Darcy Ammerman Photo
Darcy Ammerman Photo
Darcy Ammerman Photo

Darcy Ammerman is regarded as an experienced financial services lawyer with expertise in secured lending transactions, financial institution regulation, the regulation of service contracts / warranties and a wide range of insurance matters. Darcy frequently advises on syndicated lending, asset-based lending, debtor-in-possession (DIP) financing, mezzanine financing and project finance.

Darcy conducts ongoing analyses of the Canadian regulatory landscape relating to warranties, extended warranties and service contracts. She advises her clients on the factors regulators may consider when assessing licensing requirements for automobile protection products through auto dealership franchises, extended warranties on fitness equipment and extended warranties on household appliances.

While on secondment as legal counsel at Payments Canada, the organization responsible for Canada’s essential payments systems, Darcy gained expertise with respect to payments modernization.

Darcy Ammerman is a highly accomplished lawyer in banking and finance, named a 2021 rising star in the IFLR1000 Financial and Corporate Guide and one of the national leaders of the firm’s Financial Services Group.



Representative Matters

  • Insurance
    • Represented Privilege Underwriters Reciprocal Exchange (PURE) to obtain approval from the Superintendent of Financial Institutions (Canada) under the Insurance Companies Act (Canada) to insure in Canada personal lines property and casualty risks, including those falling under the classes of property, liability, marine and automobile insurance.
    • Represented Arthur J. Gallagher & Co. in its acquisition of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson plc. for US$3.25 billion.
    • Routinely assists domestic and foreign insurance and reinsurance companies in connection with incorporation and licensing of Canadian subsidiaries/branches.
    • Currently working with a US reciprocal insurance exchange to establish branch operations in Canada, which will be the first federally regulated reciprocal insurance exchange branch to operate in Canada.
    • Currently working with a insurance company in the Netherlands to establish branch operations in Canada for a specialty insurance product.
    • Darcy manages the firm’s collaboration with Ethidex Inc. to offer Risk Manager®, a web based risk management and legislative compliance tool for insurance companies across Canada.
    • She also conducts a quarterly cross-Canada review of the legislation and regulatory guidance applicable to insurance companies in order to provide ongoing compliance advice.
    • Advises corporate clients on the scope and language of the insurance policy coverage to be required from their vendors and other counterparties.
    • Recently conducted a fulsome review of the applications and endorsements of an international insurance company and adapted them for use within Canada (excluding Quebec).
    • Ongoing advice to a major global insurance company related to their operations in Canada, most recently with respect to the language and roll out of a new flood endorsement.
    • Counsel to an international insurance agency with respect to the organization and licensing of a Canadian federal life insurance agency seeking to commence business in the provinces of Ontario, Alberta, British Columbia and Quebec.
    • Engaged by a key stakeholder to provide advice with respect to the ongoing review of the federal financial sector legislative and regulatory framework in Canada, with a particular focus on the ability to interact with fintech companies.
    • Counsel to The Co-operators Group Limited in the merger of its travel insurance company TIC Travel Insurance Coordinators with Allianz Global Assistance Canada, creating one of the largest travel insurance providers in the country operating as Allianz Global Assistance.
  • Extended Warranties and Service Contracts
    • Provides ongoing warranty advice to an interactive fitness company based in the United States in connection with the sale of fitness equipment in Canada.
    • Recently provided an analysis of the regulatory landscape in select Provinces relating to extended warranties for HVAC Equipment and other household appliances.
    • Advised an automotive manufacturer with respect to an extended warranty program, including potential risks and the applicability of licensing requirements.
    • Advised on the factors that regulators may consider when assessing licensing requirements for the provision of automobile protection products through franchise auto dealerships.
  • Lender Counsel
    • Counsel to Antares Capital LP, in its capacity as administrative agent for a syndicate of financial institutions, in connection with a US$135 million debtor-in-possession financing to Golfsmith International Holdings LP. Golfsmith, a specialty retailer of golf equipment, consumables, athletic apparel and accessories in North America, and its US subsidiaries filed for Chapter 11 proceedings in the United States. Concurrent Canadian proceedings under the CCAA were filed by Golf Town Canada Holdings Inc. (the Canadian branch of Golfsmith) and its Canadian subsidiaries.
    • Counsel to FMMC Private Yield Fund (FMMC), a private investment fund managed by Fraser Mackenzie Merchant Capital in connection with a multimillion-dollar funding agreement with iCONECT to support the ongoing development of iCONECT’s flagship XERA document review platform and its continued expansion in the legal eDiscovery field, as well as its entrance into healthcare and finance industries. Fraser Mackenzie Merchant Capital is a private equity firm based in Canada that helps medium sized businesses grow, while FMMC provides capital to profitable, privately-owned and small-cap public businesses in Canada and the United States.
    • Counsel to The Bank of Nova Scotia in connection with an extension of a senior secured revolving credit facility to North American Palladium Ltd., an established precious metals producer.
    • Assisted a major Schedule I Bank to obtain a security interest over a mine in Mexico, along with other collateral located in Peru and Barbados.
    • Lender counsel for the $175 million debtor-in-possession (DIP) financing provided to Catalyst Paper to help fund its operations during the period of credit protection under the CCAA.
    • Assisted a major Schedule III Bank to secure an amended and restated credit facility to a leading energy management company, allowing the company to acquire a new subsidiary.
  • Borrower Counsel
    • Acted for Canadian Payments Association (d.b.a. Payments Canada), the organization responsible for Canada’s essential payments systems, in connection with a syndicated credit facility in the principal amount of $250 million as part of the modernization of Canada’s payments ecosystem completed in April, 2017.
    • Canadian counsel to Vitran Corporation Inc., a publicly traded North American transportation company in the sale of its Supply Chain Operation (SCO) business to LEGACY Supply Chain for US $97 million in cash in which LEGACY Supply Chain acquired various Vitran Canadian and U.S. subsidiaries carrying on the SCO business.
    • DIP financing: counsel to Crystallex International Corporation, a mining company, whose main asset was a $3.2 billion arbitration claim against Venezuela.
  • Project Finance
    • Counsel to the bond underwriters and lenders in connection with a $1.093 billion 20 year project for the design, construction, financing, operation and maintenance of the John Hart Generating Station Replacement Project involving a new generating station, water bypass facility and associated water intake and 2.1 kilometer long tunnel located on Vancouver Island, British Columbia.
    • Significant role in the financial close of the Northeast Anthony Henday Drive Project in Alberta, a $1.81 billion project for the design, build, operate and finance of the North East portion of the Edmonton ring road over the course of a 34-year contract. The project includes 27 kilometres of six and eight-lane divided roadway, nine interchanges, two road flyovers, eight rail crossings and two bridges across the North Saskatchewan River.

