


Banking & Finance
BANKING & FINANCE
In recent years, national regulators have imposed new regulations on the banking sector to secure their financial health and protect the interests of investors and customers. But these new frameworks make the business of banking more complex, causing institutions to re-assess their business models and pivot to address new challenges and opportunities. McMillan LLP understands the dynamics of this continually evolving landscape and we advise Canadian and foreign banks, trust companies, and other financial services organizations on how to navigate regulations and bring new products and services to market.
McMillan’s banking and finance lawyers have deep industry knowledge and experience; we are committed to staying abreast of any and all changes to financial institution legislation. We understand the challenges and opportunities that these changes can bring and help our banking clients adapt to market dynamics. We advise clients on the necessary regulatory approvals or exemption orders in connection with their Canadian activities, and we have helped a number of foreign banks establish subsidiaries or branches in Canada.
McMillan professionals support our clients by advising on financial services legislation and regulatory regimes; assisting in dealings with regulatory authorities, including the Office of the Superintendent of Financial Institutions and provincial securities commissions; counselling clients on a full range of financing transactions; advising, planning and implementing merger and acquisition transactions; and advising on a wide range of capital markets transactions.
McMillan helps institutions respond swiftly to market shifts and regulatory changes in insurance, corporate and banking law, while meeting increasingly sophisticated customer needs and rivalling competitive manoeuvres.
McMillan finance, securities and insurance lawyers advise banks, insurance companies, investment dealers and other financial services companies anticipate regulation changes and position themselves for success. In this competitive industry, we tap in to our experience advising on insurance, banking, lending, personal property security, securities, tax and insolvency law to help clients thrive and minimize risk.
McMillan works closely with in-house legal counsel government bodies and regulators. We help clients minimize the risk of banking litigation. When unavoidable, our litigators are highly accomplished at effectively representing and protecting our clients’ interests to preserve reputation and shareholder value.
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Insights (183 Posts)
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
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Ask Not for Whom the Bell Tolls….The Clock is Ticking for Unregistered Crypto Trading Platforms Operating in Canada as CSA Announce Enhanced Pre-Registration Undertakings
CSA Staff Notice 21-332: Increased compliance standards for crypto exchanges and guidance on the application of Canadian securities laws to crypto assets.
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Mar 8, 2023
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One Year On: Economic Sanctions Have Become a Primary Tool of Canadian Foreign Policy and New Russian Sanctions are Imposed
Canada continues to impose sanctions against additional countries, including Sri Lanka, Haiti, and Myanmar, and joins the G7 Enforcement Coordination Mechanism.
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Mar 1, 2023
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A Foreign Affair at Home Not Abroad – Canada to Consult on the Merits of a Foreign Agent Registry
Canada announces that consultations on a possible "foreign agent registry" will begin soon. What is that and how is it different from a lobbying law?
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Jan 9, 2023
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Sanctions Pivot: Canada Seeks Forfeiture of Russian-Owned Assets to Fund Reconstruction of Ukraine and Adds Oil Price-Cap Restrictions
Canada, in a first for G7 states, seeks seizure & forfeiture of sanctioned oligarch's assets for use in compensation & reconstruction of Ukraine.
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Dec 22, 2022
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Capital Markets Podcast: Why Businesses Should Care About Greenwashing
This podcast episode dives into the risks and impact of greenwashing on businesses. Ouvedi Rama Naiken and Patricia Chehadé, from our Capital Markets & Securities Group, speak with corporate commercial litigator and regulatory lawyer, Talia Gordner on the current regulatory framework of greenwashing.
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Dec 20, 2022
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Modernization of the Investment Canada Act is Underway
The Canadian federal government introduced Bill C-34, An Act to Amend the Investment Canada Act, to modernize Canada’s national security regime.
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Dec 12, 2022
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Arbitration Clauses Should be Respected, Most of the Time: Supreme Court of Canada Shifts Focus Away From Single Proceeding Model for Insolvencies in Rendering Arbitration Clause Inoperative
The SCC has provided a framework on when arbitration clauses should be rendered inoperative in order to promote efficiency in an insolvency proceeding.
