Investment Funds & Asset Management
INVESTMENT FUNDS & ASSET MANAGEMENT (IFAM) PRACTICE
Investment fund managers, portfolio managers and dealers operate in a fast-paced and quickly changing marketplace governed by a myriad of complex rules and regulations. Success in these competitive conditions demand hands-on legal knowledge and practical advice. McMillan’s IFAM practice group is highly regarded for the depth of its expertise, at both structural and regulatory levels, as well as in related practice areas including tax, derivatives and regulatory affairs.
We provide business-critical legal solutions and consultation services to Canadian and foreign financial institutions, fund managers, portfolio managers, dealers and service providers, helping them to understand, prepare for and satisfy their regulatory obligations while taking a proactive approach to running their businesses.
As a leading law firm in the Canadian investment fund and asset management industry, McMillan has represented some of the largest and most innovative market participants.
The lawyers in our IFAM group assist clients in relation to a vast array of matters, including:
- Structuring and regulatory advice with respect to the formation and organization of investment funds (including alternative funds and hedge funds) for managers/advisers and dealers involved in investment product offerings
- Assisting with the registration of portfolio managers, investment fund mangers and dealers (including crypto trading platforms as restricted dealers) with the applicable Canadian securities regulatory authorities
- Advising registered firms in relation to their ongoing compliance obligations under Canadian securities laws
- The offering and distribution of all forms of domestic investment funds (including reporting issuers and private issuers), including master-feeder and tax efficient structures
- The structuring, offering and distribution of offshore investment funds for Canadian managers including master-feeder and tax efficient structures
- Advising Canadian-based multi-manager funds with foreign investment managers and advisors
- Assisting foreign-domiciled investment fund managers access the Canadian institutional market
- Assisting domestic and foreign dealers access the Canadian marketplace
- Assisting investment funds and registered firms in applying for exemptive relief (both novel and ordinary course) from applicable securities regulatory requirements
- Drafting separately managed account agreements for portfolio managers
- Advising on fund governance (and drafting of constating documents), M&A transactions, financings (including private placements) and reorganizations
- Public offerings of conventional and alternative mutual funds, closed-end investment funds, exchange-traded funds (ETFs) and commodity pools
- Advising and assisting funds that utilize over-the-counter or exchange-traded derivative products
- Advising on the offering of linked notes, prospectus-offered Canadian medium-term and structured note programs (as counsel to the issuing financial institution or to the independent dealers involved in the distribution)
INVESTMENT DEALERS
Canadian Investment dealers are overseen by the Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators. CIRO sets industry standards and has quasi-judicial powers, with the power to hold compliance hearings and suspend, fine or expel members for misconduct.
McMillan’s team of IFAM lawyers are known and highly regarded for their expertise in the laws that govern the investment management industry, and for their understanding of potential roadblocks and challenges in navigating the Canadian regulatory landscape.
McMillan helps investment dealers in the Canadian marketplace succeed by advising on registration and registration-related/compliance matters. In connection with public and private offerings of securities, our IFAM lawyers advise on structuring, tax, marketing, and ongoing operations. We also advise on regulatory requirements that govern securities trading and advisory activities; responding to specific compliance inquiries and representing dealers before regulators, if necessary; assisting with the establishment, merger, acquisition or restructuring of investment dealers or specific products and services; and advising on compliance with anti-money laundering and privacy laws.
Primary Contacts
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Insights (10 Posts)View More
Budget 2024: Legislative Changes of Note for Investment Funds
In Budget 2024, the Government acknowledges that the restrictions placed on the property that may be held by registered plans have become unduly complex.
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Apr 19, 2024
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Budget 2024: Clean Energy Incentives and Resource Sector Measures
Budget 2024 prioritizes Canada’s transition to a net-zero economy and contains several measures aimed at facilitating that ongoing transition.
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Apr 19, 2024
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Budget 2024: Synthetic Equity Arrangement Restrictions Tightened
Budget 2024 proposes to tighten the “synthetic equity arrangement” anti-avoidance rule by eliminating the no “tax-indifferent investor” exception.
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Apr 19, 2024
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Budget 2024: Increases in the Taxation of Capital Gains
Budget 2024 proposes to significantly change how capital gains are taxed under the Income Tax Act (Canada).
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Apr 19, 2024
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Budget 2024: Expanded Relief for Non-Resident Service Providers
Budget 2024 will expand the circumstances under which relief may be granted from withholdings on payments made to non-residents that render services in Canada.
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Apr 19, 2024
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Budget 2024: Government Audit Powers to be Significantly Enhanced
The Government has proposed to significantly expand the audit powers of the CRA and heighten the consequences of not complying with requests made by the CRA.
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Apr 19, 2024
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Budget 2024: New Measures Addressing Bonus Tax Depreciation and Crypto-Assets
Budget 2024 announced new measures to accelerate tax depreciation as well as certain measures applicable to crypto-asset investments.
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Apr 19, 2024
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Warning For Businesses: Companies Can be Liable for Tort of Bribery Even if They Did Not Intend to Pay or Receive a Bribe
Businesses with a duty to provide impartial advice must take steps to ensure the payments they make or receive are not later interpreted as bribes.
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Apr 12, 2024
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New Era of Foreign Investment Scrutiny Starts in Canada with Passage of Investment Canada Act Amendment Bill
Bill C-34 amends the Investment Canada Act to enhance the government of Canada's national security review powers.
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Mar 27, 2024
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Two-Year Anniversary of Russia’s Illegal Invasion of Ukraine: New Sanctions Designations and Expansion of Export Prohibitions
To coincide with the two-year anniversary of Russia's invasion of Ukraine, Canada announced new sanctions and financial reporting obligations.
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Feb 28, 2024
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