Leila Rafi 

Leila Rafi

,

t: 416.945.8017
e: leila.rafi@mcmillan.ca

aperçu

Leila Rafi is a partner in the Capital Markets and M&A Group, and the Investment Funds Asset Management sub-group at McMillan LLP, and is located in the Toronto office. She advises on a broad range of corporate and securities law matters, including director and officer indemnification and she has a particular focus on investment funds. She has considerable experience in advising privately offered funds (both domestic and offshore), and assists managers with respect to their regulatory obligations and compliance issues on a regular basis. She also acts frequently for investment dealers, both Canadian and foreign, and in the past, frequently acted for investment dealers in investment product initial public offerings that such dealers participated in.

Ms. Rafi also acts for private corporations with respect to a variety of matters including corporate reorganizations, financings and merger and acquisition transactions. Between 2012 to 2016, Ms. Rafi co-led the modernization project at Ontario Lottery and Gaming Corporation as external counsel and as a result, has extensive experience in the gaming industry as well. 

For a number of years, Ms. Rafi acted as an adjunct professor for the advanced business law course offered by the University of Windsor law school and the January term securities law course offered by the University of Western Ontario law school.  Ms. Rafi received her BA in Political Science from the University of British Columbia in 2001 with first class standing and her LLB from the University of Western Ontario in 2005. She was called to the Ontario bar in 2006.

Representative Matters

  • co-led long-term complex modernization project of Ontario Lottery and Gaming Corporation from 2012-2016;
  • acted for CIBC World Markets and a syndicate of dealers in respect of all Middlefield offerings from 2008-2016;
  • acted for foreign dealer Jefferies LLC on all cross-border private placements in Canada from 2010-2016;
  • acted for National Bank Financial Inc. and a syndicate of dealers in respect of Marquest flow-through limited partnership offerings from 2013-2016;
  • acted as Canadian counsel to Bambora Group in its acquisition of Beanstream Internet Commerce form Digital River for U.S. $90 million in 2015;
  • acted for Caldwell Securities Ltd. in creation of complex royalty vehicle to provide initial start-up costs with respect to investment funds in 2015;
  • acted for the vendor is $33 million sale of Degrassi (Epitome group of companies) to a Canadian reporting issuer in 2014;
  • created internal policies for a pension fund to deal with private placements (including resale rules) and investment restrictions in 2014;
  • acted for Sun Life Financial in offering of $250 million principal amount of Series 2014-I Subordinated Unsecured 2.77% fixed/floating debentures due 2024 in 2014;
  • acted for National Bank Financial Inc. and a syndicate of dealers in respect of Front Street flow-through limited partnership offerings from 2009-2012;
  • acted for RBC Dominion Securities Inc. and a syndicate of dealers in respect of Discovery flow-through limited partnership offerings from 2009-2012;
  • completed a $33 million restructuring of a paper mill in Nova Scotia in late 2012;
  • completed sale by The Bank of Nova Scotia to Element Financial Corporation of private fleet leasing business for $146 million in 2012;
  • completed a statutory plan of arrangement involving a US public company and a Canadian public company whereby the US public company indirectly acquired all the common shares of the Canadian public company for $292.5 million;
  • acted for agents in connection with a short-form prospectus offering by First Quantum Minerals Ltd for $300 million;
  • acted for Canadian Tire Bank in its sale of certain assets to National Bank of Canada for approximately $162 million; and
  • completed a number of large internal reorganizations of private Canadian subsidiaries of a US public company that specializes in science and technology.

