Securities North and South

 
Canadian Securities Research

In a “New York State of Mind”

 

Louis Mirando, Director, Library Services, Torys LLP, Toronto
Michael Hoffman, Librarian, Torys LLP, New York

 

CALL Annual General Meeting

Niagara-on-the-Lake

Tuesday, May 27, 2003

 


CONTENTS

  1. Securities Regulation

    1. Basic Principles

    2. Regulatory Agencies

    3. Major Securities Laws

      1. Canada

      2. United States

  2. Sarbanes-Oxley Act of 2003

  3. Regulatory Agencies & Regulatory Materials

    1. Canada

      1. OSC Reformulation Project

    2. United States

  4. Sources

    1. Canada

    2. United States

  5. Types of Disclosure Filings

    1. Canada

    2. Multijurisdictional Disclosure System (MJDS)

    3. United States

  6. Sources for Publicly-filed Disclosure Documents

    1. Canada

    2. United States

  7. Precedent Research

    1. Canada

    2. United States


 

I.  SECURITIES REGULATION

 

1.  Basic Principles

 

 

2.  Regulatory Authorities

 

 

3.  Major Securities Laws

 

Canada

 

 

United States

 

o       Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives:

§        require that investors receive financial and other significant information concerning securities being offered for public sale; and

·  Securities Exchange Act of 1934

 



II.  Sarbanes-Oxley Act of 2002

 

 



III.  Regulatory Agencies & Regulatory Materials

 

Canada (Ontario)

 

 

OSC Reformulation Project

 

 

United States

 

 



IV.  SOURCES

 

Canada

 

 

United States

 




V.  TYPES OF DISCLOSURE FILINGS

 

Canada

 

 

Multijurisdictional Disclosure System (MJDS)

 

 

United States

 

·        Securities Act of 1933:  Initial listing requirements for new securities

o       Registration Statements (equivalent of Canadian prospectuses)

§        S-1:  Initial registration (prospectus)

§        S-2:  Simplified registration (simplified prospectus)

§        S-3:  Secondary offerings

§        S-4:  Merger or exchange

§        S-8:  Company securities (stock option plans, etc.)

§        F-1 to F-4:  Foreign issuers

§        F-7 to F-10:  Canadian Issuers (MJDS)

§        Exhibits

o       Annual Reports

§        10-K

§        20-F (foreign issuers)

§        40-F (Canadian MJDS issuers)

§        Exhibits

o       Quarterly Reports

§        10-Q

§        6-K (foreign issuers)

§        Exhibits

o       Monthly Reports

§        8-K (material event)

§        6-K (foreign issuers)

§        Exhibits

o       Annual Report to Shareholders (ARS)

o       Proxy Statements

 


 

VI.  SOURCES FOR PUBLICLY-FILED DISCLOSURE DOCUMENTS

 

Canada

 

SEDAR

Other sources for SEDAR documents:

 

United States
 

EDGAR

Sources of EDGAR filings:

 



VII.  Precedent Research

 

Prospectuses, annual reports, and other securities public disclosure filings have enormous “precedent” value for securities and corporate practitioners.

 Canada

There is currently only one service that permits full-text searching of Canadian securities public disclosure documents (from SEDAR):

 

United States

US public disclosure documents are especially rich sources for precedent research, because of the requirement that all material contracts (i.e., contracts materially affecting the filer’s financial status and operations) must be appended to filings; these material contracts will usually be found appended to the filings as “Exhibits