Speaking Engagements

Ontario Bar Association's Environmental Law Mentorship Roundtable

June 8, 2022

Taking effective security, Intensive Short Course in Secured Lending and Debt Finance, Osgoode Hall Law School

September 23, 2020

The Fundamentals of Regulatory Compliance & Legal Risk Management for Financial Institution, Osgoode Hall Law School, Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions, Online Replay

May 1, 2020

The Fundamentals of Regulatory Compliance & Legal Risk Management for Financial Institutions, Osgoode Hall Law School, Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions, Online Replay

January 28, 2020

Cyber-Attacks: What’s Covered and What’s Not, Association of Certified Forensic Investigators of Canada Fraud Conference

April 29, 2019

News


Media Mentions


Rankings & Recognition

  • Recognized in the 2024 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Banking & Financial Institutions
  • Recognized by Chambers Canada (2024) as a leading lawyer in the area of Insurance: Transactional & Regulatory
  • Recognized by 2023 Edition of The Secured Lender’s Women in Finance Issue as a Leading Woman in Secured Finance
  • Recognized in the 2023 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area Banking & Financial Institutions
  • Recognized in the 2022 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Asset Based Lending and Banking & Financial Institutions
  • Recognized by IFLR1000 Financial and Corporate Guide 2022 as a Rising Star in the area of Banking
  • Recognized in the 2021 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Banking & Financial Institutions
  • Recognized by IFLR1000 Financial and Corporate Guide 2021 as a Rising Star in Banking
  • Recognized by IFLR1000 Financial and Corporate Guide 2020 as a Rising Star in Banking
  • Recognized by IFLR1000 Financial and Corporate Guide 2019 as a Rising Star in Banking
  • Listed on the UNECE Roster of PPP experts
  • IFLR1000 Financial and Corporate Guide 2018 as a rising star in banking and financial services

