Finance and investment chart and coins
Finance and investment chart and coins
Finance and investment chart and coins

FINANCIAL & BANKING SERVICES

The financial services industry is one of the most competitive and highly regulated sectors in the market. Players in this market need financial services and banking lawyers who are experts in sophisticated transaction structures and complex banking regulations and who can anticipate and successfully navigate industry change. Banks, major international financial institutions, hedge funds, private equity funds, corporate and government institutions turn to McMillan LLP for our expertise in domestic and international market trends, financial services legislation, our commitment to exemplary client service and our global relationships that enable us to swiftly execute the most demanding business transactions.

McMillan’s internal expertise and global connections make us the best choice for any large-scale financial services transaction. We work in inter-disciplinary teams to deliver specific expertise across a variety of industries including, mining, aircraft and aviation, energy, life sciences, pharmaceuticals and automotive. Our financial services lawyers maintain a trusted international network of award-winning business lawyers. With such resources, McMillan is highly qualified to facilitate any and all cross-border transactions seamlessly for clients around the world involving the law.

McMillan’s lawyers are recognized by Chambers, Best Lawyers, Lexpert, the International Financial Law Review and Legal Who’s Who.

SECURED LENDING & SYNDICATED FINANCE

Syndicated finance and secured loans are frequent sources of new capital for North American corporations. McMillan’s Financial Services Group has expert insight into the dynamics of today’s financial markets, with a refined understanding of what degree of risk lenders and borrowers are willing to accept in a given market environment.

We represent both lenders and borrowers in a variety of secured lending transactions, including bi-lateral lending, syndicated lending, asset-based lending, subordinated debt financings, acquisition and sponsored financings and debtor-in-possession financings. We advise clients on structuring, documenting and implementing sophisticated financing arrangements tailored to reflect the unique objectives of each transaction. On the lender side, we work with major Canadian and international commercial banks, institutional investors and other financial institutions, while on the borrower side, we assist corporations, private equity groups, sponsors and funds.

For all secured lending transactions that we help facilitate, our focus is on understanding the clients’ objectives in order to deliver creative, practical solutions. Our experience in secured lending is complemented by expertise in workouts, bankruptcy, restructuring, asset liquidation and, when necessary, litigation.

Deals and Cases

Insights (193 Posts)

Featured Insight

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.

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Jun 1, 2023
Featured Insight

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.

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May 24, 2023
Featured Insight

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?

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May 8, 2023
Featured Insight

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.

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May 1, 2023
Featured Insight

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
Featured Insight

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.

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Apr 26, 2023
Featured Insight

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.

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Apr 19, 2023
Featured Insight

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.

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Apr 10, 2023
Featured Insight

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.

Details
Tuesday, April 25, 2023
Featured Insight

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.

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Apr 4, 2023
Featured Insight

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

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Mar 31, 2023
Featured Insight

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

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Mar 31, 2023
Featured Insight

Budget 2023: Alternative Minimum Tax

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

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Mar 31, 2023
Featured Insight

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”).

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Mar 31, 2023
Featured Insight

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)

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Mar 31, 2023
Featured Insight

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.

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Mar 29, 2023
Featured Insight

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.

Read More
Mar 8, 2023
Featured Insight

Black History, Black Futures with Kathy Martin and Terrie-Lynne Devonish

In this episode, Kathy Martin, a Partner in our Financial Services Group, speaks with Terrie-Lynne Devonish, Chief Legal Officer & Corporate Secretary at the Altus Group, about overcoming stereotypes and the power of mentors and sponsors in professional development.

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Feb 23, 2023
Featured Insight

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.

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Feb 14, 2023
Featured Insight

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.

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Jan 30, 2023
Featured Insight

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?

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Jan 9, 2023
Featured Insight

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.

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Dec 22, 2022
Featured Insight

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.

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Dec 5, 2022
Featured Insight

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
Featured Insight

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.

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Nov 9, 2022
Featured Insight

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.

Read More
Oct 26, 2022
Featured Insight

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.

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Oct 20, 2022
Featured Insight

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.

Details
Wednesday, November 9, 2022
Featured Insight

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.

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Sep 28, 2022
Featured Insight

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.

Read More
Sep 26, 2022
Featured Insight

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.

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Sep 13, 2022
Featured Insight

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.

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Jul 26, 2022
Featured Insight

Reporting Refreshed: Amendments Proposed to Harmonize Canadian Derivatives Reporting Rules

Canadian securities regulators propose changes to enhance derivatives data reporting.

