Canada: Hybrid Debt Structure For Public Issuers

A recent public issuance of hybrid debt provides an innovative opportunity for public entities seeking to raise funds.  TransCanada PipeLines Limited (TCPL) recently raised US$750,000,000 through a public issuance of hybrid debt notes by TransCanada Trust (the Trust).  The Trust is a Canadian resident trust, all of the units of which are owned by TCPL.  The issuance of the hybrid debt notes (the Notes) provided TCPL with a cost-effective means of raising capital, which […]

By |September 25th, 2015|

SEC Expands Its Focus In The Municipal Bond Market, Bringing First-Ever Charges Against An Underwriter For Pricing Violations Related To Primary Offerings

Coming on the heels of the SEC’s first wave of settlements with underwriters as part of its Municipalities Continuing Disclosure Cooperation (“MCDC”) initiative, the agency has brought yet another precedent-setting enforcement action against an underwriter in the municipal bond market.  On August 13, 2015, the SEC brought a settled enforcement action against the brokerage firm Edward Jones, in which the firm agreed to pay more than $20 million to settle charges that it […]

By |September 23rd, 2015|

IIROC Releases Annual Report

The Investment Industry Regulatory Organization of Canada (IIROC) has just released its 2014-15 Annual Report. As the accompanying news release indicates, the 56-page report  recaps a number of important achievements during the period, including the following:

Finalization of the Debt Transaction Reporting Rule, which allows for better regulatory oversight of Canadian debt markets;
Research on the effectiveness of know-your-client policies;
Continuing to focus on high-quality empirical research on the impact of High Frequency Trading and similar activities […]

By |September 21st, 2015|