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Dec 5, 2022
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Capital Markets Podcast: The Clash Between Securities Law and Crypto
Are you curious about the intersection of crypto and securities law? This podcast dives into the future of crypto law and the current state of crypto regulations in Canada.
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Nov 24, 2022
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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
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Government of Alberta to Regulate Health Care Practitioners Administering Psychedelics
Alberta is implementing a new framework for regulating and licensing health care providers in connection with administering psychedelics.
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Nov 9, 2022
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Prospectus Exemption for Self-Certified Investors now available in Ontario
Qualifying investors can participate in prospectus-exempt distributions of Ontario issuers for up to $30,000 per year, regardless of income or assets.
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Nov 9, 2022
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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
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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
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Can they really do that? Understanding the limits of governmental permitting and compliance powers
While every company strives to achieve constructive relations with regulators, sometimes this is not enough. In such cases, understanding the rules that apply to regulators and the limits of their powers can be essential to levelling the playing field.
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Wednesday, November 9, 2022
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Single Proceeding Model Trumps Contractual Rights – Arbitration Clause Held “Inoperative” in Insolvency Proceeding
Ontario's highest court has held that an arbitration clause may be unenforceable in an appropriate insolvency proceeding, introducing contractual uncertainty.
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Sep 26, 2022
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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
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Government of Canada Clarified Intended Medical Leave with Pay for Federally Regulated Employees
The Government of Canada has published regulations clarifying how paid medical leave for employees will work.
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Aug 2, 2022
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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
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The Federal Government Suspends its Mandatory Vaccination Requirements
The Government of Canada has lifted its mandatory vaccination requirements for employees in the air, marine and rail sectors.
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Jun 21, 2022
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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
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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
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Federal Privacy Commissioner Releases Key Recommendations for a New Federal Private Sector Privacy Law
The Office of the Privacy Commissioner of Canada released a summary of its key recommendations for a new federal private sector privacy law in Canada
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May 17, 2022
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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.
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Thursday, June 2, 2022
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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
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Drilling Down on Crypto: AER Cryptocurrency Mining Bulletin and Information Request
Alberta's Energy Regulator taking steps to better understand cryptocurrency mining operations occurring alongside AER-regulated operations.
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May 4, 2022
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Canada Further Expands its Sanctions Regime Against Russia
An update on Canada’s sanctions measures in response to military actions taken by Russia against Ukraine.
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Mar 29, 2022
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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
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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
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Canada Issues Policy Statement on Investments Linked to Russia under the Investment Canada Act
Investments by Russian investors will be subject to enhanced scrutiny and prolonged timelines.
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Mar 9, 2022
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The Potential Impact of the Ukraine Conflict on Contracts Between Canadian and Russian Companies
Legal tools Canadian companies should seek advice on if they are no longer able perform contractual agreements because of the war in Ukraine
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Mar 8, 2022
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The United Kingdom’s New Economic Crime Bill Portends a Sea Change in Anti-Money Laundering Legislation in the West
United Kingdom introduces Economic Crime Bill to expand anti-money laundering capabilities of law enforcement. This Bill portends change to AML laws in Canada.
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Mar 1, 2022
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Canada Strengthens Its Economic Sanctions and Export Controls Against Russia and Supports Russia’s Removal from SWIFT
On February 24, 2022, Canada imposed additional sanctions in response to military actions taken by Russia against Ukraine. The Regulations Amending the Special Economic Measures (Ukraine) Regulations[1] and the Regulations Amending the Special Economic Measures (Russia) Regulations[2] came into force immediately on their day of publication.
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Feb 25, 2022
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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
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Reverse Vesting Orders – When Is This “Extraordinary Measure” Appropriate?
A review of the recent Ontario Superior Court of Justice decision in Harte Gold Inc. (Re) and its effect on reverse vesting orders in insolvency proceedings.
