Shahen A. Mirakian Photo
Shahen A. Mirakian Photo
Shahen A. Mirakian Photo

Shahen Mirakian is a capital markets and securities lawyer with a dynamic practice focused on derivative products, dealer and adviser registration and compliance, investment funds, and lending. The 2022 edition of the IFLR1000 Financial and Corporate Guide recognizes him in the areas of banking and investment funds. He is a leader of the firm’s Structured Finance, Derivatives & Securitization Group.

Involved in the structuring and documentation of a broad range of financial products, Shahen has particular expertise in equity and energy derivatives. He represents Canadian and international banks and brokers, sovereign entities, public and private investment funds, and end users.

Acting for physical metals brokers, international futures commission merchants, foreign exchange dealers, domestic and foreign investment fund managers, and US financial institutions, Shahen assists clients in navigating the complex and rapidly changing Canadian registration and compliance regime. He deals regularly with securities regulators, self-regulatory organizations, anti-money laundering authorities, exchanges and clearing houses on their behalf.

Shahen has particular experience advising on margin loans collateralized by control block securities of TSX-listed issuers. He is familiar with the secured transaction, insolvency and tax issues that characterize these transactions, and has assisted domestic and international lenders on loans ranging from $50 million to over $1.2 billion.

Working with public and private entities on the establishment and operation of investment funds, Shahen advises on choosing the form of organization, obtaining requisite securities and corporate registrations, preparing organizational and disclosure documents, and complying with ongoing regulatory requirements.

Shahen was appointed to a three-year term on the Securities Advisory Committee of the Ontario Securities Commission (OSC) on the strength of his expertise in derivatives and novel financial products. Prior to joining McMillan, he worked in corporate debt research at a leading Canadian investment dealer, where he helped prepare the first study on Canadian high-yield debt as a unique asset class. Shahen has completed levels I, II and III of the chartered financial analyst (CFA) examinations, and levels I and II of the chartered alternative investment analyst (CAIA) examinations.



Speaking Engagements

2022 ISDA Canada Conference

October 19, 2022

Regulation of the OTC Derivatives Market in Canada ISDA Conference, Toronto, ON

October 2012

Teaching Engagements

  • Instructor for the Integrative Legal Strategy course in the University of Toronto Rotman School of Business’ MBA program from 2005 to 2006

News


Media Mentions

  • “Industry unmoved by death of minor-currency Libor” by Tom Newton, Risk Magazine, October 19, 2012

Rankings & Recognition

  • Recognized in the 2024 Canadian Legal Lexpert Directory as a Consistently Recommended Lawyer in the area of Derivative Instruments
  • Recognized in the 2022 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Derivative Instruments
  • Recognized by IFLR1000 Financial and Corporate Guide 2022 as a Rising Star in the areas of Banking and Investment Funds
  • Recognized in the 2021 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Derivative Instruments
  • Recognized in the 2020 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Recognized by IFLR1000 Financial and Corporate Guide 2020 as a Rising Star in Investment Funds and Banking
  • Recognized in the 2019 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Recognized by IFLR1000 Financial and Corporate Guide 2019 as a Rising Star in Investment Funds and Banking
  • Recognized in the 2018 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Consistently recommended, Derivative Instruments, in the 2017 Canadian Legal Lexpert Directory
  • Named in IFLR1000 Financial and Corporate Guide 2017 as a rising star in the areas of Investment Funds and Banking
  • Ranked in the Canadian Legal Lexpert Directory 2016 in the area of Derivative Instruments

Community Involvement

  • Director, Armenian Endowment Funds

Directorships & Affiliations

  • Canadian Bar Association
  • Armenian Bar Association
  • Structured Products Association (New York)
  • CFA Society Toronto (Associate Member)
  • ISDA Canadian Legal and Regulatory Committee

Education & Admissions

2002
Called to the Ontario bar
2000
LLB University of Toronto
2000
MBA University of Toronto, Rotman School of Management
1996
B.CommUniversity of Toronto

