Troy Hilson is building a legal practice in capital markets and mergers and acquisitions. He works on a variety of files relating to securities matters and general corporate transactions including contested transactions, mergers and acquisitions, prospectus offerings, private placements, reverse takeovers and securities regulatory matters.
During his legal studies, Troy volunteered with Pro Bono Ontario where he assisted self-represented litigants at small claims court. Troy also summered in the general counsel’s office of the Ontario Securities Commission, where he was involved in complex research and policy development.
McMillan LLP's Capital Markets & Securities Group discuss the most significant legal developments in Canadian capital markets in 2023.
On January 11, 2024, CIRO proposed amendments aimed at strengthening short selling regulations in Canada.
This bulletin provides key insights into the BCSC's ruling on the criteria for determining when parties are considered to have acted "jointly and in concert"
On November 16, 2023, the CSA and CIRO published CSA/CIRO Staff Notice 23-332 Summary of Comments and Responses to CSA/IIROC Staff Notice 23-329.
On December 21, 2021, a panel of the Alberta Securities Commission issued its written decision providing its reasons for the oral ruling it made on July 12, 2021 regarding applications brought by Bison Acquisition Corp. and Brookfield Infrastructure Corporation Exchange Limited Partnership, as well as Inter Pipeline Ltd. and Pembina Pipeline Corporation.
On December 8, 2022, the Canadian Securities Administrators (the “CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published Staff Notice 23-329: Short Selling in Canada (the “Short Selling Notice”), which reviews the current regulatory requirements and initiatives with respect to short selling and seeks public feedback on areas for regulatory consideration.
The Ontario Superior Court ordered First Capital to hold a special meeting of unitholders more than two months earlier than originally scheduled.
The CSA recently announced the adoption of amendments to the offering memorandum exemption in National Instrument 45-106 and the Companion Policy to NI 45-106.
The CSA and IIROC jointly published Staff Notice 23-329 which reviews the current regulatory requirements and initiatives with respect to short selling.
The Canadian Securities Administrators announced the introduction of a prospectus exemption which will be available to reporting issuers as of November 21, 2022.
IIROC guidance regarding short selling in Canada (IIROC Notice 22-0130).
Proposed amendments to the OM Exemption may have major impacts on issuers engaged in real estate activities or considered collective investment vehicles
In August 2022, McMillan’s Insolvency Litigation group obtained court approval of the plan of arrangement, which was necessary to address a payment default under a debenture.
Frontera Energy Corporation (“Frontera”) (TSX:FEC) issued US$400 million in senior unsecured notes due in 2028 at a coupon rate of 7.875% and a related tender offer to repurchase, at a premium, the Company’s US$350 million 9.7% senior secured notes due in 2023.
On April 7, 2021, PharmaCielo Ltd. (“PharmaCielo”) (TSVX:PCLO) completed its previously announced overnight marketed offering of common shares from the treasury of the company, for gross proceeds of $13.5 million conducted through a syndicate of agents led by Cormark Securities Inc. and including Stifel GMP.
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