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After launching consultations in the fall on ways to strengthen corporate transparency, the Government of Quebec proposed measures in its 2020-2021 budget, tabled on March 10, 2020 in the National Assembly. As we reported in our October 8, 2019 article entitled The Quebec Government Launches a Public Consultation on Corporate Transparency, the consultation focused on three main proposals: (1) mandatory disclosure of information on ultimate beneficiaries to the Enterprise Registrar of Quebec (“REQ”); (2) the ability to search the enterprise register using an individual’s name; and (3) disclosure of the ultimate owners of properties.

As important as it is for small and medium enterprises to plan for the eventual resumption of their activities, it is even more crucial that they remain afloat during the COVID-19 crisis. In recent days, the provincial and federal governments, as well as financial institutions and other organisations, have announced a number of support measures to help alleviate the economic impact of the crisis on businesses. What are they?

Several provincial governments have designated investment firms and their registrants as essential services during the current COVID-19 pandemic. As a result, on March 31, 2020, the Investment Industry Regulatory Organization of Canada (IIROC) released a Rules Notice concerning exemptions from Dealer Member Rules (the “Notice”). This Notice details the exemptive relief that Dealer Members can apply for if they are experiencing hardships in complying with related IIROC Dealer Member Rules as a consequence of the effects of the COVID-19 pandemic.

On March 20, 2019 the Quebec Court of Appeal ruled on the possibility of publishing a Mareva injunction order in the land register. This decision is of particular interest as it is the first time Quebec courts have recognized the possibility of publishing a Mareva injunction.

In this article on corporate governance during a crisis, we take a close look at the governance reflexes to be adopted in the current context, without losing sight of the post-COVID-19 outlook.

The circumstances arising from the COVID-19 pandemic are giving rise to unprecedented consequences in global securities markets. The unfolding crisis will likely give rise to material impacts to the business operations of many public issuers. Since most public issuers have deployed rapidly evolving internal crisis management operations, this dynamic situation may lead to greater dissemination of and greater access to material non-public information by internal and external employees and advisors. This makes it all the more important to establish and implement robust internal corporate controls and procedures.