Community Involvement

  • Volunteer with Level (formerly Canadian Lawyers Abroad) in support of the Dare to Dream justice education program mentoring Indigenous youth from Nunavut and the Northwest Territories.
  • Participant in The Law School Show as an interviewee.
  • Mentor – Women’s Legal Mentorship Program – uOttawa Chapter.

Directorships & Affiliations

  • Ontario Bar Association
  • Canadian Bar Association
  • OBA Young Lawyers’ Division Central Executive Member 2012-2013
  • Past Board Member – Toronto Rehabilitation Institute Research Ethics Board

Education & Admissions

2011
Called to the Ontario bar
2015
Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions Osgoode Hall Law School
2010
LLB University of Ottawa
2006
MA, Psychology Carleton University
2002
BA (Honours), Psychology Carleton University

Publications

Insights (107 Posts)View More

Featured Insight

OSFI Unveils New Supervisory Framework (Effective April 2024)

OSFI announced the release of its new Supervisory Framework for FRFIs and private pension plans, touted to be the most significant change in 25 years.

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Feb 14, 2024
Featured Insight

FinTech: 2023 Legal Year in Review

The FinTech industry in Canada was impacted by significant regulatory developments in 2023. Explore the key updates in our year-in-review summary.

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Feb 7, 2024
Featured Insight

OSFI releases final Guideline on Integrity and Security

OSFI released the final Integrity and Security Guideline, setting out expectations for FRFIs for policies and procedures to protect against related threats.

Read More
Feb 6, 2024
Featured Insight

Meeting FSRA’s Ongoing Licensing Suitability Requirements: What Life Insurance Agents, MGAs and Insurers Need to Know

FSRA published proposed guidance outlining how it interprets licensing suitability requirements under the Ontario Insurance Act and its regulations.

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Jan 31, 2024
Featured Insight

The Great Rate Escape: Commercial Loans No Longer Criminal

The government of Canada has proposed changes to the criminal code which would exclude commercial and pawn loans from the criminal rate of interest.

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Jan 8, 2024
Featured Insight

Could it be True? Canada to Introduce Open Banking Legislation

On November 21, 2023, the Government of Canada released its 2023 Fall Economic Statement. The Economic Statement announced the federal government's intention.

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Nov 29, 2023
Featured Insight

Department of Finance Launches Consultation on Security and Integrity, Access to Banking, and Protections for Digital Financial Products

On October 5, 2023, the Department of Finance launched a public consultation on the statutes governing federally regulated financial institutions.

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Oct 16, 2023
Featured Insight

OSFI Provides Additional Details about its New Supervisory Framework Effective April 2024

This bulletin summarizes the new details announced by OSFI on October 4, 2023, regarding its new supervisory framework for FRFIs and pension plans.

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Oct 10, 2023
Featured Insight

Expansion of OSFI’s Powers to Supervise Non-Financial Risks: Compliance Challenges for FRFIs

On September 6, 2023, OSFI issued a letter to industry outlining its steps to supervise emerging non-financial risks.

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Sep 12, 2023
Featured Insight

OSFI Calls for Stakeholder Feedback on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures

OSFI receiving feedback from banks and insurers about the Guidelines on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures.

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Aug 1, 2023
Featured Insight

Interesting Changes to Interest Rates

For the first time in over 40 years, Canada is making changes to the criminal interest rate.

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Jul 11, 2023
Featured Insight

Canadians’ Awareness of Open Banking is Low – But Does it Matter?

The results are in: Canadians’ understanding of open banking is low, according to the Financial Consumer Agency of Canada (“FCAC”).

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Jun 29, 2023
Featured Insight

OSFI Releases Final Guideline B-10 Impacting FRFIs Engaging in Business with Third Parties

On April 24, 2023, the Office of the Superintendent of Financial Institutions published its final Third-Party Risk Management Guideline.