Presentations

Publications

Lancement du Bureau de la croissance économique et de l'innovation : de la rampe de lancement à la nouvelle direction de la CVMO
Une nouvelle obligation de diligence pour les gestionnaires de fonds d'investissement? Six leçons à tirer de l'arrêt Wright v. Horizons
L'exemption accordée à quatre patients ouvre la porte encore plus grande à un usage thérapeutique de la psilocybine
L'exemption accordée à quatre patients ouvre la porte encore plus grande à un usage thérapeutique de la psilocybine
Les substances psychédéliques et le cadre réglementaire canadien
Update - Securities Regulators Publish Reforms to Enhance Client-Registrant Relationship
La CVMO n'imposera plus de frais pour la divulgation d'activités commerciales externes après la date limite dans le cadre du projet de réduction du fardeau réglementaire
Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk
No Longer "Beasts of Burden"
OSC Reduces Regulatory Load for Registrants on Two Fronts
Un million de raisons – L'entente de règlement conclue entre NextBlock et la CVMO souligne les risques liés à l'utilisation de présentations de marketing pour solliciter des investissements
Dawn of a New Age for Canadian Capital Markets Information
Les courtiers inscrits, les conseillers et les entités qui se fondent sur des dispenses de l'obligation d'inscription sont avisés – Le Canada ajoute de nouvelles personnes à sa liste de personnes visées par des sanctions
Cooperating to Create a National Securities Regulator in Canada
Les fonds alternatifs liquides sont maintenant une réalité
Le régime des organismes de placement collectif alternatifs devrait prendre effet le 3 janvier 2019
"Acting Jointly or in Concert" – Lack of Clarification and Guidance has Created Unnecessary Legal Wrangling, Particularly in Contested Transactions; A New Path Forward is Needed
Adding value in the information age
The most successful lawyers are those who know how to engage other professional advisors
CSA Releases Client-Focused Reforms to NI 31-103 in Response to Client-Registrant Relationship Concerns
Modification de la Loi canadienne sur les sociétés par actions - Le projet de loi C-25 reçoit la sanction royale
Making "The Golden Years" Truly Golden - OSC Seniors Strategy Establishes Guideposts for Registrants to Tailor Services to Older Clientele
Les autorités en valeurs mobilières sollicitent des commentaires sur les ententes avec des courtiers démarcheurs
No Longer a "Land of Confusion" – OSC Rule 72-503 and Upcoming Amendments Regarding Distributions Outside Canadian Borders Help Lift the Fog
In Aurora, Securities Regulators Affirm the New Take-over Bid Regime and Signal that Exemptive Relief under the New Regime will Prove to be Difficult and that Tactical Shareholder Rights Plans may be Extinct
Alerte à l'intention des clients de McMillan – Les ACVM publient une version améliorée de leur rapport sur la lutte contre le terrorisme
Observations from the Eco Oro Proxy Contest
Regulatory Reset for Reports of Canadian Private Placements
Last revised in June 2016, regulators are taking another kick at Form 45-106F1
Taking CASL by Storm: Compliance Tips for Investment Fund Managers
Regulators Rethink "Best Interest" Standard for Registrants
Interoil/Exxon Plan of Arrangement: Third Time's A Charm

News

McMillan cité 114 fois dans le répertoire Best Lawyers in Canada 2021
71 avocats de McMillan nommés dans l'édition de 2020 du répertoire Best Lawyers in Canada
60 avocats de McMillan cités dans le répertoire The Canadian Legal Lexpert Directory de 2019
McMillan reconnu tant sur la liste des 10 opérations les plus importantes que sur celle des 10 décisions les plus importantes de Lexpert
McMillan S.E.N.C.R.L./LLP remporte, pour une deuxième année consécutive, le prix du meilleur cabinet d'avocats canadien dans le cadre de la 11e édition des Prix des fonds de couverture canadiens
Leila Rafi et Andrew Stead, gagnants des prix Étoiles montantes de Lexpert – avocats de premier plan de moins de 40 ans
Leila Rafi, récemment arrivée chez McMillan S.E.N.C.R.L., s.r.l., commente les tendances liées aux produits structurés sur le marché des fonds pour le Hedge Fund Law Report
Leila Rafi, récemment arrivée chez McMillan S.E.N.C.R.L., s.r.l., commente les tendances liées aux produits structurés sur le marché des fonds pour le Hedge Fund Law Report
Leila Rafi se joint à l'équipe Marché des capitaux du bureau de Toronto de McMillan
Leila Rafi se joint à l'équipe Marché des capitaux du bureau de Toronto de McMillan

Education

  • Western University, LL.B. - 2005
  • University of British Columbia, BA with 1st class standing - 2001

Year Of Call

  • Barreau de l'Ontario - 2006

Practices

financement des entreprises
gouvernance d'entreprise
jeux et loteries
sociétés fermées
fonds d'investissement et de gestion d'actifs
marchés des capitaux
création d'entreprises

Industries

courtiers en valeurs
placements
fonds
start-up et sociétés émergentes
start-up et sociétés émergentes
jeux et loteries

Directorships and Professional Associations

  • Law Society of Upper Canada
  • Canadian Bar Association
  • Ontario Bar Association
  • WLAO Women’s Law Association of Ontario
  • Condo Corp 1430, Director

Media Mentions

  • "Leila Rafi joins McMillan LLP and discusses trends in the funds market for structured products", by Michael Washburn, Hedge Fund Report, January 5, 2017
vcard

Leila Rafi is a partner in the Capital Markets and M&A Group, and the Investment Funds Asset Management sub-group at McMillan LLP, and is located in the Toronto office. She advises on a broad range of corporate and securities law matters, including director and officer indemnification and she has a particular focus on investment funds. She has considerable experience in advising privately offered funds (both domestic and offshore), and assists managers with respect to their regulatory obligations and compliance issues on a regular basis. She also acts frequently for investment dealers, both Canadian and foreign, and in the past, frequently acted for investment dealers in investment product initial public offerings that such dealers participated in.

