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On November 9, 2018, the Supreme Court of Canada (“SCC”) opened the door for a proposed national securities regulator in Reference re Pan-Canadian Securities Regulation (“Pan-Canadian Securities Reference”).  The SCC found that the federal government and six provinces/territories were allowed under Canada’s Constitution to delegate their respective authority to regulate securities to a single regulator.

Public companies and other reporting issuers will need to report material environmental information to a Pan-Canadian securities regulator once the proposed Cooperative Capital Markets Regulatory System (“CCMR Proposal”) is implemented.

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