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Apr 26, 2023
Featured Insight

AI in Financial Services: Joint OSFI and GRI Report Highlights Need for Safeguards and Risk Management as a Prelude to Enhanced OSFI Guidance

This bulletin discusses the joint report released by OSFI and GRI on the ethical, legal, and financial implications of AI on financial services institutions.

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Apr 19, 2023
Featured Insight

Federal Government Announces Funding for a Low-Cost National Flood Insurance Program

A review of the recent announcements from Budget 2023 regarding a national flood insurance program.

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Apr 10, 2023
Featured Insight

Managing Culture and Behaviour Risks: OSFI’s New Draft Guideline for Financial Institutions

An overview of the Office of the Superintendent of Financial Institutions’ new draft guideline on culture and behaviour risks for Federally Regulated Financial Institutions.

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Mar 8, 2023
Featured Insight

Overhaul of the Insurance Intermediary Regime in New Brunswick Now in Effect

A summary of the two new rules introduced by the Financial and Consumer Services Commission of New Brunswick on insurance intermediaries.

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Feb 14, 2023
Featured Insight

Prepare for Regulation: Bank of Canada Introduces New Retail Payments Supervisory Framework

This bulletin provides an overview of the Bank of Canada’s new retail payments supervisory framework.

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Nov 17, 2022
Featured Insight

The Road to Canada’s Open Banking Framework: Updates from the Working Group Meetings

Four working groups have been working to develop common rules, accreditation criteria, and technical standards for open banking in Canada.

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Nov 2, 2022
Featured Insight

Payments Canada hits Refresh on Pre-Authorized Debit Framework with Updates to Rule H1

Payments Canada implements changes to Rule H1 for Pre-Authorized Debit transactions, effective October 3, 2022.

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Oct 26, 2022
Featured Insight

Upfront Compensation for Segregated Funds: Is a Total Ban on the Horizon?

Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.

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Sep 28, 2022
Featured Insight

Proposed National Flood Insurance Models for Canada: A Summary of the Recent Report from the Task Force on Flood Insurance and Relocation

A summary of the Government of Canada's recent report regarding the development of a national flood insurance program.

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Sep 13, 2022
Featured Insight

OSFI Adds to its Existing Technology and Cyber Risk Requirements with Guideline B-13

OSFI issued final Guideline B-13 – Technology and Cyber Risk Management, key takeaways summarized.

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Jul 26, 2022
Featured Insight

OSFI’s Draft Guideline on Climate Risk Management Imposes New Disclosure Obligations on FRFIs

This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.

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Jun 1, 2022
Featured Insight

Open Banking: What it is and what it means for you

As we have received a number of questions from clients regarding our open banking bulletins, we are putting together an interdisciplinary panel of experts to take a deep dive into the implications of an open banking system in Canada, exciting developments & expectations for further progression.

Details
Thursday, June 2, 2022
Featured Insight

Ontario Whistle-blower Protections for Regulated Financial Services Sector Now in Effect

New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.

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May 4, 2022
Featured Insight

OSFI Releases Revised Guidelines to Reflect IFRS 17

OSFI has released final revisions to Guideline D-5 and IFRS 9, which will take effect on January 1, 2023 to coincide with the implementation of IFRS 17.

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Apr 6, 2022
Featured Insight

Ontario’s New Credit Union Legislation Aligns with Modernization Efforts of Other Financial Institution Legislation

A summary of the recent overhaul of Ontario's credit union legislation.

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Mar 23, 2022
Featured Insight

Federal Government Appoints Open Banking Lead

The federal government has named Abraham Tachjian to lead the development of open banking in Canada, following an open letter from prominent fintech executives.

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Mar 23, 2022
Featured Insight

Emergency Order – Impact on Insurers

Today, the Government of Canada released regulations pursuant to the Emergencies Act requiring that certain actions be taken by insurers and other entities.

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Feb 16, 2022
Featured Insight

OSFI Releases Final Revised Reinsurance Guidelines to Take Effect in 2025

OSFI published the final revised Guideline B-3, Sound Reinsurance Practices and Procedures and the final Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.

