


Payments & Fintech
PAYMENT & FINTECH
Financial technology, or “FinTech”, has changed the way the world considers finances. McMillan’s payments and money services lawyers have the experience, technical expertise and industry knowledge to help clients gain competitive advantage among emerging opportunities while navigating the risks FinTech brings. We have deep regulatory and transactional experience in all parts of Canada’s financial services industry, in regulatory oversight and in public policy.
In a rapidly evolving industry, our lawyers have gained significant FinTech experience advising institutional lenders, tech companies and regulators on a wide array of FinTech matters including cryptocurrencies (such as bitcoin), the payments ecosystem and peer to peer payment systems, mobile payments and deposits, virtual wallets, online lending, trading and investments and financial planning “Robo-advisors”. We also negotiate on behalf of clients the complex intersection of cybersecurity, data privacy, banking and securities regulatory compliance, consumer protection and other regulatory and transactional requirements.
BLOCKCHAIN, CRYPTOCURRENCY AND DIGITAL ASSETS
McMillan has a comprehensive understanding of blockchain, cryptocurrency, digital assets and other decentralized technologies. We use an integrative, pragmatic, and proactive approach when providing counsel in connection with an ever-changing regulatory landscape.
Our cross-disciplinary team brings together specialists across many fields, including litigation, securities regulation, capital markets, investment funds and asset management, mergers and acquisitions, derivatives, technology, privacy and cybersecurity, intellectual property, consumer protection, anti-money laundering, financial services, tax, and bankruptcy and insolvency.
McMillan provides Canada’s most sophisticated entrepreneurs, financial institutions, venture investors, asset managers, platforms, exchanges, third-party software service providers, and financial technology companies with the expertise to help evaluate, implement, invest in, and protect blockchain-based technologies and digital assets. McMillan has advised on a wide variety of matters in this industry, including:
- Civil and regulatory proceedings in the digital assets and blockchain space;
- Cryptocurrency fraud, forensic investigations, asset tracing, enforcement, and seizure of digital assets, including with respect to cross-border matters;
- Advising clients and working with courts, monitors and custodians with respect to the valuation, transfer, custody, maintenance, and disposition of digital assets in all manner of proceedings;
- Initial coin or token offerings (ICOs and ITOs);
- Securities registrations and applications for exemptive relief (including with respect to crypto asset trading platforms (CTPs));
- Regulatory enforcement proceedings with respect to CTPs and digital assets generally;
- Cybersecurity and privacy;
- Securities regulatory compliance;
- Consumer protection and other regulatory and transactional requirements;
- Money services business (MSB) regulatory guidance, registration, and licensing;
- Formation of funds that invest in digital assets and blockchain-related businesses;
- Disputes about, and regulation of, Non-Fungible Tokens (NFTs), digital collectibles, and virtual goods;
- Brand protection;
- Registration of trademarks covering NFTs;
- Drafting patent applications pertaining to blockchain and metaverse-related inventions;
- Decentralized Autonomous Organizations (DAO) projects;
- Web3 blockchain applications, decentralized finance (DeFi), and staking;
- Tax matters;
- Smart contracts; and
- Recovery of distressed assets.
PAYMENTS & MONEY SERVICES
McMillan’s payments, money and financial services lawyers specialize in helping corporate clients navigate this dynamic payments industry. Our practice draws on the firm’s expertise across a wide variety of practice areas to provide our clients with a unique perspective on the Canadian and international payments ecosystem.
McMillan’s payments practice regularly advises merchants, payments processors, card companies (payment network providers), digital payments companies, regulators, industry groups, technology providers, cross-border payments facilitators and payment clearing and settlement providers. Our payments, money and financial services lawyers offer expertise on anti-money laundering and economic sanctions, regulatory compliance, financial services, consumer protection, privacy and data protection, and information technology. We combine industry knowledge with a deep understanding of payment and financial market infrastructures to provide a full range of services to clients in the payments, funds transfer, foreign exchange, virtual currency and Paytech sectors.
Our lawyers have negotiated with regulators and various parties in the Canadian payments system, including the Office of the Superintendent of Financial Institutions and Payments Canada, to clear the regulatory hurdles associated with bringing an innovative payment functionality to the Canadian marketplace.
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Insights (57 Posts)
Registration Roundup: The Development of Securities Regulation of Crypto Trading Platforms (CTPs) in Canada
The Canadian Securities Administrators have continued to develop the securities regulatory framework applicable to crypto trading platforms.
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May 17, 2023
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AI Regulatory Roundup – International Developments in AI Law and Policy
An overview of recent Canadian and international developments related to the regulation of artificial intelligence technologies.
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May 2, 2023
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Caught in the Sanctions Crossfire: Canada’s Proposed New Control Test Has Broad Repercussions on Businesses with Any Nexus to Russia
Proposed "deemed ownership" test under Canadian sanctions laws and convergence of AML and sanctions regulation in Canada.
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Apr 26, 2023
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Trends and Developments in Cryptocurrency: What the Experts are Seeing in the Tracing, Seizing and Safeguarding of Digital Assets, and Why So Much Value is Being Lost
Together with Lowenstein Sandler, join McMillan for a series of engaging panels with industry leaders who will share valuable insights into the newest crypto trends and developments, with a particular emphasis on the below areas of risk.
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Tuesday, April 25, 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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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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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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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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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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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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Clearview AI Ordered to Comply with Provincial Regulators’ Privacy Recommendations
Canada’s provincial privacy regulators have issued orders against Clearview AI forcing it comply with the
recommendations of a 2020 joint investigation.