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Feb 16, 2022
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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
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Federal Government Accepting Comments on Exemptions to Hours of Work Requirements in Air and Rail Transportation, Banking and Telecommunications Sectors
Employers in transportation, banking and telecommunications sectors have until February 23 to comment on proposed hours of work exemptions.
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Feb 2, 2022
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The End of LIBOR: January 2022 Update
As of December 31, 2021, most LIBOR tenors ceased; some USD LIBOR tenors to continue until June 30, 2023; some GBP and JPY tenors published on synthetic basis.
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Jan 31, 2022
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PropTech: Property Technology, the New Frontier in Real Property, Part 3: Challenges
In this bulletin, we discuss the risks and challenges of using PropTech by businesses in the real estate space and for consumers of such products.
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Jan 18, 2022
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Cash is King – Taking Control over Cash Collateral
In secured lending transactions, a debtor's cash may form part of the lender's general security or may be deposited with a financial institution to support certain contingent obligations (such as outstanding letter of credits)
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Jan 18, 2022
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Mandatory COVID-19 Vaccination Policy Upheld
An Ontario arbitrator upheld an employer's vaccine mandate for both a site where a 3rd party obligation existed and a related site with no such obligation.
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Jan 12, 2022
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Ontario Arbitrators Continue to Uphold Terminations of Employees who Breach COVID-19 Safety Protocols
A recent decision by an Ontario arbitrator further affirmed the notion that dishonesty during COVID screening protocols by an employee can lead to termination.
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Jan 12, 2022
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PropTech: Property Technology, the New Frontier in Real Property, Part 2: Benefits
In this bulletin, we discuss the benefits of using PropTech for businesses in the real estate space and for consumers of such products.
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Jan 11, 2022
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PropTech: Property Technology, the New Frontier in Real Property, Part 1: Introduction
In this 3-part series, we explain the concept of PropTech, highlight its benefits and outline associated risks.
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Jan 11, 2022
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SCC Rules No Absolute Bar on Pre-post Compensation (setoff), Overrules kitco and Provides Roadmap for Possible Pre-post Setoff in CCAA Cases
The Supreme Court's decision in Montréal v. Deloitte establishes a test for pre-post compensation (set-off)
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Dec 23, 2021
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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.
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Dec 22, 2021
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Will a Billion Dollar Termination Shift the M&A Landscape?
The authors discuss the Ontario Superior Court of Justice's decision in Cineplex v. Cineworld, a "busted deal" case about interim operating covenants.
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Dec 17, 2021
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Pilot Well-Known Seasoned Issuer Program Announced
Canadian securities regulators announce pilot program permitting a "well-known seasoned issuer" to streamline the filing of a base shelf prospectus process.
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Dec 13, 2021
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Canadian Blockchain Webinar – Cryptocurrency, Digital Assets and NFTs: Learn about different Canadian legal facets of the blockchain revolution
Join McMillan lawyers from a variety of legal fields as they walk through the law of blockchain, cryptocurrency and NFTs. This multi-disciplinary webinar will feature content of interest to all levels of experience in this innovative space. Speakers from industry and other jurisdictions are scheduled to appear to provide their insights on background, modern-day compliance and future issues.
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Wednesday, January 12, 2022
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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.
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Dec 1, 2021
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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
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Nov 23, 2021
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Captive Insurance Emerging in Alberta
The Alberta legislature recently proposed captive insurance legislation, expanding insurance options for Alberta businesses.
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Nov 22, 2021
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Mandatory Vaccination Policy: “Reasonable, Enforceable”
A labour arbitrator upheld an employer’s mandatory vaccination policy, finding the policy to be reasonable and enforceable.
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Nov 11, 2021
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Privacy Commissioner Releases More Guidance for Video Teleconferencing Companies
Video teleconferencing companies face unique cybersecurity and data privacy risks. The OPC has new guidance on how these companies can best address them.
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Nov 3, 2021
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Major Canadian Banks Join Net-Zero Banking Alliance (NZBA) — Unpacking the Initiative and Net-Zero Commitments
On the eve of the 2021 United Nations Climate Change Conference, six of Canada’s largest banks announced they had signed on to the Net-Zero Banking Alliance.