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Feb 16, 2022
Featured Insight

FSRA Submits Unfair or Deceptive Acts or Practices (UDAP) Rule for Approval

The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.

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Feb 9, 2022
Featured Insight

FSRA Releases Final Innovation Framework and Opens Testing Environment for Auto Insurance Innovations

SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.

Read More
Jan 26, 2022
Featured Insight

Canadian Industry Responds to Final Report on Open Banking

Senior financial services executives share their perspectives on Canada's proposed open banking framework as the country moves towards implementation.

Read More
Dec 22, 2021
Featured Insight

Modernizing the Pre-Authorized Debit Framework: Payments Canada Proposes Welcome Changes

An overview of Payments Canada's proposed changes to Rule H1 and the pre-authorized debit framework.

Read More
Dec 1, 2021
Featured Insight

OSFI Unwinds Capital Distribution COVID Response Measure

The Office of the Superintendent of Financial Institutions announced an end to its COVID-19 response measure relating to capital distributions

Read More
Nov 23, 2021
Featured Insight

Captive Insurance Emerging in Alberta

The Alberta legislature recently proposed captive insurance legislation, expanding insurance options for Alberta businesses.

Read More
Nov 22, 2021
Featured Insight

Business Interruption Losses: Who is to Pay during the Pandemic?

Insurance coverage for business interruption losses has become a notable subject of litigation as pandemic-related claims make their way through the courts.

Read More
Nov 8, 2021
Featured Insight

Privacy Implications of an Open Banking System in Canada

Canada’s Advisory Committee on Open Banking's final report- the privacy and data security implications of an open banking system in Canada.

Read More
Oct 12, 2021
Featured Insight

McMillan’s ESG Strategy Sessions

The COVID-19 pandemic and increased concerns over environmental and social issues, such as climate change and systemic racism, have prompted conversations throughout global capital markets.

Details
Thursday, October 28, 2021
Featured Insight

Open Banking in Canada: Could 2023 be the Year?

An overview of the Advisory Committee on Open Banking's final report on bringing open banking to Canada.

Read More
Aug 11, 2021
Featured Insight

FSRA Releases Mortgage Brokering Supervision Plan for 2021-22 focusing on Private Lending Practices and Mortgage Administration

FSRA releases mortgage brokering supervision plan for the 2021-2022 year.

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Aug 4, 2021
Featured Insight

OSFI Issues Final Guideline E-4 Impacting Foreign Entity Branches to be Implemented by January, 2022

OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.

Read More
Jul 6, 2021
Featured Insight

An International Overview of Existing Climate-Related Insurance Initiatives: Finding the Right Path for Canada

Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.

Read More
Jun 30, 2021
Featured Insight

Charting the Future of Insurance Regulation in Ontario – FSRA Takes Aim at Auto, and Health and Life Insurance for Increased Oversight and Consumer Protection

FSRA has set out its strategic direction and priorities for the insurance sector in its 2021-24 Annual Business Plan.

Read More
Jun 30, 2021
Featured Insight

ICMA Green Bond Principles Undergo Minor Facelift

Legal news bulletin discussing recent changes to ICMA Green Bond Principles.

Read More
Jun 17, 2021
Featured Insight

Climate, Credit & Canada – Growth of Green Bonds, Sustainability-Linked Credit and Net-Zero Banking

Climate, Credit & Canada - Growth of Green Bonds, Sustainability-Linked Credit and Net-Zero Banking

Read More
Jun 7, 2021
Featured Insight

OSFI Issues Final IFRS 17 Regulatory Forms and Instructions for Federally Regulated Insurers

On April 30, 2021, OSFI released a letter to all FRIs advising that it has issued the final IFRS 17 Regulatory Forms and Instructions (the “Returns”)

Read More
May 8, 2021
Featured Insight

Upcoming Changes to Ontario’s Auto Insurance Regime

The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.