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Jan 5, 2022
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Protection of Virtual Goods Through Tokenized Technology
Real world brands are increasingly looking to NFTs and virtual online presences as the next frontier to market their products.
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Nov 17, 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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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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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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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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Canadian Government Expands National Security Guidance
On March 24, 2021, Canada’s Minister of Innovation, Science and Industry announced that the government updated its National Security Guidelines.
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Mar 25, 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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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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B.C. Technology Sector Makes the Grade – But Not Yet Top of the Class
In November 2020, KPMG released the B.C Tech Report Card 2020. The Report Card outlined the current state of the British Columbia technology sector.
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Dec 2, 2020
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The Intersection between Drop-Shipping and Patent Infringement
The drop-shipping business model is picking up steam in the online world. But is it immune from the reaches of patent law? Find out in this bulletin.
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Nov 4, 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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COVID-19 Realities Push Ontario Government to Launch Public Consultation to Improve the Province’s Privacy Laws
The Ontario government launched public consultations to guide their modernization of private-sector privacy laws within the province.
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Aug 19, 2020
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Bill 64: Modernizing Québec’s Privacy Regime
Bill 64: Modernizing Québec's Privacy Regime
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Jul 23, 2020
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Federal Court Defends CASL, Says Prohibition on Spam is Constitutional
he FCA ruled that CASL's provisions relating to the regulation of commercial electronic messages are constitutional, despite challenge from CompuFinder
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Jul 1, 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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Making B.C. an Emerging Economy Leader
Review of the BC Emerging Economy Task Force Report and how BC companies can position themselves to take advantage of the emerging economy of the future.
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Jun 23, 2020
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COVID-19: Alberta Government Announces List of Essential Services
Alberta's Government has published lists of essential services and non-essential places of business not permitted to
offer or provide services to the public.
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Mar 29, 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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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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Ontario Court Suggests Terminated Salespeople are Fish Out of Water
Recent Ontario decision calls into question prior holdings about the transferability of salespersons' skills.
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Dec 16, 2019
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Amendments to the CCAA, BIA and CBCA Now in Force
Authors discuss changes in 2019 to Canadian corporate and restructuring statutes and their possible implications for insolvency practice in Canada
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Nov 19, 2019
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Top of the Class: New Cybersecurity Program to Certify Privacy-Minded Businesses
The federal government has launched a new cybersecurity certification program aimed at helping small and medium-sized businesses protect against cyber threats.
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Aug 14, 2019
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TOP TWELVE THINGS TO KNOW – New Canadian Trademarks Act June 17, 2019
On June 17, 2019 major changes to Canada’s Trademarks Act will come into force.
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Jun 4, 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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Protecting Your Trademarks in the World of Online Retail Platforms
In the digital age, many vendors have expanded beyond brick and mortar shops and now sell their goods and services online.
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Apr 13, 2019
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CSA Reinforces Position that Securities Laws Apply to Cryptocurrency Offerings, Confirms Regulatory Scrutiny for Industry Participants
Jun 11, 2018, CSA published Staff Notice 46-308 – Securities Law Implications for Offerings of Tokens providing regulatory guidance on token and coin offerings.
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Jul 19, 2018
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Significant Changes for Businesses Making Taxable Supplies into Québec
A proposal to amend the QST Act in the 2018 Québec budget will impose QST registration and collection agent compliance obligations on out-of-province businesses
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Jul 10, 2018
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Seller Beware: The Dangers of Sales Language
Winning a bid dangerous when materials use exaggerated hyperbolic language and contain injudicious claims to performance suitability reliability and functionality of goods or services offered
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Jan 19, 2018
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OSC Grants Exemptive Relief to Token Funder Inc.
OSC Grants Exemptive Relief to Token Funder Inc.
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Nov 1, 2017
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CSA Provides Guidance to Registrants on Cyber Security and Social Media
CSA Provides Guidance to Registrants on Cyber Security and Social Media
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Nov 1, 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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McMillan Advises on First Initial Coin Offering Granted Exemptive Relief by Canadian Securities Regulators
McMillan Advises on First Initial Coin Offering Granted Exemptive Relief by Canadian Securities Regulators
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Sep 4, 2017
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CASL Private Right of Action Delayed; Enforcement by CRTC Continues
CASL Private Right of Action Delayed; Enforcement by CRTC Continues
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Jun 7, 2017
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Are You Ready for CASL’s Private Right of Action?
Are You Ready for CASL's Private Right of Action?
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Jan 30, 2017
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Fintech at the Crossroads: Regulating the Revolution
Fintech at the Crossroads: Regulating the Revolution
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Oct 30, 2016
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FinTech Forum: Innovation, Regulation or Both
At the FinTech Forum, experts from across the financial services spectrum will come together to analyze key challenges and opportunities to develop a roadmap forward.
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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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Tips for Startups – Understanding the Stages of Equity Financing
Tips for Startups – Understanding the Stages of Equity Financing
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Jul 11, 2016
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Tips for Startups – Understanding Debt vs. Equity Investments
Tips for Startups - Understanding Debt vs. Equity Investments
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Jul 5, 2016
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CRTC Imposes $1.1 Million Penalty for Alleged CASL Violation
CRTC Imposes $1.1 Million Penalty for Alleged CASL Violation
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Mar 7, 2015
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