Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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Canada | Publication | June 26, 2024
On June 20, securities regulatory authorities in each of Alberta, British Columbia, Nova Scotia, Ontario, Quebec and Saskatchewan (the participating jurisdictions) issued temporary local blanket orders that allow exempt market dealers (EMDs) to participate in prospectus offerings subject to the restrictions set out below (the Blanket Orders). A similar blanket order is anticipated shortly in New Brunswick.
Prior to implementation of the Blanket Orders, which are substantially similar in each participating jurisdiction, EMDs were restricted to acting as dealers only where a distribution was made pursuant to an exemption from the prospectus requirement contained in the relevant securities legislation and in certain other limited circumstances. EMDs were not permitted to participate in a prospectus offering.
The Blanket Orders follow the January 2021 recommendation of the Capital Markets Modernization Taskforce to the Ontario government to amend Ontario securities laws to allow EMDs to participate as members of a selling group in prospectus offerings. The recommendation recognized the need for additional sources of finance for smaller and mid-size issuers in order to foster competitive capital markets.
Recognizing that the EMD registration category is subject to less stringent requirements than the investment dealer registration category, the Blanket Orders impose the following restrictions on an EMD’s participation in a prospectus offering:
The Blanket Orders will remain in effect until December 20, 2025, unless extended by the participating jurisdictions.
The CSA Notice regarding the coordinated Blanket Orders is available here. The following are links to the relevant orders of each of the participating jurisdictions:
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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