Read More
Apr 12, 2021
Featured Insight

OSFI Announces Proposed Amendments to the Vested Asset Regime for Foreign Insurance Companies Operating in Canada on a Branch Basis

The authors discuss OSFI's announcement of three proposed amendments to the vested asset regime for foreign insurance companies operating as a branch in Canada

Read More
Apr 6, 2021
Featured Insight

FCAC’s Submission on Open Banking: Finding the Right Balance to Achieve Consumer Protection and Broad Financial Sector Participation

The authors discuss the Financial Consumer Agency of Canada's submission to the Advisory Committee on Open Banking.

Read More
Mar 30, 2021
Featured Insight

Canadian Banks, BDC and OSFI work together for a seamless launch of the new Highly Affected Sectors Credit Availability Program (HASCAP)

OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected Sectors Credit Availability Program (HASCAP)

Read More
Feb 2, 2021
Featured Insight

McMillan’s Automotive Industry Webinar Series – Part Two (February 9, 2021)

Join us for Part Two of McMillan's Automotive Industry Webinar Series

Details
February 9, 2021 - 1:00 pm to 2:30 pm ET
Featured Insight

OSFI’s New Draft Guideline E-4 Relating to Foreign Entity Branches: A Comparative Analysis to Existing Guidance

OSFI opens consultation for Draft Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, which will replace existing guidelines E-4A and E-4B.

Read More
Nov 3, 2020
Featured Insight

OSFI’s New Draft Guideline E-4 Relating to Foreign Entity Branches: A Comparative Analysis to Existing Guidance

OSFI opens consultation for Draft Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, which will replace existing guidelines E-4A and E-4B.

Read More
Nov 3, 2020
Featured Insight

And We’re Back! OSFI Resumes IFRS 17 Initiatives

OSFI updates Federally Regulated Insurers on the implementation of the International Financial Reporting Standard
17 as policy work resumes.

Read More
Aug 12, 2020
Featured Insight

Supreme Court of Canada Affirms the Genetic Non-Discrimination Act, Weighing Autonomy, Privacy, and Accessibility of Insurance

Impacts on insurers from recent decision in which SCC upholds protections for privacy and autonomy through the Genetic Non-Discrimination Act

Read More
Jul 22, 2020
Featured Insight

OSFI to Resume Policy Development Work in the Fall of 2020

With conditions stabilizing across many parts of the country and economic recovery beginning, it is an appropriate time to resume policy work, details to come.

Read More
Jul 16, 2020
Featured Insight

Significant Expansion of Ontario’s Personal Health Information Protections amid COVID-19: What you need to know

Bill 188 made significant amendments to PHIPA, which affect technology companies, and potentially insurers, who provide access to personal health information.

Read More
Jul 15, 2020
Featured Insight

OSFI Outlines Additional Regulatory Adjustments to Foster Financial Resilience and Stability During COVID-19

Further to OSFI's March 27 letter, OSFI announced more adjustments to existing capital requirements for banks and insurers to respond to the impacts of COVID-19

Read More
Apr 15, 2020
Featured Insight

OSFI’s Regulatory Adjustments in Response to COVID-19 Impacts

On March 27, 2020, OSFI announced a number of sector-specific measures to support federally regulated banks, insurers and private pension plans.

Read More
Mar 31, 2020
Featured Insight

Saskatchewan’s New Year’s Resolution? A New Insurance Act to Ring in the New Year

On January 1, 2020, The Insurance Act (“New Act”) and The Insurance Regulations (“New Regulations”) came into force in Saskatchewan, marking the first major overhaul to Saskatchewan’s insurance legislation in decades

Read More
Feb 27, 2020
Featured Insight

Consumer-Directed Finance: Canada’s Answer to Open Banking

An overview of the Advisory Committee on Open Banking's recent report entitled Consumer-directed finance: the future of financial services.

Read More
Feb 26, 2020
Featured Insight

As the “New NAFTA” Approaches Ratification, Regulated Foreign Entities Should Anticipate Stricter Record-Keeping Requirements

A summary of notable amendments to the federal Bank Act and Insurance Companies Act that Bill C-4 (CUSMA) will bring into force.

