Walied Soliman

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Special Situations team publishes article on abusive short selling in Globe and Mail

By Orestes Pasparakis and Walied Soliman on January 21, 2019 Posted in Uncategorized

Orestes Pasparakis and Walied Soliman, co-chairs of Norton Rose Fulbright’s Canadian special situations team, and Joe Bricker, associate, have published an article highlighting the growing problem of abusive short selling in Canada and calling for legislative reform. The article ran in the Globe and Mail on Saturday, January 19 and can be viewed here. … Continue reading

Aurora/CanniMed: Canadian securities regulators provide guidance on takeover bids in Canada – Expect to see more hard lock-ups and fewer tactical poison pills

By Walied Soliman and Heidi Reinhart on April 2, 2018 Posted in Uncategorized

The Ontario and Saskatchewan securities regulators (the Commissions) have released their reasons in connection with the unsolicited bid of Aurora for CanniMed (the Reasons). Below, members of our Special Situations team set out some of the key lessons of the decision. Key Takeaways expect to see an increased use of hard lock-ups (that is, lock-ups … Continue reading

Governance Oversight – Is Your Board An Active One?

By Walied Soliman on January 11, 2018 Posted in Corporate Governance

In a recent interview with Christopher P. Skroupa on Forbes.com, Walied Soliman (Chair of Norton Rose Fulbright Canada, LLP and Co-Chair of Norton Rose Fulbright’s Canadian special situations team) weighs in on what it means to be an active director. The interview can be viewed here. Stay connected with Special Situations Law and subscribe to the blog … Continue reading

5 Key Developments in Canadian Corporate Governance Rules in 2017

By Walied Soliman and Orestes Pasparakis on December 20, 2017 Posted in Corporate Governance

Members of Norton Rose Fulbright’s Canadian Special Situations team have published an article on the firm’s website highlighting key developments in Canadian corporate governance rules in 2017. The article can be found here: http://www.nortonrosefulbright.com/files/ca-5-key-developments-in-canadian-corporate-governance-rules-in-2017-161267.pdf. Stay connected with Special Situations Law and subscribe to the blog today. … Continue reading

Making your vote count II: CSA finalizes proxy voting protocols

By Walied Soliman, Andrea Brewer and Nader Hasan (Toronto) on March 20, 2017 Posted in Corporate Governance, Securities

The Canadian Securities Administrators (CSA) have recently released finalized guidance and protocols for meeting vote reconciliation under CSA Staff-Notice 54-305 Meeting Vote Reconciliation Protocols (the Protocols) which are implemented on a voluntary basis. The Protocols mark the latest step in a systemic review that began in 2013 to bring greater transparency and simplicity in vote … Continue reading

M&A – key developments in 2016 and a look ahead

By Walied Soliman and Orestes Pasparakis on February 6, 2017 Posted in M&A

January 2017 – Walied Soliman and Orestes Pasparakis, co-chairs of Norton Rose Fulbright’s Special Situations Team hosted their annual video webinar on M&A activity in Canada. They highlight the key developments of 2016 and what to expect for 2017. Watch the video (registration required). Stay connected with Special Situations Law and subscribe to the blog today.… Continue reading

Universal proxies: SEC proposal moving forward

By Walied Soliman, Andrea Brewer and Nader Hasan (Toronto) on November 25, 2016 Posted in Securities

In a move that may encourage shareholder activism and increase the potential for proxy contests, the Securities and Exchange Commission (SEC) has voted to propose amendments to the U.S. federal proxy rules (the Proposed Rules). As discussed in a previous post, the Proposed Rules will require parties in all “non-exempt” solicitations in a contested director … Continue reading

Federal government proposes changes to corporate law: What it means for corporate governance and shareholder activism

By Walied Soliman and Andrea Brewer on October 6, 2016 Posted in Corporate Governance, Shareholder Activism

On September 28, 2016, Canada’s federal government introduced a bill proposing amendments (the Amendments) to the Canada Business Corporations Act (the CBCA), among other acts. The Amendments include new requirements for electing directors, mandatory diversity disclosure, and changes to shareholder communications. These proposed changes, if enacted, will have significant effects on corporate governance and shareholder … Continue reading

Non-standard accounting measures: The media, regulators, and shareholders zero in

By Linda Fuerst, Orestes Pasparakis, Walied Soliman and Heidi Reinhart on September 29, 2016 Posted in Securities

Non-standard accounting practices have been gaining in popularity among Canadian publicly traded companies. Issuers that rely solely on standard accounting metrics now make up a small minority of the companies listed in the S&P 500 and S&P/TSX 60. Many issuers believe that non-standard measures are a better reflection of performance than Generally Accepted Accounting Principles … Continue reading

More proxy fights and bully M&A tactics to come for commodity issuers; CSA publishes amendments to the Canadian take-over bid regime

By Walied Soliman, Orestes Pasparakis and Trevor Zeyl on February 26, 2016 Posted in Securities

Yesterday morning, the Canadian Securities Administrators (the CSA) published the long-awaited amendments to Canada’s take-over bid regime (the Amendments) under Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids. We believe that these Amendments may result in the increased use of proxy fights and bully M&A tactics by acquirors to effect acquisitions of commodity issuers. … Continue reading

CSA publishes proposed amendments to the Canadian take-over bid regime

By Walied Soliman, Orestes Pasparakis and Trevor Zeyl on April 2, 2015 Posted in M&A

On March 31, 2015, the Canadian Securities Administrators (the CSA) published proposed amendments to Canada’s take-over bid regime (the Proposed Amendments) under Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids, other related instruments and the Ontario Securities Act. The Proposed Amendments will be open for comment until June 29, 2015. There are three key … Continue reading

Welcome to Norton Rose Fulbright Canada’s Special Situations Law blog!

By Walied Soliman and Orestes Pasparakis on January 21, 2014 Posted in Compliance, Corporate Governance, Proxy Battles, Securities, Shareholder Activism

We are excited to announce the launch of the Special Situations Law blog, a space for our Special Situations team members to comment and deliver insight on the legal and business developments impacting shareholder activism in Canada and globally. The blog will house a wealth of resources and perspectives on special situations law, including: incisive … Continue reading