Primary Contacts
View All ContactsEric B. Friedman
Office Management Partner, TorontoPartner | Financial Services
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.
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.
New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.
Alberta's Energy Regulator taking steps to better understand cryptocurrency mining operations occurring alongside AER-regulated operations.
An update on Canada’s sanctions measures in response to military actions taken by Russia against Ukraine.
A summary of the recent overhaul of Ontario's credit union legislation.
The federal government has named Abraham Tachjian to lead the development of open banking in Canada, following an open letter from prominent fintech executives.
Investments by Russian investors will be subject to enhanced scrutiny and prolonged timelines.
Legal tools Canadian companies should seek advice on if they are no longer able perform contractual agreements because of the war in Ukraine
United Kingdom introduces Economic Crime Bill to expand anti-money laundering capabilities of law enforcement. This Bill portends change to AML laws in Canada.
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.
Today, the Government of Canada released regulations pursuant to the Emergencies Act requiring that certain actions be taken by insurers and other entities.
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.
Analysis of the Third Draft of Proposed National Instrument 93-101 Derivatives: Business Conduct.
Employers in transportation, banking and telecommunications sectors have until February 23 to comment on proposed hours of work exemptions.
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.
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.
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)
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.
A recent decision by an Ontario arbitrator further affirmed the notion that dishonesty during COVID screening protocols by an employee can lead to termination.
In this bulletin, we discuss the benefits of using PropTech for businesses in the real estate space and for consumers of such products.
In this 3-part series, we explain the concept of PropTech, highlight its benefits and outline associated risks.
The Supreme Court's decision in Montréal v. Deloitte establishes a test for pre-post compensation (set-off)
Senior financial services executives share their perspectives on Canada's proposed open banking framework as the country moves towards implementation.
The authors discuss the Ontario Superior Court of Justice's decision in Cineplex v. Cineworld, a "busted deal" case about interim operating covenants.
Canadian securities regulators announce pilot program permitting a "well-known seasoned issuer" to streamline the filing of a base shelf prospectus process.
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.
An overview of Payments Canada's proposed changes to Rule H1 and the pre-authorized debit framework.
The Office of the Superintendent of Financial Institutions announced an end to its COVID-19 response measure relating to capital distributions
The Alberta legislature recently proposed captive insurance legislation, expanding insurance options for Alberta businesses.
A labour arbitrator upheld an employer’s mandatory vaccination policy, finding the policy to be reasonable and enforceable.
Video teleconferencing companies face unique cybersecurity and data privacy risks. The OPC has new guidance on how these companies can best address them.
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.
ARRC formally recommends CME Term SOFR. Term SOFR works similar to LIBOR and is the preferred RFR for business loans.
On June 10, 2021, the Standing Committee of the Chinese National People’s Congress passed the Chinese Anti-Foreign Sanctions Law.
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.
The Canadian government recently introduced modified sanctions against Belarus and efficiencies to report requirements under Sergei Magnitsky Law.
This article discusses the treatment of non-fungible tokens (NFTs) as securities and related regulatory considerations in Canada.
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.
On August 9, 2021, Canada announced sectoral sanctions under the Special Economic Measures Act (“SEMA”) against Belarus.
An overview of the Advisory Committee on Open Banking's final report on bringing open banking to Canada.
FSRA releases mortgage brokering supervision plan for the 2021-2022 year.
The Pay Equity Act, requiring federally regulated employers to develop a comprehensive pay equity plan, takes effect on August 31, 2021
Suppliers and subcontractors in the construction industry should be mindful of a recent unreported decision of the Ontario Superior Court of Justice.
Amended regulations by the CSA for registrants to protect older and vulnerable clients.
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.
Shareholder engagement on climate-related matters continues to grow across the globe, including Canada, these issues are a key focus area for public companies
OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.
Ontario government seeks input on privacy policy proposals, signaling that Ontario private sector privacy legislation may be on the horizon
The Ontario government introduced amendments to Regulations under the Occupational Health and Safety Act to consolidate accident reporting requirements.
Capital market developments from the CSA regarding non-GAAP financial information.