Ms. Rafi also acts for private corporations with respect to a variety of matters including corporate reorganizations, financings and merger and acquisition transactions. Between 2012 to 2016, Ms. Rafi co-led the modernization project at Ontario Lottery and Gaming Corporation as external counsel and as a result, has extensive experience in the gaming industry as well. 

For a number of years, Ms. Rafi acted as an adjunct professor for the advanced business law course offered by the University of Windsor law school and the January term securities law course offered by the University of Western Ontario law school.  Ms. Rafi received her BA in Political Science from the University of British Columbia in 2001 with first class standing and her LLB from the University of Western Ontario in 2005. She was called to the Ontario bar in 2006.

  • co-led long-term complex modernization project of Ontario Lottery and Gaming Corporation from 2012-2016;
  • acted for CIBC World Markets and a syndicate of dealers in respect of all Middlefield offerings from 2008-2016;
  • acted for foreign dealer Jefferies LLC on all cross-border private placements in Canada from 2010-2016;
  • acted for National Bank Financial Inc. and a syndicate of dealers in respect of Marquest flow-through limited partnership offerings from 2013-2016;
  • acted as Canadian counsel to Bambora Group in its acquisition of Beanstream Internet Commerce form Digital River for U.S. $90 million in 2015;
  • acted for Caldwell Securities Ltd. in creation of complex royalty vehicle to provide initial start-up costs with respect to investment funds in 2015;
  • acted for the vendor is $33 million sale of Degrassi (Epitome group of companies) to a Canadian reporting issuer in 2014;
  • created internal policies for a pension fund to deal with private placements (including resale rules) and investment restrictions in 2014;
  • acted for Sun Life Financial in offering of $250 million principal amount of Series 2014-I Subordinated Unsecured 2.77% fixed/floating debentures due 2024 in 2014;
  • acted for National Bank Financial Inc. and a syndicate of dealers in respect of Front Street flow-through limited partnership offerings from 2009-2012;
  • acted for RBC Dominion Securities Inc. and a syndicate of dealers in respect of Discovery flow-through limited partnership offerings from 2009-2012;
  • completed a $33 million restructuring of a paper mill in Nova Scotia in late 2012;
  • completed sale by The Bank of Nova Scotia to Element Financial Corporation of private fleet leasing business for $146 million in 2012;
  • completed a statutory plan of arrangement involving a US public company and a Canadian public company whereby the US public company indirectly acquired all the common shares of the Canadian public company for $292.5 million;
  • acted for agents in connection with a short-form prospectus offering by First Quantum Minerals Ltd for $300 million;
  • acted for Canadian Tire Bank in its sale of certain assets to National Bank of Canada for approximately $162 million; and
  • completed a number of large internal reorganizations of private Canadian subsidiaries of a US public company that specializes in science and technology.
Juillet 2020
Les substances psychédéliques et le cadre réglementaire canadien

Bulletin sur les marchés des capitaux

30 Avril 2020
Update - Securities Regulators Publish Reforms to Enhance Client-Registrant Relationship(seulement disponible en anglais)

Investment Funds and Asset Management Bulletin

Novembre 2019
Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk(seulement disponible en anglais)

Securities and Capital Markets Bulletin

Juillet 2019
No Longer "Beasts of Burden"
OSC Reduces Regulatory Load for Registrants on Two Fronts
(seulement disponible en anglais)

Securities and Capital Markets Bulletin

Mai 2019
Dawn of a New Age for Canadian Capital Markets Information(seulement disponible en anglais)

Capital Markets Bulletin

Novembre 2018
Cooperating to Create a National Securities Regulator in Canada(seulement disponible en anglais)

Capital Markets Bulletin

Septembre 2018
Adding value in the information age
The most successful lawyers are those who know how to engage other professional advisors
(seulement disponible en anglais)

This article originally appeared in Lexpert Magazine’s Sept/Oct Issue

Juillet 2018
CSA Releases Client-Focused Reforms to NI 31-103 in Response to Client-Registrant Relationship Concerns(seulement disponible en anglais)

Investment Funds and Asset Management Bulletin

Février 2018
Observations from the Eco Oro Proxy Contest (seulement disponible en anglais)

Client Alert

Juin 2017
Taking CASL by Storm: Compliance Tips for Investment Fund Managers(seulement disponible en anglais)

Privacy and Capital Markets (Investment Funds and Asset Management) Bulletin

Mai 2017
Regulators Rethink "Best Interest" Standard for Registrants(seulement disponible en anglais)

Securities Bulletin

Mars 2017
Interoil/Exxon Plan of Arrangement: Third Time's A Charm(seulement disponible en anglais)

Capital Markets Bulletin