Lexpert, which describes itself as “Canada’s leading source of news and information about the business of law”, recently published an interesting article on the current state of private equity in Canada. With commentary from a number of leading mergers and acquisitions lawyers across Canada, as well as the statistics from Allen & Overy LLP’s quarterly international M&A Index, the overall tone was one of cautious optimism.
With services such as DocuSign becoming more prevalent by the day and the obvious attraction to the convenience that such solutions offer, executing documents by using electronic or digital signature technology is coming up in transactions and other routine matters with increasing frequency. The question is whether documents and agreements signed by applying an electronic or digital signature are valid, and what, if any, requirements there are with respect to such electronic signatures.
As Aaron Singer mentioned in his February 11, 2015 post, the Competition Bureau has recently set the pre-merger notification threshold relating to transaction size for 2015 at $86 million. However, while a transaction below these thresholds is not notifiable, the Competition Bureau may nonetheless review the transaction if there are legitimate competition concerns and the Bureau is made aware of the transaction – as occurred in Tervita Corp. v Canada (Commissioner of Competition) (“Tervita“).
Tervita attracted a lot of attention, as it was unusual for two reasons.
In a recent Legal Post Article Drew Hasselback prognosticates that representation and warranty (R&W) insurance “may pick up steam in Canada this year”. While R&W insurance has been around for more than 20 years, it has never gained significant traction in the context of M&A transactions in Canada. Is this about to change?
On January 15, 2015, further provisions under Canada’s Anti-Spam Law, commonly known as “CASL”, came into effect. These provisions prohibit the installation of computer programs, or sending of electronic messages from a computer system where a computer program has been installed, without express consent. More information can be found on these new provisions in an article I wrote for our Technology and IP Group. With these provisions coming in to effect, it is an opportune time to remind ourselves of the impact of CASL on M&A transactions.