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Jeffrey Kerbel

Securities & Business Lawyer | M&A, Finance & Governance

Senior Counsel

Kristopher R. Hanc

M&A and Capital Markets Lawyer

Partner

Asif Zalfackruddin

Corporate Finance and M&A Lawyer

Associate

On November 19, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for its July 2024 decision granting an application by Riot Platforms, Inc. (Riot) to cease trade a shareholder rights plan (Plan) adopted by Bitfarms Ltd. (Bitfarms). This decision is significant as it refined the test for the granting of an order “in the public interest” under section 127 of the Securities Act (Ontario) (the Act), at least as it applied to shareholder rights plans. The decision also demonstrated the unwillingness of the Tribunal to allow a shareholder rights plan to have a trigger below 20 percent.

Ontario Tribunal Refines Public Interest Test in Cease Trade Decision on Shareholder Rights Plans

Robert W. Staley

Securities & Commercial Litigation Lawyer | Shareholder Disputes

Vice Chair and Partner

COVID and Annual Shareholder Meetings

COVID-19 and Annual Shareholder Meetings

Nicholas P. Fader

Corporate & Public Markets Lawyer | M&A, Debt & Equity

Partner and General Counsel

Brent W. Kraus

Corporate Governance Lawyer | Securities & Capital Markets

Co-Head of Mergers & Acquisitions

For close to three months, M&A lawyers and other capital markets participants had been anxiously awaiting the release of written reasons from the Ontario Securities Commission (“OSC”) and the Financial and Consumer Affairs Authority of Saskatchewan (“FCAAS” and, together with the OSC, the “Commissions”) for their December 22, 2017 orders (collectively, “CanniMed Order”) in the matter of Aurora Cannabis Inc. (“Aurora”) and CanniMed Therapeutics Inc. (“CanniMed”). The Commissions' written decision (released on March 15, 2018) is of considerable interest, as the Aurora/CanniMed proceeding engaged a number of key provisions of the new takeover bid rules introduced in May 2016 (the "New Rules") and represented the first time securities regulators have had to address elements of the New Rules in the context of contested applications.

Securities Commissions Provide Guidance on New Takeover Rules in Hostile Cannabis Bid

Jon C. Truswell

Corporate & M&A Lawyer | Equity, Debt & Governance

Transactions between related parties may create material conflicts of interest between an issuer and its directors, officers and related parties. In particular, material conflicts of interest may arise in the context of insider bids, issuer bids, business combinations and related party transactions. Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101) was adopted in Alberta, Manitoba and New Brunswick on July 31, 2017, and prescribes procedural safeguards intended to mitigate the risks to minority security holders in material conflict of interest transactions. MI 61-101 has been in effect in Ontario and Québec since February 1, 2008, when it superseded Rule 61-501 in Ontario and Regulation Q-27 in Quebec.

CSA Provide Guidance on the Review of Material Conflict of Interest Transactions

Canadian Securities Administrators Provide Guidance on the Review of Material Conflict of Interest Transactions

Katherine Booth

Litigation Lawyer at Bennett Jones Vancouver

The BC Court of Appeal in Cleaver v. The Cadillac Fairview Corporation Limited upheld the refusal to certify a privacy class action, finding no basis in fact for the claim&rsquo;s central allegation. The decision reinforces the courts&rsquo; gatekeeping role at certification and the importance of evidentiary support for the core allegations underlying a proposed class proceeding.

BC Court of Appeal No basis in fact no class action

BC Court of Appeal: No Basis in Fact = No Class Action 

Michael C. Smith

Litigation Lawyer at Bennett Jones Toronto

George W. H. Reid

International Trade, Investment and Public Procurement Lawyer at Bennett Jones Toronto

The Government of Canada has published a new Notice concerning the rules and procedures governing the administration of the quota for imports of electric vehicles from the People's Republic of China for the second period of Quota Year 1 (September 1, 2026 to February 28, 2027). The Notice, issued by Global Affairs Canada under the Export and Import Permits Act, confirms that the second allocation period will continue to operate similar to the first allocation period.&nbsp;

Notice Concerning the Quota for Imports of Chinese Electric Vehicles

Second Allocation Period Opens September 1, 2026

Edwin G. Kroft KC

Tax Litigation Lawyer at Bennett Jones

Kate Kim

Andrew Young

Tax Lawyer at Bennett Jones Vancouver

Issue 43 of Bennett Jones on Tax Disputes highlights recent developments in Canadian tax litigation and dispute resolution. This edition examines the limits of the Minister's ability to advance alternative assessment arguments, clarifies who may deduct legal costs incurred in tax disputes, and explores the role of price adjustment clauses in estate freeze transactions

Bennett Jones on Tax Disputes Issue 43

Bennett Jones on Tax Disputes: August 2026

Carl Cunningham

Management-side Employment Lawyer

David Cassin

Employment Lawyer at Bennett Jones Toronto

Julia Horowitz

Lawyer at Bennett Jones Toronto

In Wigdor v. Facebook Canada Ltd., 2026 ONCA 572, the Ontario Court of Appeal clarified that equity-based compensation, including RSUs, may constitute a term or condition of employment that must be preserved during the statutory notice period under the Employment Standards Act, 2000. The decision highlights the need for employers to carefully review RSU forfeiture provisions and saving language to ensure compliance with employment standards legislation, while confirming that the threshold for punitive damages remains high.

RSU Forfeiture Revisited Ontario Court of Appeal Provides Important Guidance for Employers

RSU Forfeiture Revisited: Ontario Court of Appeal Provides Important Guidance for Employers

Alison G. FitzGerald

International Arbitration Lawyer

Sabrina A. Bandali

International Trade, Regulatory and Investment Lawyer

Canada has introduced a new round of retaliatory tariffs on $27.6 billion worth of US goods in response to the Trump administration's 50% tariffs on Canadian exports. The measures, effective September 8, 2026, include surtaxes ranging from 15% to 50% on a wide range of products, alongside remission programs and duty relief mechanisms for affected businesses.

Jeff Kerbel in Law Times Focus on Changed Takeover Laws in Canada

From the Same Authors