24 LEXPERT
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2019
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WWW.LEXPERT.CA
May, Neill I. Goodmans LLP
(416) 597-4187 nmay@goodmans.ca
Mr. May focuses on all aspects of corporate/securities law, with emphasis
on M&A, private equity, and public and private financings. He is Co-Chair
of Goodmans' Corporate Securities Group and a former member of the TSX
Listing Advisory Committee and the OSC's Securities Advisory Committee
and Small Business Advisory Committee. Former Adjunct Professor at the
University of Toronto, Faculty of Law.
Matlow, David J. Goodmans LLP
(416) 597-4147 dmatlow@goodmans.ca
Mr. Matlow practises corporate finance/securities, private-equity and M&A law.
He acts for public and private companies in a range of transactions, including
financings, fund formation, initial public offerings, regulatory matters and
divestitures. He also acts for a number of private equity firms in their investing
activities. He is the Chair of the Jewish Foundation of Greater Toronto.
Mathieu, Frank Stikeman Elliott LLP
(514) 397-2442 fmathieu@stikeman.com
Mr. Mathieu is a partner and Head of the Montréal office's Tax Group. He
specializes in Canadian income tax law, including income tax aspects of
Mergers & Acquisitions, and Corporate Reorganizations and Restructurings
in a cross-border context. He has extensive expertise advising foreign private
equity funds in relation to their Canadian investments.
Massé, David Stikeman Elliott LLP
(514) 397-3685 dmasse@stikeman.com
Mr. Massé is a partner in the Corporate Group. He specializes in mergers
& acquisitions, capital markets and securities. He has been counsel to
sellers, purchasers and financial advisors in various mergers, acquisitions,
divestitures, spin-offs and reorganizations. He also frequently acts as
counsel to issuers and underwriters in public and private domestic and
international offerings.
Martel, Guy P. Stikeman Elliott LLP
(514) 397-3163 gmartel@stikeman.com
Mr. Martel is a partner in the Litigation & Dispute Resolution Group,
specializing in banking and restructuring. He has actively participated in the
representation of lenders, borrowers and investors in Canadian, cross-border
or foreign matters. He often acts as legal advisor for lending institutions
and companies that specialize in the restructuring and sale of financially
troubled businesses.
Mariage, Frank Fasken Martineau DuMoulin LLP
(514) 397-7540 fmariage@fasken.com
Mr. Mariage practises in the areas of securities, corporate law and mining
law. Over the course of his career, he has developed legal expertise on
mining issues. He represents mining companies and guides them during
the discovery, sale, and processing of mineral deposits, in Canada and
elsewhere. He specializes in the legal issues and challenges faced by
mining companies.
LEXPERT-RANKED LAWYERS
"It's a sinkhole that no one knows anything
about, a highly risky commodity in respect of
which gains or losses should be treated as income
rather than capital," he says. "I don't see any new
principle emerging from this particular asset."
Despite the uncertainty, however, pretty well
everyone interviewed agreed that good regulation
takes time.
"We're dealing with novel and complex devel-
opments," Sheikh says. "Regulators and legislators
need time to get up to speed on exactly what this
technology is about and how to apply existing laws
to it."
Compounding the problem is the shiing land-
scape. "e markets have been changing so rapidly
that it's difficult for anyone to catch their breath
and figure out rules that meet everyone's needs,"
Fuke says.
Meanwhile, it's not as if securities regulators are
standing still. Apart from the guidance that secu-
rities regulators have offered, the CSA has estab-
lished its Regulatory Sandbox, aimed at gaining "a
better understanding of how technology innova-
tions are impacting capital markets, [at assessing]
the scope and nature of regulatory implications
and [at determining] what may be required to
modernize the securities regulatory framework."
Several provincial commissions also have dedi-
cated teams to help startups.
To its credit, the Regulatory Sandbox has been
the conduit through which authorities have pro-
vided exemptive relief to two token offerings and
allowed four registered firms to act as investment
fund managers for a private cryptocurrency in-
vestment fund.
Arguably, however, CSA members haven't gone
quite as far as other regulators in soothing crypto-
currency startups and potential investors.
"FINTRAC will answer certain questions, the
SEC will issue 'no action letters' and the Canada
Revenue Agency has long issued advance rulings,"
Fuke notes.
In response, CSA spokesperson Ilana Kelemen
advises that "our views on/approach to the cryp-
tocurrency space are in line with most interna-
tional regulators."
But CSA, through Kelemen, offered little in
the way of assuring investors that greater certainty
is on its way.
"e CSA continues to closely monitor the
regulatory issues surrounding cryptocurrencies in
Canada," she wrote in an email. "We continue to
assess the scope and nature of regulatory implica-
tions, and review applications from businesses in
the cryptocurrency sector that are subject to secu-
rities law."
As Krishna sees it, that's not surprising.
"Government and regulators rarely lead," he
says. "ey're more inclined to follow."
