Financial Services

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.

Jul 30, 2021

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.

Jul 21, 2021

An International Overview of Existing Climate-Related Insurance Initiatives: Finding the Right Path for Canada

Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.

Jun 30, 2021

Making Sense of Non-GAAP Financial Measures

Capital market developments from the CSA regarding non-GAAP financial information.

Jun 30, 2021

Charting the Future of Insurance Regulation in Ontario – FSRA Takes Aim at Auto, and Health and Life Insurance for Increased Oversight and Consumer Protection

FSRA has set out its strategic direction and priorities for the insurance sector in its 2021-24 Annual Business Plan.

Jun 30, 2021

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

Jun 7, 2021

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?

May 31, 2021

OSFI Issues Final IFRS 17 Regulatory Forms and Instructions for Federally Regulated Insurers

On April 30, 2021, OSFI released a letter to all FRIs advising that it has issued the final IFRS 17 Regulatory Forms and Instructions (the “Returns”)

May 8, 2021

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.

May 5, 2021

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.

Apr 6, 2021

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.

Mar 30, 2021

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.

Mar 10, 2021

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.

Feb 18, 2021

2020 Fintech Year in Review: Canadian Regulatory Developments

Feb 10, 2021

A Win for Landlords: Letters of Credit and the Autonomy Principle

Five takeaways from 7636156 Canada Inc. (Re), 2020 ONCA 681.

Jan 4, 2021

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.

Dec 17, 2020

‘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

Nov 16, 2020

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.

Nov 3, 2020

Mandatory Indoor Face Coverings: What Ontario Employers Need to Know

Oct 6, 2020

And We’re Back! OSFI Resumes IFRS 17 Initiatives

OSFI updates Federally Regulated Insurers on the implementation of the International Financial Reporting Standard
17 as policy work resumes.

Aug 12, 2020

OSFI to Resume Policy Development Work in the Fall of 2020

With conditions stabilizing across many parts of the country and economic recovery beginning, it is an appropriate time to resume policy work, details to come.

Jul 16, 2020

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.

Jun 24, 2020

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

May 26, 2020

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.

May 18, 2020

Federal Government Relief Programs for Small and Medium Enterprises

Apr 24, 2020

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.

Apr 21, 2020

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

Apr 15, 2020

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

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

Mar 31, 2020

Asking Lenders for Time to Deal with COVID-19 Problems

Guide for borrowers to discussing loan defaults and additional credit support with lenders.

Mar 31, 2020

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.

Mar 31, 2020

Supreme Court of Canada Grants Leave to Appeal in “Canada North” CCAA Priming Charges vs. Payroll Deductions Case

Canada North, CCAA, payroll deductions, deemed trust, priority, Companies' Creditors Arrangement Act, Supreme
Court of Canada

Mar 27, 2020

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.

Mar 23, 2020

Coronavirus – A Preparedness and Response Guide for Canadian Businesses

What steps should corporations take to mitigate the risks posed by COVID-19 to the health and safety of their workforce and contractual obligations.

Mar 9, 2020

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

Feb 27, 2020

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.

Feb 26, 2020

As the “New NAFTA” Approaches Ratification, Regulated Foreign Entities Should Anticipate Stricter Record-Keeping Requirements

A summary of notable amendments to the federal Bank Act and Insurance Companies Act that Bill C-4 (CUSMA) will bring into force.

Feb 25, 2020

The Phase-Out of LIBOR: A Primer

Overview of LIBOR; why it is problematic; alternative benchmark rates; readiness of loan market for transition away from LIBOR; and fall-back language

Sep 10, 2019

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

Jul 3, 2019

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.

Jun 18, 2019

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.

Jun 6, 2019

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.

Jun 4, 2019

Proposed Digital Charter Could Bring Sweeping Changes to Canadian Privacy Laws

On May 21, 2019, the Canadian federal government released a proposed Digital Charter

May 23, 2019

Performance Bonds: The New Form 32 Under Section 85.1 of the Ontario Construction Act

What Project Finance Lenders Should Know

May 1, 2019

So You Want to Insure Risks in Canada, Eh? A Guide To Becoming A Licensed Insurer

There are two levels of government that regulate insurers in Canada.

Apr 23, 2019

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.

Apr 8, 2019

Performance Bonds: What Project Finance Lenders Should Know

As part of the performance security package for construction projects, project finance lenders (as well as project owners, landlords and government authorities) often require performance bonds from the construction contractor as security for the performance of the contractor’s obligations.

Feb 28, 2019

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.

Feb 6, 2019

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.

Jan 31, 2019

Alberta Securities Commission Introduces New Whistleblower Policy

Overview of Alberta's Recovery Plan announced June 29, 2020 and the new Invest Alberta

Dec 6, 2018

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

Oct 3, 2018

Adoption of financial sector reform goes ahead in Québec, but government backtracks on certain proposed changes in the insurance sector

As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.

Sep 5, 2018

Revocation of the “Northwestern Exemption”

On August 15, 2018, the CSA announced that certain regulatory authorities will be revoking their registration exemptions that form the "Northwestern Exemption".