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Oct 21, 2021
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Start of a New Term: ARRC Recommends CME Group’s Term SOFR
ARRC formally recommends CME Term SOFR. Term SOFR works similar to LIBOR and is the preferred RFR for business loans.
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Sep 7, 2021
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China’s New Sanctions Blocking Regime: Should Canadian Businesses in Hong Kong Be Worried?
On June 10, 2021, the Standing Committee of the Chinese National People’s Congress passed the Chinese Anti-Foreign Sanctions Law.
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Sep 1, 2021
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Blocked Account Agreements in Canada – Back to Basics
A BAA is useful for lenders relying on cash collateral in secured lending transactions. We discuss the nature and function of BAAs in the common law provinces.
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Aug 31, 2021
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Canada Modifies Belarus Sanctions and Introduces Efficiencies to Report Requirements under Sergei Magnitsky Law
The Canadian government recently introduced modified sanctions against Belarus and efficiencies to report requirements under Sergei Magnitsky Law.
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Aug 23, 2021
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NFTs and Implications Under Canadian Securities Law
This article discusses the treatment of non-fungible tokens (NFTs) as securities and related regulatory considerations in Canada.
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Aug 16, 2021
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Canadians Heading to the Polls in a Federal Election. Is your Business Ready to Comply with the Canada Elections Act and Lobbying Act during the Campaign?
During the election period, for profit and non-profit companies and charities need to be aware of their Canada Elections Act and Lobbying Act obligations.
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Aug 16, 2021
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Beware of Petroleum and Potassium from Belarus! Canada Imposes New Sectoral Sanctions
On August 9, 2021, Canada announced sectoral sanctions under the Special Economic Measures Act (“SEMA”) against Belarus.
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Aug 15, 2021
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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.
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Aug 11, 2021
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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
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Attention Federally Regulated Employers – Canada’s Pay Equity Act Takes Effect August 31, 2021
The Pay Equity Act, requiring federally regulated employers to develop a comprehensive pay equity plan, takes effect on August 31, 2021
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Aug 3, 2021
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Watch as that Trust is Swept Away
Suppliers and subcontractors in the construction industry should be mindful of a recent unreported decision of the Ontario Superior Court of Justice.
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Jul 30, 2021
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The CSA Comes Full Circle to Protect the Vulnerable
Amended regulations by the CSA for registrants to protect older and vulnerable clients.
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Jul 27, 2021
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SOFR Fundamentals: What We Know SO-FAR
SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.
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Jul 21, 2021
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“Say on Climate” — Key Considerations in Implementing Shareholder Votes on Climate
Shareholder engagement on climate-related matters continues to grow across the globe, including Canada, these issues are a key focus area for public companies
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Jul 16, 2021
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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.
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Jul 6, 2021
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Is Private Sector Privacy Legislation Looming in Ontario?
Ontario government seeks input on privacy policy proposals, signaling that Ontario private sector privacy legislation may be on the horizon
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Jul 5, 2021
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Amendments to the OHSA Consolidate Reporting Requirements for Workplace Accidents Effective July 1, 2021
The Ontario government introduced amendments to Regulations under the Occupational Health and Safety Act to consolidate accident reporting requirements.
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Jun 30, 2021
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Making Sense of Non-GAAP Financial Measures
Capital market developments from the CSA regarding non-GAAP financial information.
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Jun 30, 2021
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ICMA Green Bond Principles Undergo Minor Facelift
Legal news bulletin discussing recent changes to ICMA Green Bond Principles.
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Jun 17, 2021
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Québec Class action – What’s new? Examination of the defendant at the authorization stage
EIn class actions, the right to examine an affiant is the subject of conflicting case law.
