The purpose of this article is to present the Canadian legal practitioner with a summary of those sections of American securities laws which are applicable to foreign issuers. Discussion, for the most part, will be limited to a brief outline of the more salient aspects of securities regulation; a complete presentation of any one feature would be impossible within the confines of a single article. Wherever possible, relevant authorities will be cited and counsel would be wise to examine their more detailed treatment. Moreover, though federal legislation in this area is not exclusive, discussion will be limited to the national acts. All issuers, however, have the additional, albeit relatively simple, burden of compliance with the "blue sky" laws of each separate state in which an offering is to be made.
Merril Sobie, The Canadian Corporation and Wall Street: Application of United States Securities Laws to Canadian Issuers, 6 W. Ontario L. Rev. 93 (1967), available at http://digitalcommons.pace.edu/lawfaculty/367/.