Publications

  • IBA Insurance Committee Substantive Project 2013: The Legal Nature of Insurance Contracts, Member of the McMillan Insurance Team who provided the responses to the 2013 survey regarding the legal nature of insurance contracts under Canadian Civil Law and Common Law, International Bar Association, 2013 Annual Conference, October 2013
  • “Model Behaviour: Rules for Derivatives Product Determination, Trade Repositories,” Article appeared in the Corporate Securities Finance Law Report Vol 18 No 2 March May 2013 (April 2013)
  • Country Q&A – Canada,” Structured Finance and Securitization PLC cross-border Structured Finance and Securitization Handbook 2010 (June 2010)
  • “Managing Insolvency Challenges and Credit Risks Brought by the Financial Crisis,” Presentation with Adam Maerov, Advanced Forum on Derivatives, The Canadian Institute (January 2010)
  • “Negotiating the Schedule to the 2002 ISDA Master Agreement Presentation, Understanding the ISDA Master Agreements,” Conference, International Swaps and Derivatives Association, Inc. (September 2009)
  • 2009 Report on the Expert Panel on Securities Regulation in Canada,” Published in the CBA National Business Law Section Newsletter, July 2009. (July 2009)
  • Derivative Structures – Recent Developments of Importance,” 2009 Lexpert / ALM Media Guide to the Leading 500 Lawyers in Canada, (March 2009)
  • “Expert Panel Report Makes Recommendations Regarding,” Federal Derivatives Regulation (disponible en anglais) instruments dérivés (February 2009)
  • “OSC Notice Suggests Growing Interest in Disclosure of Equity Swap Positions,” Reproduced with permission of the publisher from Corporate Securities and Finance Law Report, Vol. 14, No. 1, January/February, 2009. (February 2009)
  • OSFI Ruling Confirms Foreign Bank Issuers Selling Debt Instruments in,” Canadian Capital Markets not Subject to The Bank Act (Canada) National Banking Law Review, Volume 27, Number 1 (February 2008)
  • Eligible Financial Contracts vs. Insolvency: Round II,” Annual Review of Insolvency Law – 2007 – Janis P. Sarra, Editor (January 2008)
  • Hedge Funds and Derivatives,” Presentation at the Canadian Institute’s 4th Annual Advanced Forum on Derivatives (May 2007)

Insights (43 Posts)View More

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

CIRO Proposes Amendments to Strengthen Short Selling Regulations

On January 11, 2024, CIRO proposed amendments aimed at strengthening short selling regulations in Canada.

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Jan 17, 2024
Featured Insight

Conduct Completed! CSA Publishes Final Version of Derivatives Business Conduct Rule

Review of the differences between the third draft and final draft of the Derivatives Business Conduct Rule.

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Oct 4, 2023
Featured Insight

Remember, Remember, the 1st of November; Navigating the November 1st Deadline in the CDOR Transition and Term CORRA’s Launch

Navigating the November 1, 2023 Deadline in the CDOR Transition and Term CORRA’s Launch.

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Aug 15, 2023
Featured Insight

MSBs Beware: The British Columbia Money Services Businesses Act is Around the Corner

On April 26, 2023, the Money Services Businesses Act (the “BC MSBA”) passed third reading in the Legislative Assembly of British Columbia.

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May 1, 2023
Featured Insight

McMillan Lawyers’ Comment Letter regarding Staff Notice 23-329: Short Selling in Canada

On December 8, 2022, the Canadian Securities Administrators (the “CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published Staff Notice 23-329: Short Selling in Canada (the “Short Selling Notice”), which reviews the current regulatory requirements and initiatives with respect to short selling and seeks public feedback on areas for regulatory consideration.

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Feb 22, 2023
Featured Insight

Term CORRA Officially Under Development

1- and 3- month Term CORRA under development; targeted publication date is at end of Q3 2023; Term CORRA administrator will be CanDeal Innovations Inc.