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Jun 14, 2021
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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
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Jun 7, 2021
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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
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Canadian Privacy Commissioners Issue Joint Guidance on Vaccine Passports
Commissioners warn that privacy considerations must be “front and centre” as organizations develop and implement vaccine passports in the coming months
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May 25, 2021
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BILL 96 – Top 10 Impacts of the Revised Charter of the French Language on your Business and When to Expect Implementation of Such Revisions
Changes to Québec’s language laws are coming. Here is a top ten list of potential impacts, and the likely timeline and process for adoption.
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May 19, 2021
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Reverse Vesting Orders – A Powerful Tool for Maximizing Recovery in Complex Insolvencies
How reverse vesting orders (RVOs) offer another tool for realizing value for stakeholders in Companies' Creditors Arrangement Act (CCAA) proceedings.
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May 19, 2021
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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
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Closing the Gap: New Proactive Pay Equity Rules for Federally Regulated Employers
Guidance on employers' obligations under the new federal Pay Equity Act and its associated regulations, expected to take effect in late 2021.
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Apr 27, 2021
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Supreme Court of Canada Confirms: Hypothecary Notices In Québec Receiverships Are Here To Stay
Supreme Court of Canada confirms: hypothecary notices in Québec receiverships are here to stay.
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Apr 6, 2021
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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.
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Mar 30, 2021
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LIBOR Newsflash: FCA Announces Dates for Official Cessation and Loss of Representativeness of LIBOR
FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.
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Mar 10, 2021
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Canada Updates Official Terrorist Entities List – What It Means for Your Business
The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.
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Feb 23, 2021
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iAnthus Decision Changes the Landscape for Corporate Plans of Arrangement under the BCBCA by Permitting Third-Party Releases
The iAnthus decision affirmed by the Court of Appeal holds that a British Columbia company can use the BCBCA to restructure and obtain 3rd party releases.
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Feb 23, 2021
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LIBOR Newsflash: Announcement on Official Cessation of LIBOR is Expected Soon
IBA and FCA expected to make announcement about the official cessation of LIBOR. Timelines for ceasing new issuances of LIBOR loans.
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Feb 18, 2021
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Best practices for commercial landlords facing tenant insolvencies (adapted to the Province of Québec)
Many commercial landlords are increasingly alarmed that COVID-19 may cause a surge in tenant bankruptcies or restructurings.
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Feb 16, 2021
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2020 Fintech Year in Review: Canadian Regulatory Developments
2020 Fintech Year in Review: Canadian Regulatory Developments
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Feb 10, 2021
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Best Practices for Commercial Landlords Facing Tenant Insolvencies
Many commercial landlords are increasingly alarmed that COVID-19 may cause a surge in tenant bankruptcies or restructurings.
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Feb 4, 2021
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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)
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Feb 2, 2021
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Canadian Regulators Remove Key Barrier to Distribution of Alternative Mutual Funds – New Courses Will Permit Mutual Fund Dealers/Registered Firms to Trade in Securities of Alternative Mutual Funds
Canadian securities regulators provide additional proficiency options for distributing alternative mutual funds
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Jan 29, 2021
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New Workplace Harassment and Violence Requirements for Federally Regulated Employees Now in Effect
As of January 1, 2021, federally regulated employers must comply with new requirements imposed by the Workplace Harassment and Violence Prevention Regulations
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Jan 4, 2021
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A Win for Landlords: Letters of Credit and the Autonomy Principle
Five takeaways from 7636156 Canada Inc. (Re), 2020 ONCA 681.
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Jan 4, 2021
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Mandatory Vaccination Policies for Employees: Enforceable or a Shot in the Dark?
There are vaccines, and there will be (at some point) enough for everyone in Canada to receive it. But what happens if your employees refuse to be vaccinated?
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Dec 23, 2020
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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
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‘But to What Effect?’ The Supreme Court of Canada Clarifies the Anti-deprivation Rule in Chandos
The authors discussion of the Supreme Court of Canada's decision in Chandos Construction affirming the anti-deprivation rule and consider its implications
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Nov 16, 2020
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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.
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Nov 3, 2020
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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.