Legal news bulletin discussing recent changes to ICMA Green Bond Principles.
EIn class actions, the right to examine an affiant is the subject of conflicting case law.
Climate, Credit & Canada - Growth of Green Bonds, Sustainability-Linked Credit and Net-Zero Banking
Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?
Commissioners warn that privacy considerations must be “front and centre” as organizations develop and implement vaccine passports in the coming months
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.
How reverse vesting orders (RVOs) offer another tool for realizing value for stakeholders in Companies' Creditors Arrangement Act (CCAA) proceedings.
The Alberta Court of Appeal's dismissal of Bellatrix's appeal leaves substantial uncertainty for natural gas market and all derivatives counterparties.
Guidance on employers' obligations under the new federal Pay Equity Act and its associated regulations, expected to take effect in late 2021.
Supreme Court of Canada confirms: hypothecary notices in Québec receiverships are here to stay.
The authors discuss the Financial Consumer Agency of Canada's submission to the Advisory Committee on Open Banking.
FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.
The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.
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.
IBA and FCA expected to make announcement about the official cessation of LIBOR. Timelines for ceasing new issuances of LIBOR loans.
Many commercial landlords are increasingly alarmed that COVID-19 may cause a surge in tenant bankruptcies or restructurings.
2020 Fintech Year in Review: Canadian Regulatory Developments
Many commercial landlords are increasingly alarmed that COVID-19 may cause a surge in tenant bankruptcies or restructurings.
OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected Sectors Credit Availability Program (HASCAP)
Canadian securities regulators provide additional proficiency options for distributing alternative mutual funds
As of January 1, 2021, federally regulated employers must comply with new requirements imposed by the Workplace Harassment and Violence Prevention Regulations
Five takeaways from 7636156 Canada Inc. (Re), 2020 ONCA 681.
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?
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.
The authors discussion of the Supreme Court of Canada's decision in Chandos Construction affirming the anti-deprivation rule and consider its implications
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.
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.
The federal government has launched a voluntary CyberSecure program to help small and medium-sized organizations protect against cybersecurity threats
Update: British Columbia's New Registry of Beneficial Ownership
Mandatory Indoor Face Coverings: What Ontario Employers Need to Know
Canada announced on September 29, 2020, that it would re-impose more targeted economic sanctions against Belarusian high-ranking public officials
The Quebec court of appeal's ruling in Séquestre de Media5 Corporation has profound implications for the enforcement of secured creditor remedies in Quebec.
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.
Review and analysis of recent developments where parties try to rely on MAE clauses as a mechanism to avoid closing a transaction.
How each Province is managing the impact of COVID-19 by restricting construction activities, suspending litigation time periods and recommending H&S practices
Organizations operating in Canada are advised to immediately review their privacy-related policies and marketing to avoid false or misleading representations
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.
What you need to know about the Alberta Government's Bill 12 in relation to Liabilities Management Statutes Amendment Act, 2020.
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
Best practices for construction project management during the COVID-19 pandemic, and other force majeure circumstances.
Contractual clauses, Permits & Inspections, Health & Safety, Labour, Litigation, Arbitration & Court Procedures,
Limitation Periods, Liens & Holdbacks
Guide for borrowers to discussing loan defaults and additional credit support with lenders.
On March 27, 2020, OSFI announced a number of sector-specific measures to support federally regulated banks, insurers and private pension plans.
The author discusses the recent trend toward borrower-friendly loan documents and the remedies available to lenders in Canada.
COVID-19 will strain the construction industry. This bulletin explores how insolvency and restructuring concepts interact with construction law.
Restructuring options and challenges in the time of COVID-19.
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
Lost in Transition - Working through the Silence Surrounding Leasehold Interests in the Construction Act's Transition Provisions
An overview of the Advisory Committee on Open Banking's recent report entitled Consumer-directed finance: the future of financial services.
Many organizations recognize the potential benefits that artificial intelligence can bring to their business. Canadian regulations coming sooner than later.
The authors discuss challenges to maintaining legal privilege in M&A transactions. Parties in Ontario can learn from the experience of other jurisdictions.