Aug 29, 2018

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

Aug 29, 2018

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

Jun 1, 2018

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

May 31, 2018

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.

May 28, 2018

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

May 15, 2018

Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust

Nov 2, 2017

OSC Grants Exemptive Relief to Token Funder Inc.

Nov 1, 2017

Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations

Oct 10, 2017

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends “Bank Words” Crackdown

Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends "Bank Words" Crackdown

Aug 24, 2017

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 ...

Jun 27, 2017

Bulk or no Bulk – the PPSA is always in style

Bulk or no Bulk - the PPSA is always in style

Apr 3, 2017

The Enforceability of Make-Whole Clauses in Bankruptcy

Mar 30, 2017

Does the MAC Have Your Back? The Use of Material Adverse Change Clauses in Canadian Loan Agreements

Does the Mac Have Your Back? The Use of Material Adverse Change Clauses in Canadian Loan Agreements

Feb 16, 2017

Guideline E-23: The Draft Enterprise-Wide Risk Management Guideline

Jan 9, 2017

CSA Release MFDA Oversight Review Report

Dec 17, 2016

Fintech at the Crossroads: Regulating the Revolution

Oct 30, 2016

CSA Publish Update on Cybersecurity for Market Participants

Oct 6, 2016

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

Aug 31, 2016

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

Jul 14, 2016

Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta

Jun 4, 2016

Update: Barafield Realty Ltd. v. Just Energy (B.C.) Limited Partnership

Jun 2, 2016

Competition Bureau to Study Financial Technology Market Impact

Jun 1, 2016

Updates to the Bail-In Regime: Depositor Accounts

May 12, 2016

Updates to the Bail-In Regime: Introduction of Bill C-15

May 10, 2016

Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond

Apr 26, 2016

Budget 2016: Introduction of a Bail-in Regime

Apr 5, 2016

OSFI Releases Draft Guideline on Application of IFRS 9 to Financial Instruments and Disclosure Obligations

Budget 2016: Reporting of Grandfathered New Home Sales

Apr 1, 2016

Basel Committee’s New Standardised Measurement Approach: Best of Both Worlds?

Basel Committees New Standardised Measurement Approach: Best of Both Worlds?

Mar 10, 2016

OSFI releases guidelines in response to revised Pillar 3 disclosure requirements

Mar 7, 2016

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

Mar 2, 2016

Solar Energy Incentives in Alberta: It’s Just the Beginning

Solar Energy Incentives in Alberta: Its Just the Beginning

Feb 24, 2016

Approaching Harmonization: Reporting to Go Live Across Canada

Feb 2, 2016

Can the New Crowdfunding Exemption Be Used for Debt Securities?

Jan 6, 2016

Getting the Deal Through – Banking Regulation 2015, Canada chapter

Getting the Deal Through - Banking Regulation 2015, Canada chapter

Dec 23, 2015

CSA Proposes Amended Risk Disclosure for Mutual Funds and ETFs

On December 10, 2015, the Canadian Securities Administrators published proposed amendments to risk disclosure requirements for mutual funds and exchange-traded mutual funds.

Dec 21, 2015

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.

Dec 21, 2015

2015 in Review: Significant Increase in Leveraged Investments by the Aboriginal Loan Guarantee Program

Dec 17, 2015

OSFI Updates Financial Assessment Criteria for Composite Risk Rating

Dec 3, 2015

The Supreme Court of Canada Confirmed Today the Paramountcy of theBankruptcy and Insolvency Act over License Denial Regimes

The Supreme Court of Canada Confirmed Today the Paramountcy of the Bankruptcy and Insolvency Act over License Denial Regimes

Nov 19, 2015

Court of Appeal Confirms the “Interest Stops Rule” Applies in CCAA Proceedings

Court of Appeal Confirms the "Interest Stops Rule" Applies in CCAA Proceedings

Nov 14, 2015

Where’s Waldo: New Ontario PPSA Debtor Location Rules Finally Coming into Force

Where's Waldo: New Ontario PPSA Debtor Location Rules Finally Coming into Force

Nov 3, 2015

Good News for Lenders and Lessors: 5 Year Cap on PPSA Registrations for Consumer Goods to be Repealed

Nov 2, 2015

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

Oct 28, 2015

New OSFI Guideline on Operational Risk Management

Sep 9, 2015

OSFI Publishes Draft of Revised Guideline for Minimum Capital Test for Federally Regulated Property and Casualty Insurance Companies

OSFI Publishes Draft of Revised Guideline for Minimum Capital Test For Federally Regulated Property and Casualty Insurance Companies

Aug 26, 2015

OBSI and ADRBO Approved as Banking External Complaint Bodies

Jul 13, 2015

Global Generic Domains for Financial Institutions: Worth the Price of Admission?

An international consortium of financial institutions, financial services trade assns & insurance cos founded fTLD Registry Services, LLC to own .bank & .insurance gTLDs

Jun 14, 2015