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Nov 3, 2020
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Canada’s New Cybersecurity Certification Goes Live
The federal government has launched a voluntary CyberSecure program to help small and medium-sized organizations protect against cybersecurity threats
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Oct 13, 2020
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Update: British Columbia’s New Registry of Beneficial Ownership
Update: British Columbia's New Registry of Beneficial Ownership
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Oct 6, 2020
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Mandatory Indoor Face Coverings: What Ontario Employers Need to Know
Mandatory Indoor Face Coverings: What Ontario Employers Need to Know
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Oct 6, 2020
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Sanctions Alert: Canada Reimposes Sanctions on Belarus
Canada announced on September 29, 2020, that it would re-impose more targeted economic sanctions against Belarusian high-ranking public officials
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Sep 30, 2020
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The Splintering of Canadian Insolvency Law: Quebec Court of Appeal Confirms Expiry of Provincial Notice Periods are a Pre-Condition to Appointment of a BIA Receiver
The Quebec court of appeal's ruling in Séquestre de Media5 Corporation has profound implications for the enforcement of secured creditor remedies in Quebec.
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Aug 6, 2020
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Implementing New NAFTA: Agreement on Everything Except the Name!
This article identifies key sectoral and other changes to the NAFTA, which will come into effect on July 1, 2020 through the implementation of the CUSMA.
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Jun 24, 2020
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Material Adverse Effect Clauses in a COVID-19 World
Review and analysis of recent developments where parties try to rely on MAE clauses as a mechanism to avoid closing a transaction.
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Jun 23, 2020
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Construction through COVID-19 in Canada: A Guideline for what each Province and Territory is Doing
How each Province is managing the impact of COVID-19 by restricting construction activities, suspending litigation time periods and recommending H&S practices
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Jun 11, 2020
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Privacy Penalties – Canadian Competition Bureau Wades Into Privacy Enforcement
Organizations operating in Canada are advised to immediately review their privacy-related policies and marketing to avoid false or misleading representations
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May 26, 2020
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Rules for Control of Electronic Chattel Paper – Ontario’s Push to Modernize the Personal Property Security Act
On Friday, May 15, 2020, the electronic chattel paper amendments to the Ontario PPSA finally came into force, nearly a year after receiving royal assent.
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May 18, 2020
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Alberta Government Passes Bill 12, Liabilities Management Statutes Amendment Act, 2020 – What You Need to Know
What you need to know about the Alberta Government's Bill 12 in relation to Liabilities Management Statutes Amendment Act, 2020.
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Apr 21, 2020
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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
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Apr 15, 2020
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Project Management Amid COVID-19 – The Triage
Best practices for construction project management during the COVID-19 pandemic, and other force majeure circumstances.
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Apr 8, 2020
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The Impact of COVID-19 on the Construction Industry: A Reference Guide to the Changed Landscape
Contractual clauses, Permits & Inspections, Health & Safety, Labour, Litigation, Arbitration & Court Procedures,
Limitation Periods, Liens & Holdbacks
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Apr 3, 2020
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Asking Lenders for Time to Deal with COVID-19 Problems
Guide for borrowers to discussing loan defaults and additional credit support with lenders.
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Mar 31, 2020
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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.
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Mar 31, 2020
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Unbearable Lite-ness: Lenders’ Remedies in the Age of Missing Covenants
The author discusses the recent trend toward borrower-friendly loan documents and the remedies available to lenders in Canada.
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Mar 23, 2020
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Where the Restructuring Meets the Road: the Intersection Between Insolvency Proceedings and Construction Law
COVID-19 will strain the construction industry. This bulletin explores how insolvency and restructuring concepts interact with construction law.
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Mar 20, 2020
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Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?
Restructuring options and challenges in the time of COVID-19.
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Mar 20, 2020
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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
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Feb 27, 2020
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Lost in Transition: Working Through the Silence Surrounding Leasehold Interests in the Construction Act’s Transition Provisions
Lost in Transition - Working through the Silence Surrounding Leasehold Interests in the Construction Act's Transition Provisions
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Feb 27, 2020
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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.