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Jan 30, 2023
Featured Insight

CSA and IIROC Seek Stakeholder Feedback on Regulatory Framework for Short Selling

The CSA and IIROC jointly published Staff Notice 23-329 which reviews the current regulatory requirements and initiatives with respect to short selling.

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Dec 19, 2022
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

IIROC Addresses Certain Naked Short Selling Concerns – IIROC Notice 22-0130

IIROC guidance regarding short selling in Canada (IIROC Notice 22-0130).

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Aug 30, 2022
Featured Insight

Reporting Refreshed: Amendments Proposed to Harmonize Canadian Derivatives Reporting Rules

Canadian securities regulators propose changes to enhance derivatives data reporting.

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Jul 12, 2022
Featured Insight

June 28, 2024 – CDOR will be no more

CDOR to cease being published after June 28, 2024; Term CORRA to be potentially created; market participants need to prepare for end of CDOR now.

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Jun 21, 2022
Featured Insight

Conduct Completed? CSA Publishes Third Draft of Derivatives Business Conduct Rule

Analysis of the Third Draft of Proposed National Instrument 93-101 Derivatives: Business Conduct.

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Feb 9, 2022
Featured Insight

Who is Caught by Canada’s New Retail Payment Systems Regulation?

Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?

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May 31, 2021
Featured Insight

End of the Bellatrix GasEDI Saga Marks Beginning of Market Fallout

The Alberta Court of Appeal's dismissal of Bellatrix's appeal leaves substantial uncertainty for natural gas market and all derivatives counterparties.

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May 5, 2021
Featured Insight

The Cessation of the 6-month and 12-month CDOR Tenors

Refinitiv announced that the calculation and publication of the 6-month and 12-month tenors of CDOR would cease indefinitely effective as of May 17, 2021.

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Dec 17, 2020
Featured Insight

COVID-19: It’s Time to Revisit Financing Agreements

This bulletin provides an overview of the impact COVID-19 may have on financing.

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Mar 31, 2020
Featured Insight

Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk

This bulletin summarizes our concerns and conclusions with respect to the Canadian short selling regulatory regime.

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Nov 11, 2019
Featured Insight

The Novel Exemptive Relief Chronicles

Ontario Securities Commission exemptive relief decision clarifies ability of investment fund managers to permit rehypothecation of portfolio assets.

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Sep 20, 2019
Featured Insight

No Longer “Beasts of Burden” OSC Reduces Regulatory Load for Registrants on Two Fronts

The Ontario Securities Commission (“OSC”) recently announced two important changes to certain regulatory requirements

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Jul 22, 2019
Featured Insight

OSC Waives Fees for Late OBA Disclosures as Part of Burden Reduction Project

On May 15, 2019, the Ontario Securities Commission (“OSC”) announced that registrants will no longer have to pay late fees associated with the disclosure of outside business activities (“OBAs”) past the required deadline.

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May 21, 2019
Featured Insight

A Million Reasons – NextBlock OSC Settlement Agreement Highlights Risks of Using Marketing Presentations to Solicit Investments

A recent Ontario Securities Commission (“OSC”) settlement agreement with NextBlock Global Limited (“NextBlock”) and Alex Tapscott (“Tapscott”) highlights the risk associated with issuers providing investor presentation slide decks or other marketing documents to prospective investors.

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May 21, 2019
Featured Insight

Liquid Alternatives Now a Reality Alternative Mutual Funds Regime Scheduled to Come Into Force January 3, 2019

The Canadian Securities Administrators have published the much anticipated final version of amendments introducing a "liquid alternatives" regulatory regime

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Oct 5, 2018
Featured Insight

Proposed CSA Derivatives Registration Rule Part 1 – Who Must Register

On April 19, 2018, the Canadian Securities Administrators (the "CSA") published new draft rules governing the registration of derivatives market participants.