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Feb 25, 2020
Featured Insight

A Call to Action on Open Banking

On June 19, 2019, the Standing Senate Committee on Banking, Trade and Commerce (“the Committee”) published a report on open banking entitled Open Banking

Read More
Jul 3, 2019
Featured Insight

An Update on the B-20 “Stress Test”

The Office of the Superintendent of Financial Institutions (OSFI) has indicated that Guideline B-20 is working, and that the associated “stress test” has improved the resilience of the Canadian financial system.

Read More
Jun 18, 2019
Featured Insight

Why Rewards Programs may not be so Rewarding for Credit Card Issuers

The Tax Court of Canada (the “Court”) recently confirmed that participation in certain reward and loyalty programs, such as Aeroplan, may have significant tax implications for Canadian banks, and other issuers of credit card products.

Read More
Jun 6, 2019
Featured Insight

So You Want to Insure Risks in Canada, Eh? A Guide To Becoming A Licensed Insurer

There are two levels of government that regulate insurers in Canada.

Read More
Apr 23, 2019
Featured Insight

Financial Institutions: OSFI’s Heightened Cyber Security Incident Reporting Obligations Now In Effect

OSFI published the Technology and Cyber Security Incident Reporting Advisory, which sets out OSFI's expectations for reporting technology and cyber security incidents.

Read More
Apr 8, 2019
Featured Insight

Banking Regulation 2019

Banks in Canada have been continuously recognized as amongst the soundest and safest across the globe.

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Mar 28, 2019
Featured Insight

Open for Business? An Overview of Open Banking in Canada

The concept of open banking is emerging internationally as the potential future of the banking industry

Read More
Feb 22, 2019
Featured Insight

OSFI Boots Up Cyber Safety with its New Advisory on Technology and Cyber Security Incident Reporting

On January 24, 2019, the Office of the Superintendent of Financial Institutions (“OSFI”) published the Technology and Cyber Security Incident Reporting Advisory (the “Advisory”), which sets out OSFI’s expectations for reporting technology and cyber security incidents.

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Feb 6, 2019
Featured Insight

OSFI adds the Earthquake Exposure Data Return to its Late and Erroneous Filing Penalty Framework

OSFI introduced the Late and Erroneous Filing Penalty ("LEFP") Framework in 2002 as a way to encourage timely and error-free filing.

Read More
Jan 31, 2019
Featured Insight

Adoption of financial sector reform goes ahead in Québec, but government backtracks on certain proposed changes in the insurance sector

As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.

Read More
Sep 5, 2018
Featured Insight

OSFI Updates its Transaction Instructions for FRFIs’ Purchase or Redemption of Shares and Reduction of Stated Capital

On August 17, 2018, the OSFI revised its transaction instructions relating to the consent and reporting obligations of FRFIs entering into transactions

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Aug 29, 2018
Featured Insight

Getting the Deal Through – Banking Regulation 2018

The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada

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Jun 1, 2018
Featured Insight

Insurance Regulators Team Up to Strengthen Consumer Protection

On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint

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May 31, 2018
Featured Insight

Construction Law Seminar and Reception

Join us for an informative seminar where you will have an opportunity to network and learn more about the significant changes to construction law in Ontario starting in July and what impacts these changes will have on your business and the construction industry.

Details
May 16, 2018 - 4:30 PM to 6:30 PM
Featured Insight

Darcy Ammerman wrote about five interest rate provisions to be aware of prior to financing

some of the most important interest rate provisions to be aware of

Read More
May 15, 2018
Featured Insight

Banking Regulation 2018 – 5th Edition

global financial crisis has led to significant regulatory changes (most notably in the areas of liquidity and capital) designed to reduce the risk of another global financial crisis occurring

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Apr 24, 2018
Featured Insight

Ransomware and its Spawns

Ransomware and its Spawns

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Nov 29, 2017
Featured Insight

The “20% rule”: Quebec’s New Bill 150 clarifies the distinction between damage insurance “agencies” and “brokerage firms”

The "20% rule": Quebec's New Bill 150 clarifies the distinction between damage insurance "agencies" and "brokerage firms"

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Nov 9, 2017
Featured Insight

Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec

Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec

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Oct 20, 2017
Featured Insight

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends “Bank Words” Crackdown

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends "Bank Words" Crackdown

Read More
Oct 18, 2017
Featured Insight

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends “Bank Words” Crackdown

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends "Bank Words" Crackdown

Read More
Aug 24, 2017
Featured Insight

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

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Aug 21, 2017
Featured Insight

Getting the Deal Through – Banking Regulation 2017

Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...

