Securities and Mergers & Acquisitions Newsletter

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Q1 2011
April 2011

Contributions from our Paris office are featured in this Q1 2011 edition of our Newsletter. Ginette Leclerc and Sandra Tripathi have contributed our lead article reporting on France's regulatory response to the recent economic crisis. They have also contributed a Bulletin reporting on the reforms of the EU financial supervisory system adopted by the European Union.

In Toronto and Montreal and in London, there has been a great deal of discussion and debate about the proposed merger of the London Stock Exchange Group and the TMX Group announced on February 9, 2011. Fasken Martineau lawyers have contributed to that discussion and have been quoted in a number of news stories.

Throughout Canada, observers are following closely the outcome of the federal government's proposal to enact the Canadian Securities Act which, if passed by Parliament, would create a federal securities regulator in Canada, alongside the current 13 provincial and territorial securities administrators. The federal government referred the draft statute to the Supreme Court of Canada for an answer to the question whether the statute would be within Parliament's constitutional authority having regard to the split of constitutional powers between Parliament and the legislatures of the provinces and territories. The governments of Alberta and Quebec have similarly referred the question to their respective Courts of Appeal. Lawyers in our Calgary office have contributed in this newsletter a Bulletin reporting on the decision released on March 8, 2011 by the Alberta Court of Appeal finding the proposed statute to be beyond the legislative authority of Parliament. On March 31, 2011, the Quebec Court of Appeal released its decision on the question. We will publish shortly our Bulletin reporting on the similar outcome in the Quebec Court of Appeal.

Please let us know if you have any comments on our Newsletter.

Robert D. Chapman | Ottawa
Managing Editor