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May 28, 2018
Featured Insight

Introducing Liquid Alternatives: Game changer for Canadian hedge funds

Introducing Liquid Alternatives: Game changer for Canadian hedge funds

Read More
Nov 9, 2016
Featured Insight

Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules

Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules

Read More
Apr 26, 2016
Featured Insight

Time to Make it Clear, Part III: CSA Republishes Notice and Request for Comments on Proposed Rules for Mandatory Central Counterparty Clearing of OTC Derivatives

Time to Make it Clear, Part III: CSA Republishes Notice and Request for Comments on Proposed Rules for Mandatory Central Counterparty Clearing of OTC Derivatives

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Mar 2, 2016
Featured Insight

Approaching Harmonization: Reporting to Go Live Across Canada

Approaching Harmonization: Reporting to Go Live Across Canada

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Feb 2, 2016

Leak Tweak: Regulators Balance Post-trade Transparency and Market Efficiency with Latest Amendments to OTC Derivative Trade Reporting Rules

Leak Tweak: Regulators Balance Post-trade Transparency and Market Efficiency with Latest Amendments to OTC Derivative Trade Reporting Rules

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Nov 16, 2015
Featured Insight

Mind Your Margin: OSFI Releases Draft Guideline on Margin Requirements for Non-Centrally Cleared Derivatives

Mind Your Margin: OSFI Releases Draft Guideline on Margin Requirements for Non-Centrally Cleared Derivatives

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Oct 28, 2015
Featured Insight

Time to Make it Clear, Part II: The CSA Publishes Notice and Request for Comments on Proposed Rules for Mandatory Central Counterparty Clearing of OTC Derivatives

Time to Make it Clear, Part II: The CSA Publishes Notice and Request for Comments on Proposed Rules for Mandatory Central Counterparty Clearing of OTC Derivatives

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Mar 11, 2015
Featured Insight

CSA Publishes Update on Proposal for Alternative Investment Funds

CSA Publishes Update on Proposal for Alternative Investment Funds

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Feb 18, 2015
Featured Insight

Different But The Same: Five Additional Provinces Propose OTC Derivatives Trade Reporting Rules

Different But The Same: Five Additional Provinces Propose OTC Derivatives Trade Reporting Rules

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Feb 4, 2015
Featured Insight

FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

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Jan 23, 2015
Featured Insight

TSX Proposes New Listing Requirements for Exchange Traded Products, Closed-End Funds and Structured Products

TSX Proposes New Listing Requirements for Exchange Traded Products, Closed-End Funds and Structured Products

Read More
Jan 23, 2015
Featured Insight

More Amendments, Less Harmony?: Canadian Regulators Propose Amendments to OTC Derivatives Trade Reporting Rules

More Amendments, Less Harmony?: Canadian Regulators Propose Amendments to OTC Derivatives Trade Reporting Rules

Read More
Jul 13, 2014
Featured Insight

Canadian Regulators Respond to Concerns of OTC Derivatives Market Participants: OSC Makes Amendments to Trade Reporting Rules

Canadian Regulators Respond to Concerns of OTC Derivatives Market Participants: OSC Makes Amendments to Trade Reporting Rules

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Apr 24, 2014
Featured Insight

Time To Make It Clear: CSA Publishes Model Rule On Mandatory Central Counterparty Clearing Of OTC Derivatives

Time To Make It Clear: CSA Publishes Model Rule On Mandatory Central Counterparty Clearing Of Otc Derivatives

Read More
Jan 9, 2014
Featured Insight

The last word on reporting: final Ontario rules with respect to trade reporting released

The last word on reporting: final Ontario rules with respect to trade reporting released

Read More
Nov 20, 2013
Featured Insight

Updating to a newer model: CSA derivatives committee revisits model rules for OTC derivatives determination, trade repositories and reporting

Updating to a newer model: CSA derivatives committee revisits model rules for OTC derivatives determination, trade repositories and reporting

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Jun 14, 2013
Featured Insight