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Jun 27, 2017
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Banking Regulation – 4th Edition

Global Legal Insights - Banking Regulation

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Jun 22, 2017
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Ransomware: The Risks Are All Too Real

The Risk – Cyber attacks are considered one of the most serious risks your organisation faces and ransomware is a currently favoured variation (as evidenced by the recent ‘‘WannaCry'' cyber attack).

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Jun 21, 2017
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Bulk or no Bulk – the PPSA is always in style

Bulk or no Bulk - the PPSA is always in style

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Apr 3, 2017
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Guideline E-23: The Draft Enterprise-Wide Risk Management Guideline

Guideline E-23: The Draft Enterprise-Wide Risk Management Guideline

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Jan 9, 2017
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Privacy, Data Protection and Cybersecurity Seminar

As organizations are increasing their investment in data safeguards, McMillan’s Privacy Group would like to help our clients understand their core privacy, data protection and cybersecurity obligations and related legal issues.

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November 3, 2016 - 7:30 am to 12:30 pm EST
Featured Insight

International Data Transfers to and from Canada

International Data Transfers to and from Canada

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Sep 20, 2016
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OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

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Aug 31, 2016
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OSFI’s Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

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Jul 14, 2016
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OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting

OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting

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Jul 13, 2016
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Updates to the Bail-In Regime: Depositor Accounts

Updates to the Bail-In Regime: Depositor Accounts

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May 12, 2016
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Updates to the Bail-In Regime: Introduction of Bill C-15

Updates to the Bail-In Regime: Introduction of Bill C-15

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May 10, 2016
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Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond

Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond

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Apr 26, 2016
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Budget 2016: Introduction of a Bail-in Regime

Budget 2016: Introduction of a Bail-in Regime

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Apr 5, 2016
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Basel Committee’s New Standardised Measurement Approach: Best of Both Worlds?

Basel Committees New Standardised Measurement Approach: Best of Both Worlds?

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Mar 10, 2016
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Getting the Deal Through – Banking Regulation 2015, Canada chapter

Getting the Deal Through - Banking Regulation 2015, Canada chapter

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Dec 23, 2015
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Global Generic Domains for Financial Institutions: Worth the Price of Admission?

An international consortium of financial institutions, financial services trade assns & insurance cos founded fTLD Registry Services, LLC to own .bank & .insurance gTLDs

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Jun 14, 2015
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The Federal Budget: What Financial Institutions Need to Know

The Federal Budget: What Financial Institutions Need to Know

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May 9, 2015
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Supreme Court of Canada upholds solicitor-client privilege settling a 15 year dispute

Supreme Court of Canada upholds solicitor-client privilege settling a 15 year dispute

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Feb 15, 2015
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OSFI Issues Final Advisory for Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks

OSFI Issues Final Advisory for Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks

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Jan 15, 2015

Deals & Cases (4 Posts)

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PURE Reciprocal Insurance Exchange obtains Order from OSFI to Insure in Canada Risks

On February 9, 2023, Privilege Underwriters Reciprocal Exchange obtained an approval from the Superintendent of Financial Institutions under the Insurance Companies Act to insure in Canada personal lines property and casualty risks, including those falling under the classes of property, liability, marine and automobile insurance

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Feb 9, 2023
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McMillan Represents AJ Gallagher in US$3.25B Acquisition of Willis Towers Watson Assets

On December 1, 2021, Arthur J. Gallagher & Co. completed its USD$3.25 Billion acquisition of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson plc.

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Dec 1, 2021
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Investment firm Fraser Mackenzie Merchant Capital provides multi-million dollar funding to iCONECT

Investment firm Fraser Mackenzie Merchant Capital provides multi-million dollar funding to iCONECT

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Jul 13, 2016
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Intrinsic4D closes private placement of convertible debentures

Intrinsic4D closes private placement of convertible debentures

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Jun 1, 2016