations, including “net-zero” type claims.
Global | Publication | December 2016
In September 2016, a bill amending the Canada Business Corporations Act (CBCA) was tabled for first reading in the Canadian parliament. The proposed changes (the Proposed Amendments) will affect the election of directors, communications with shareholders and disclosure of diversity policies and statistics involving directors and executive officers. The federal government has now published draft regulations (the Draft Regulations) that clarify how the Proposed Amendments will operate.
The Proposed Amendments include the following:
To support the representation of women on the boards of directors and in senior management of federal corporations, the Proposed Amendments will require listed issuers to annually disclose their diversity policies and targets, if any, as well as statistics regarding female representation on the Board and at the executive officer level. The Proposed Amendments bring the CBCA in line with Canadian securities regulations related to gender diversity applicable to TSX-listed issuers and expand the requirements so as to apply to TSX-Venture listed issuers and other reporting issuers as well.
Interestingly, the Draft Regulations expand the scope of diversity beyond gender lines and would require federal corporations to disclose the details of any written policies relating to diversity other than gender amongst the directors and executive officers. This introduces a higher standard of disclosure than that imposed by current securities law or TSX requirements.
For more information on this development, please access the Draft Regulations as well as our previous newsletters on the proposed CBCA amendments here and here.
The Proposed Amendments received second reading in the House of Commons on December 9, 2016. We will provide updates regarding any further proposed amendments and the final form of the legislation as information becomes available.
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New amendments to Bill C-59 introduce a novel misleading advertising provision that targets broad environmental representations, including “net-zero” type claims.
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Real-time market data (RTMD) refers to order and trade information about equity securities distributed immediately after an order has been entered, amended or cancelled or a trade has been executed on a marketplace.
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