Can I be excused? Canadian regulators publish consultation paper on end-user exemptions in the OTC derivatives market

Can I be excused? Canadian regulators publish consultation paper on end-user exemptions in the OTC derivatives market

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Apr 19, 2012
Featured Insight

Reporting for duty: Canadian regulators publish framework for OTC derivatives trade reporting and repositories

Reporting for duty: Canadian regulators publish framework for OTC derivatives trade reporting and repositories

Read More
Jun 30, 2011

Canadian Securities Transition Office releases transition plan

Canadian Securities Transition Office releases transition plan

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Jul 22, 2010

Deals & Cases (12 Posts)

Featured Insight

Ontario Line Southern Civil, Stations and Tunnel Project

On November 8, 2022, Infrastructure Ontario and Metrolinx reached Financial Close on a $6 billion fixed-price contract with Ontario Transit Group, a consortium comprised of Ferrovial Construction Canada Inc. and VINCI Construction Grands Projets, to design, build and finance the Ontario Line Southern Civil, Stations and Tunnel Project.

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Nov 8, 2022
Featured Insight

Five New High Schools Being Built Under a DBFM Contract in Alberta

On September 28, 2021, Concert-Bird Partners reached financial close on its $300 million Alberta P3 school bundle, “Five New High Schools in Alberta Project.” 

Read More
Sep 28, 2021
Featured Insight

Phase I of the Burnaby Hospital Redevelopment Project Has Reached Financial Close

On June 29, 2021, the Fraser Health Authority announced the financial close of the $1.4 billion Phase 1 Redevelopment Project of the Burnaby Hospital, provided by the Bank of Nova Scotia.

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Jun 29, 2021
Featured Insight

Restructuring of Greenfire Oil and Gas

McMillan acted for Alvarez & Marsal Canada Inc. in its capacities as Trustee in Bankruptcy and Receiver of Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating  Corporation.

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Apr 6, 2021
Featured Insight

Pattullo Bridge Replacement Project Reaches Financial Close

On February 10, 2020, Aecon Group Inc. (TSX: ARE) announced that Fraser Crossing Partners had reached financial close on the Pattullo Bridge Replacement Project in British Columbia.

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Feb 1, 2020
Featured Insight

Orléans Health Hub Project Reaches Financial Close

On August 6, 2019, Infrastructure Ontario (IO) and Hôpital Montfort reached financial close on the Orléans Health Hub project, with the hospital awarding a $59.7 million fixed-price contract to EllisDon Infrastructure Healthcare to build and finance the facility.

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Aug 6, 2019
Featured Insight

Harbour City Solutions General Partnership and the City of Hamilton enters into an Agreement to operate Biosolids Management Facility – a P3 Project

McMillan LLP acted as counsel to Project Co in the commercial and financial close. The McMillan team was led by Ahsan Mirza and Julie Han and included Michelle Boodhoo, Tayleigh Armstrong, Shahen Mirakian, Paula Bokser and Nicole Rozario.

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Mar 28, 2017
Featured Insight

North Commuter Parkway and Traffic Bridge Project reaches financial close

North Commuter Parkway and Traffic Bridge Project reaches financial close

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Nov 3, 2015
Featured Insight

Ontario Infrastructure and Lands Corporation closes financing on $1.2 billion Highway 407 East Phase 2 Project

Ontario Infrastructure and Lands Corporation closes financing on $1.2 billion Highway 407 East Phase 2 Project

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Mar 10, 2015
Featured Insight

SJHC Project Reaches Financial Close

SJHC Project Reaches Financial Close

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Mar 11, 2011
Featured Insight

Ivanhoe Mines Completes US$1.18 Billion Strategic Rights Offering

Ivanhoe Mines Completes US$1.18 Billion Strategic Rights Offering

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Feb 3, 2011
Featured Insight

MHCP Project Reaches Financial Close

MHCP Project Reaches Financial Close

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Jan 28, 2011