Q4 | TORYS QUARTERLY • FALL 2018

Sector Influences

A new trade deal for North America, hostile M&A in the oil patch, and technology changing the rules of corporate governance: as 2018 rounds its final lap, we examine changes to business across sectors.

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Included in this report:

Governments in action

USMCA may be the biggest story of government influencing business in 2018, but trade deals aside, the public sector has been busy this year making decisions that will have an impact on industry.

NAFTA 2.0: The Wide-Ranging Impact of USMCA
The September 30 agreement that renegotiates NAFTA updates the more than two decade old trade deal.
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  • Waking the Giant: Charter Litigation Under the Spectre of the Notwithstanding Clause
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  • The GILTI Regime and the Changing Face of U.S. Tax Rules
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  • Canada’s Bail-In Regime Now in Force
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The timing of changes to IP rules depends on the uncertain timing of the ratification and implementation of USMCA.
— NAFTA 2.0: The Wide-Ranging Impact of USMCA

Sectors and dealmaking

Sector developments in energy, infrastructure, private equity and more are shaping the broader M&A landscape.

State of Play in Canadian Oil and Gas M&A
Increases in U.S. production coupled with increased costs and regulatory uncertainty in Canada have contributed to a general investment decline in Canada’s oil and gas sector since the highs of 2014.
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  • A New Era for Renewable Energy in Ontario
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  • The Growing Appeal of Sponsor-to-Sponsor Deals in Canada
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  • How the Private Sector can Boost Indigenous Water Infrastructure
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  • In a First, Delaware Finds Deal Properly Terminated Due to Material Adverse Effect
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Expect investment and M&A activity in the clean energy sector to carry on as companies set targets and Canada focuses on being a global leader in clean energy.
— State of Play in Canadian Oil and Gas M&A

Governance

From data breach crises to social media disclosure rules: technology is changing the way we approach corporate governance. And an upcoming SCC review may force businesses to hit reset on how they regulate themselves.

Public Companies’ Uneasy Relationship With Social Media
Musk’s tweets provide a cautionary tale for public companies in the United States and Canada about the risks of using social media to disseminate information to investors.
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  • Governance for the New Generation of Crisis Management
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  • Dicey’s Comet Returns—Will Administrative Law Skies Get Brighter?
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Social media communications are short and casual, but are no less significant under securities laws than formal disclosures in a company’s filings.
— Public Companies’ Uneasy Relationship With Social Media

Past Editions

Quarterly
Q3 | Summer 2024: U.S. business and the 2024 election
 
Jul 24, 2024
Quarterly
Q2 | Spring 2024: The governance issue
 
May 30, 2024
Quarterly
Q1 | Winter 2024: 2024 outlook: Canadian innovators and investors look ahead
 
Jan 16, 2024

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