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Feb 26, 2020
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How Should AI be Regulated in Canada? Speak now, or forever hold your peace!
Many organizations recognize the potential benefits that artificial intelligence can bring to their business. Canadian regulations coming sooner than later.
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Feb 24, 2020
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“Can I Tell You Something in Confidence?” Legal Privilege in M&A Transactions
The authors discuss challenges to maintaining legal privilege in M&A transactions. Parties in Ontario can learn from the experience of other jurisdictions.
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Jan 22, 2020
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Challenges and Opportunities for Canadian Investors in Brazilian Insolvency Proceedings: Lessons from the IBA’s 2019 Global Restructuring Conference
The authors discuss unique aspects of Brazil's insolvency regime relevant for Canadian investors, including the role of equity, DIP loans, and jurisdiction.
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Jan 21, 2020
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Under the Influence: The Canadian Competition Bureau’s Stand on Misleading Product Endorsements
The Competition Bureau has sent letters to advertisers and advertising agencies warning them to ensure that their Influencer advertising complies with the law.
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Dec 30, 2019
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Contact Information Posted on Websites Not Necessarily Up for Grabs
Investigation findings of the Office of the Privacy Commissioner highlight issues surrounding the use of personal contact information posted on websites
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Dec 19, 2019
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One-Year Anniversary of Mandatory Data Breach Reporting: Lessons the OPC Has Learned and What Businesses Need to Know
November 1st, 2018 marked a year since reporting data breaches became mandatory under the Personal Information Protection and Electronic Documents Act ("PIPEDA")
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Nov 11, 2019
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Alberta Court of Appeal Ranks CCAA Super-priority Charges Ahead of CRA’s Deemed Trust, but Uncertainty Remains
Alberta Court of Appeal held super-priority charges granted in a Companies' Creditor Arrangement Act proceeding may take priority over statutory deemed trusts claims advanced by the Crown
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Oct 22, 2019
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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
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Jul 3, 2019
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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.
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Jun 18, 2019
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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.
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Jun 6, 2019
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Proposed Digital Charter Could Bring Sweeping Changes to Canadian Privacy Laws
On May 21, 2019, the Canadian federal government released a proposed Digital Charter
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May 23, 2019
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Canadian Corporate & Restructuring Legislation: Changes Could be on the Way
Bill C-97 (the “Bill”) was introduced in Parliament to implement the federal budget tabled by the Liberal government on March 19, 2019.
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May 10, 2019
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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.
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Apr 8, 2019
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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
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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
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Feb 22, 2019
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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
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Supreme Court of Canada Allows Redwater Appeal: Regulator entitled to super-priority for abandonment and reclamation costs
Supreme Court of Canada Allows Redwater Appeal: Regulator entitled to super-priority for abandonment and reclamation costs
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Jan 31, 2019
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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.
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Jan 31, 2019
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Government of Canada Proposes Substantial Changes to Federal Employment Standards
Bill C-86 would significantly amend the Code's provisions concerning basic employment standards, non-standard employment relationships and termination.
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Nov 5, 2018
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Trick or…Breach? PIPEDA’s Breach Reporting Requirements Come Into Force on November 1, 2018
This bulletin provides an overview of the new breach reporting requirements.
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Nov 1, 2018
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OSFI’s Revised Corporate Governance Guideline Goes Live
On September 18, 2018 the Office of the Superintendent of Financial Institutions issued the final version of its Corporate Governance Guideline
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Oct 3, 2018
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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
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Inconvenient Termination: The Financial Impact of Terminating Public-Private Partnership (“P3”) Projects
The enormous success of the P3 model in delivering on time and on budget public infrastructure[1] can see troubled waters when new Governments arrive
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Jun 12, 2018
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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
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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
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PIPEDA – How to Obtain “Meaningful” Consent, and When Consent is Not Enough
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 30, 2018
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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
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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
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May 15, 2018
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New Regulations Add Detail to the Construction Lien Amendment Act
Construction Lien Act changes including the introduction of a prompt payment regime, adjudication, existing holdback, lien preservation and perfection periods, bonding, and trust provisions
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Apr 27, 2018
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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
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New Public Disclosure Requirements for Canadian Life Insurers
New Public Disclosure Requirements for Canadian Life Insurers
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Apr 3, 2018
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Budget 2018: Federal Government Targets Transactions by Financial Institutions
Budget 2018 continues the Government's effort to prevent corporate taxpayers (in particular, financial institutions) from engaging in certain transactions.
