RE:RE:OSC has "authority" to intervene in TSX decision GoBlue,
I could not agree with you more.
The USA Federal right to intervene at the State level concerning medical marijuana has not been tested in US courts. The Feds have "NEVER" intervened and if they were to do so, the States are more than prepared to take them on.
I agree the TSX review process is a stall tactic. In the meantime, the CSA, OSC, CSE and every other security commission in the country has agreed the proepr standard is "disclosure" by issuers wanting to do business in the USA.
You are 100% correct by saying the TSX screwed up and are now trying to dial it back by blaming others.
The OSC is goig to let the TSX swim alone on this one before they intervene. Ultimately OSC trumps TSX.
The TSX has set a deadline of year end to complete its first review. Ironically the Rohrabacher-Farr Amendment expires on December 8, 2017. I would not be surprised to see the TSX use the outcome of the Rohrabacher -Farr Amendment to justify their policy decsion (whatever it may be) after December 8th, 2017. It allows them an out.
At the end of the day the standard in Canada is "disclosure" and the TSX will fall into line. The only question is how they get there.
Monte
GoBlue2016 wrote: Monte
someone should ask OSC if an exchange wants to change their “branding” can they unilaterally walk back previous approvals they gave to suit their new “branding”.
What a joke.
My theory is the TKX screwed up big time. And they have set in motion an eventual legal battle which they will lose. But instead of facing a dozen litigants by grandfathering their error (LPs or issuers wanting to invest in US) they chose to face off with Aphria and possibly 2-3 more.
Losing in court on this issue allows them to try and say “we tried but a court over ruled us”. Thus protecting their brand.
And in the interim, they hope MJ is reclassified in the USA to given them their preferred out: “its legal in the States now so it is ok and we fought the fight we should have to protect our brand”.
Again this starts with the TMX screwing up not Aphria. All it’s going to cost the TMX is legal bills. I hope Aphria gets damages out of these idiots.
Any lawyer would LOVE this case as it is plainly obvious the TMX is walking back previous blessings.
GoBlue
Monteviale wrote: The quote below is from an article in the Globe and Mail. I've provided the link to the full article.
- We know that the Ontario Securioty Commission OSC is in favour of allowing lsited comapnies to do business so long as they provide complete "disclosure".
- Globe article mentions that the OSC is refusing to wade into controversial decsion made by TSX (implying that they do have the authority to wade in).
- The review the TSX is undertaking "stands counter to the framework Canada's securities regulators laid out for these firms around accurate and timely disclosure." (All other Canadian Security Comissions in Canada are in agreement of disclosure).
- The OSC which is the largest securites regualtor in the country has never contemplated an outright ban of these securities, "isnt prepared to intervene (and this is the kicker "at this time"). So you know at some point if TSX and Aphria cant work it out, the OSC will intervene.
- OSC will not intervener right now because "Each exchange is enttitled to make a decsions and position itself from a branding perspective in a way it sees fit." (Are you kidding me, the whole delisting announcement by TSX on Monday is because of branding!!!).
Excert of article appearing in Globe and Mail
"The Ontario Securities Commission is refusing to wade into a controversial decision made by Canada's largest stock-exchange operator that could see some cannabis companies doing business south of the border kicked off of the country's two main stock markets.
TMX Group Ltd. is reviewing cannabis firms listed on either the Toronto Stock Exchange or the TSX Venture Exchange to determine if any are violating U.S. federal law, which prohibits the use and sale of the drug. The review, announced this week, stands counter to the framework Canada's securities regulators laid out for these firms around accurate and timely disclosure.
Even though the OSC, which is the country's largest securities regulator, says it's never contemplated an outright ban of these securities, it isn't prepared to intervene at this time.
"We're really not in a position to comment on the processes that the exchange will be undertaking over the next few weeks," said Huston Loke, the director of corporate finance at the OSC. "Each exchange is entitled to make decisions and position itself from a branding perspective in a way it sees fit."
BRANDING, YOU HAVE TO BE KIDDING ME. WHERE IS "WALDO" LOU ECCLESTONE "CHIEF EXECUTIVE OFFICER OF TMX GROUP LIMITED" IN ALL THIS. LEADERSHIP AT ITS BEST.
[url=https://beta.theglobeandmail.com/report-on-business/marijuana-stocks-fall-as-uncertainty-over-listings-grips-the-sector/article36612123/?ref=https://www.theglobeandmail.com&]Marijuana stocks fall as uncertainty over listings grips the sector[/url]