The authors discuss unique aspects of Brazil's insolvency regime relevant for Canadian investors, including the role of equity, DIP loans, and jurisdiction.
The Competition Bureau has sent letters to advertisers and advertising agencies warning them to ensure that their Influencer advertising complies with the law.
Investigation findings of the Office of the Privacy Commissioner highlight issues surrounding the use of personal contact information posted on websites
November 1st, 2018 marked a year since reporting data breaches became mandatory under the Personal Information Protection and Electronic Documents Act ("PIPEDA")
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
On June 19, 2019, the Standing Senate Committee on Banking, Trade and Commerce (“the Committee”) published a report on open banking entitled Open Banking
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.
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.
On May 21, 2019, the Canadian federal government released a proposed Digital Charter
Bill C-97 (the “Bill”) was introduced in Parliament to implement the federal budget tabled by the Liberal government on March 19, 2019.
OSFI published the Technology and Cyber Security Incident Reporting Advisory, which sets out OSFI's expectations for reporting technology and cyber security incidents.
Banks in Canada have been continuously recognized as amongst the soundest and safest across the globe.
The concept of open banking is emerging internationally as the potential future of the banking industry
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.
Supreme Court of Canada Allows Redwater Appeal: Regulator entitled to super-priority for abandonment and reclamation costs
OSFI introduced the Late and Erroneous Filing Penalty ("LEFP") Framework in 2002 as a way to encourage timely and error-free filing.
Bill C-86 would significantly amend the Code's provisions concerning basic employment standards, non-standard employment relationships and termination.
This bulletin provides an overview of the new breach reporting requirements.
On September 18, 2018 the Office of the Superintendent of Financial Institutions issued the final version of its Corporate Governance Guideline
On August 17, 2018, the OSFI revised its transaction instructions relating to the consent and reporting obligations of FRFIs entering into transactions
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
The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada
On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint
On April 19, 2018, the Canadian Securities Administrators (the "CSA") published new draft rules governing the registration of derivatives market participants.
On April 19, 2018, the Canadian Securities Administrators (the "CSA") published new draft rules governing the registration of derivatives market participants.
some of the most important interest rate provisions to be aware of
Construction Lien Act changes including the introduction of a prompt payment regime, adjudication, existing holdback, lien preservation and perfection periods, bonding, and trust provisions
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
New Public Disclosure Requirements for Canadian Life Insurers
Budget 2018 continues the Government's effort to prevent corporate taxpayers (in particular, financial institutions) from engaging in certain transactions.
Key Corporate Governance and Disclosure Developments in 2017
Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust
Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations
Divergent Regulatory Approaches to Cryptocurrency Offerings: Developments in Canada, the United States, and China
Ontario Government to Grow LCBO: Recreational Cannabis to be sold at Government Stores
Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...
Investment Canada Act Threshold Increases to $1 Billion (Cdn)
Global Legal Insights - Banking Regulation
Appeal Dismissed: Decision of the Alberta Court of Appeal in Re Redwater Confirms Paramountcy of BIA
Bulk or no Bulk - the PPSA is always in style
The Enforceability of Make-Whole Clauses in Bankruptcy
CSA Publish Final Proxy Voting Protocols
CSA Provides Cybersecurity Risk Disclosure Guidance and Best Practices for Reporting Issuers
Government of Canada Provides Valuable Guidance on National Security Review of Foreign Investment in Canada
CSA Publish Update on Cybersecurity for Market Participants
OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field
OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
Perfection is Critical to Maintaining Priority Over Judgment Creditors
Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta
New Rules for Asset Sales by Insolvent Producers (at least for now)
Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond
Budget 2016: Reporting of Grandfathered New Home Sales
OSFI releases guidelines in response to revised Pillar 3 disclosure requirements
Getting the Deal Through - Banking Regulation 2015, Canada chapter
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.
2015 in Review: Significant Increase in Leveraged Investments by the Aboriginal Loan Guarantee Program
OSFI Updates Financial Assessment Criteria for Composite Risk Rating
Final Demutualization Regulations Published
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