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Mar 12, 2018
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Key Corporate Governance and Disclosure Developments in 2017
Key Corporate Governance and Disclosure Developments in 2017
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Dec 4, 2017
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Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust
Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust
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Nov 2, 2017
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Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations
Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations
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Oct 10, 2017
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Divergent Regulatory Approaches to Cryptocurrency Offerings: Developments in Canada, the United States, and China
Divergent Regulatory Approaches to Cryptocurrency Offerings: Developments in Canada, the United States, and China
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Oct 9, 2017
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Ontario Government to Grow LCBO: Recreational Cannabis to be sold at Government Stores
Ontario Government to Grow LCBO: Recreational Cannabis to be sold at Government Stores
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Sep 8, 2017
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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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Investment Canada Act Threshold Increases to $1 Billion (Cdn)
Investment Canada Act Threshold Increases to $1 Billion (Cdn)
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Jun 22, 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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Appeal Dismissed: Decision of the Alberta Court of Appeal in Re Redwater Confirms Paramountcy of BIA
Appeal Dismissed: Decision of the Alberta Court of Appeal in Re Redwater Confirms Paramountcy of BIA
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Apr 25, 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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The Enforceability of Make-Whole Clauses in Bankruptcy
The Enforceability of Make-Whole Clauses in Bankruptcy
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Mar 30, 2017
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CSA Publish Final Proxy Voting Protocols
CSA Publish Final Proxy Voting Protocols
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Feb 1, 2017
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CSA Provides Cybersecurity Risk Disclosure Guidance and Best Practices for Reporting Issuers
CSA Provides Cybersecurity Risk Disclosure Guidance and Best Practices for Reporting Issuers
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Jan 6, 2017
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Government of Canada Provides Valuable Guidance on National Security Review of Foreign Investment in Canada
Government of Canada Provides Valuable Guidance on National Security Review of Foreign Investment in Canada
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Jan 3, 2017
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CSA Publish Update on Cybersecurity for Market Participants
CSA Publish Update on Cybersecurity for Market Participants
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Oct 6, 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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Perfection is Critical to Maintaining Priority Over Judgment Creditors
Perfection is Critical to Maintaining Priority Over Judgment Creditors
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Jun 17, 2016
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Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta
Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta
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Jun 4, 2016
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New Rules for Asset Sales by Insolvent Producers (at least for now)
New Rules for Asset Sales by Insolvent Producers (at least for now)
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May 24, 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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OSFI Releases Draft Guideline on Application of IFRS 9 to Financial Instruments and Disclosure Obligations
Budget 2016: Reporting of Grandfathered New Home Sales
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Apr 1, 2016
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OSFI releases guidelines in response to revised Pillar 3 disclosure requirements
OSFI releases guidelines in response to revised Pillar 3 disclosure requirements
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Mar 7, 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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OSFI Publishes Letter on Plans to Update Capital Requirements for Residential Mortgages
On December 11, 2015 OSFI released a letter notifying stakeholders that it is planning to update the regulatory capital requirements for residential mortgages and home equity lines of credit.
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Dec 21, 2015
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2015 in Review: Significant Increase in Leveraged Investments by the Aboriginal Loan Guarantee Program
2015 in Review: Significant Increase in Leveraged Investments by the Aboriginal Loan Guarantee Program
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Dec 17, 2015
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OSFI Updates Financial Assessment Criteria for Composite Risk Rating
OSFI Updates Financial Assessment Criteria for Composite Risk Rating
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Dec 3, 2015
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Final Demutualization Regulations Published
Final Demutualization Regulations Published
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Jul 27, 2015
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