Financial Services

Secured Lending in Canada: A Guide for U.S. Lenders

A guide to secured lending in Canada; summarizes regulatory matters, tax, security, insolvency and restructuring issues in Canada.

Jun 1, 2023

Environmental Priorities in Insolvency Proceedings and the Impact on Lenders: Alberta Court Broadens Redwater Principles

Alberta case Qualex v 12-10 Capital develops line of cases at the intersection of environmental protection and bankruptcy and insolvency law in Canada.

May 24, 2023

RBC c. Lavoie: Are We Moving Towards an “Increased” Duty to Inform in the Context of Umbrella Hypothecs?

RBC c. Lavoie [in italics]: Is the Duty to Inform Expanding for Umbrella Hypothecs?

May 8, 2023

MSBs Beware: The British Columbia Money Services Businesses Act is Around the Corner

On April 26, 2023, the Money Services Businesses Act (the “BC MSBA”) passed third reading in the Legislative Assembly of British Columbia.

May 1, 2023

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.

Apr 26, 2023

OSFI Releases Final Guideline B-10 Impacting FRFIs Engaging in Business with Third Parties

On April 24, 2023, the Office of the Superintendent of Financial Institutions published its final Third-Party Risk Management Guideline.

Apr 26, 2023

AI in Financial Services: Joint OSFI and GRI Report Highlights Need for Safeguards and Risk Management as a Prelude to Enhanced OSFI Guidance

This bulletin discusses the joint report released by OSFI and GRI on the ethical, legal, and financial implications of AI on financial services institutions.

Apr 19, 2023

Federal Government Announces Funding for a Low-Cost National Flood Insurance Program

A review of the recent announcements from Budget 2023 regarding a national flood insurance program.

Apr 10, 2023

Banks Beware of Fraud: BC Court of Appeal Considers Whether Financial Institutions Have a Duty to Warn Customers about Scams

A decision of the British Columbia Court of Appeal suggests that financial institutions may have a duty to warn customers about financial scams.

Apr 4, 2023

Budget 2023: Clean Energy Incentives and Resource Sector Measures

Budget 2023, announced by the Federal Government on March 28, 2023, contains several measures aimed at facilitating Canada’s transition to a net-zero economy

Mar 31, 2023

Budget 2023: An Expanded General Anti-Avoidance Rule is on the Horizon

The Income Tax Act (Canada) contains a General Anti-Avoidance Rule that disallows tax benefits arising from certain tax-motivated transactions

Mar 31, 2023

Budget 2023: Alternative Minimum Tax

Budget 2023 proposes the first major changes to the Alternative Minimum Tax (the “AMT”) since its introduction in 1986

Mar 31, 2023

Budget 2023: Proposed GST/HST Amendments Affect the Scope of Financial Services

Budget 2023 proposes to amend the Excise Tax Act (the “ETA”) to expressly subject supplies of “payment card network” services to Goods and Services Tax/Harmonized Sales Tax (“GST/HST”).

Mar 31, 2023

Budget 2023: Employee Ownership Trust Measures Unveiled

Consistent with the Federal Government’s (the “Government”) prior statements in Budget 2022, Budget 2023 proposes amendments to the Income Tax Act (Canada)

Mar 31, 2023

Canada’s Budget 2023: Compromise and Competition – Climate, Carbon and CCfDs

An update on Canada’s Budget 2023 and the future of carbon contracts for differences (CCfDs) in Canada.

Mar 29, 2023

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.

Mar 8, 2023

Overhaul of the Insurance Intermediary Regime in New Brunswick Now in Effect

A summary of the two new rules introduced by the Financial and Consumer Services Commission of New Brunswick on insurance intermediaries.

Feb 14, 2023

Term CORRA Officially Under Development

1- and 3- month Term CORRA under development; targeted publication date is at end of Q3 2023; Term CORRA administrator will be CanDeal Innovations Inc.

Jan 30, 2023

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?

Jan 9, 2023

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.

Dec 22, 2022

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.

Dec 5, 2022

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.

Nov 17, 2022

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.

Nov 9, 2022

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.

Oct 26, 2022

The End of LIBOR/The Beginning of SOFR: October 2022 Update

USD LIBOR will end June 30, 2023. We discuss LIBOR discontinuation timelines, recent development with respect to SOFR and approaches to replacing LIBOR.

Oct 20, 2022

Upfront Compensation for Segregated Funds: Is a Total Ban on the Horizon?

Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.

Sep 28, 2022

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.

Sep 26, 2022

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.

Sep 13, 2022

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.

Jul 26, 2022

Reporting Refreshed: Amendments Proposed to Harmonize Canadian Derivatives Reporting Rules

Canadian securities regulators propose changes to enhance derivatives data reporting.

Jul 12, 2022

New AML Requirements for Luxury Goods Likely: The Cullen Commission on Money Laundering Recommendations Respecting Luxury Goods and the Automotive Sector

Cullen Commission of Inquiry into Money Laundering in British Columbia’s AML recommendations for the luxury goods sector (including automotive) are discussed.

Jul 8, 2022

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.

Jun 21, 2022

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.

Jun 1, 2022

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.

May 4, 2022

OSFI Releases Revised Guidelines to Reflect IFRS 17

OSFI has released final revisions to Guideline D-5 and IFRS 9, which will take effect on January 1, 2023 to coincide with the implementation of IFRS 17.

Apr 6, 2022

ESG in Canada: What We Learned in 2021 and Looking Ahead to 2022

In this rapidly evolving business environment, this report from McMillan’s ESG Initiative offers companies and business leaders in Canada an essential overview of ESG developments in regulations, laws and norms that have occurred over the last year.

Mar 4, 2022

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.

Mar 1, 2022

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.

Feb 16, 2022

OSFI Releases Final Revised Reinsurance Guidelines to Take Effect in 2025

OSFI published the final revised Guideline B-3, Sound Reinsurance Practices and Procedures and the final Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.

Feb 16, 2022

FSRA Submits Unfair or Deceptive Acts or Practices (UDAP) Rule for Approval

The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.

Feb 9, 2022

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.

Jan 31, 2022

FSRA Releases Final Innovation Framework and Opens Testing Environment for Auto Insurance Innovations

SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.

Jan 26, 2022

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)

Jan 18, 2022

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.

Jan 12, 2022

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.

Jan 12, 2022

The Quebec regime on “monetary claims” and the UCC treatment of deposit accounts

Quebec’s regime for taking security on “monetary claims” and the Uniform Commercial Code regime for taking security on deposit accounts

Dec 23, 2021

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.

Dec 22, 2021

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.

Dec 17, 2021

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.

Dec 13, 2021

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.

Oct 21, 2021

Privacy Implications of an Open Banking System in Canada

Canada’s Advisory Committee on Open Banking's final report- the privacy and data security implications of an open banking system in Canada.

Oct 12, 2021

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.

Sep 7, 2021

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.

Aug 31, 2021

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.

Aug 11, 2021

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

Aug 3, 2021

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