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Jul 12, 2022
Featured Insight

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.

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Jul 8, 2022
Featured Insight

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.

Read More
Jun 21, 2022
Featured Insight

Bill 96: How changes to French language legislation will impact your Business Practices and Documentation

This webinar discusses the newly passed Bill 96 and its impacts on the day-to-day operations on companies doing business in Québec or otherwise interacting with Québec counterparties.

Details
Tuesday, June 21, 2022
Featured Insight

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.

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Jun 1, 2022
Featured Insight

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.

Details
Thursday, June 2, 2022
Featured Insight

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.

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May 4, 2022
Featured Insight

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.

Read More
Apr 6, 2022
Featured Insight

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.

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Mar 4, 2022
Featured Insight

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.

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Mar 1, 2022
Featured Insight

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.

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Feb 16, 2022
Featured Insight

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.

Read More
Feb 16, 2022
Featured Insight

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.

Read More
Feb 9, 2022
Featured Insight

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.

Read More
Jan 31, 2022
Featured Insight

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.

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Jan 26, 2022
Featured Insight

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)

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Jan 18, 2022
Featured Insight

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
Featured Insight

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.

Read More
Jan 12, 2022
Featured Insight

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

Read More
Dec 23, 2021
Featured Insight

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.

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Dec 22, 2021
Featured Insight

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.

Read More
Dec 17, 2021
Featured Insight

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.

Read More
Dec 13, 2021
Featured Insight

Canadian Blockchain Webinar – Cryptocurrency, Digital Assets and NFTs: Learn about different Canadian legal facets of the blockchain revolution

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.

Details
Wednesday, January 12, 2022
Featured Insight

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.

Read More
Oct 21, 2021
Featured Insight

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.

Read More
Oct 12, 2021
Featured Insight

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.

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Sep 7, 2021
Featured Insight

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.

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Aug 31, 2021
Featured Insight

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.

Read More
Aug 11, 2021
Featured Insight

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

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Aug 3, 2021
Featured Insight

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.

Read More
Jul 30, 2021
Featured Insight

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.

Read More
Jul 21, 2021
Featured Insight

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.

Read More
Jun 30, 2021
Featured Insight

Making Sense of Non-GAAP Financial Measures

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

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Jun 30, 2021
Featured Insight

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.

Read More
Jun 30, 2021
Featured Insight

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

Read More
Jun 7, 2021
Featured Insight

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?

Read More
May 31, 2021
Featured Insight

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”)

Read More
May 8, 2021
Featured Insight

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.

Read More
May 5, 2021
Featured Insight

Client Focused Reforms (CFRs): Everything you need to know about the new conflicts of interest requirements (but were afraid to ask)

The June 30, 2021 deadline for registered firms and their representatives to comply with the first phase of the CFRs relating to conflicts of interest is fast approaching. The new conflicts of interest requirements will require registrants to review and, where necessary, implement changes to their existing conflicts of interest policies and procedures.

Details
May 6, 2021 - 2:00 pm to 3:00 pm ET
Featured Insight

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.

Read More
Apr 6, 2021
Featured Insight

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.

Read More
Mar 30, 2021
Featured Insight

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.

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Mar 10, 2021
Featured Insight

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.

Read More
Feb 18, 2021
Featured Insight

2020 Fintech Year in Review: Canadian Regulatory Developments

2020 Fintech Year in Review: Canadian Regulatory Developments

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Feb 10, 2021
Featured Insight

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

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

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Jan 4, 2021
Featured Insight

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.

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Dec 17, 2020
Featured Insight

‘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

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Nov 16, 2020
Featured Insight

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.

Read More
Nov 3, 2020
Featured Insight

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
Featured Insight

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.

Read More
Aug 12, 2020
Featured Insight

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.

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Jul 16, 2020
Featured Insight

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.

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Jun 24, 2020
Featured Insight

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

Read More
May 26, 2020
Featured Insight

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.

Read More
May 18, 2020
Featured Insight

Federal Government Relief Programs for Small and Medium Enterprises

Federal Government Relief Programs for Small and Medium Enterprises

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Apr 24, 2020
Featured Insight

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.

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Apr 21, 2020
Featured Insight

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

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Apr 15, 2020
Featured Insight

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

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

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Mar 31, 2020
Featured Insight

Asking Lenders for Time to Deal with COVID-19 Problems

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

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Mar 31, 2020
Featured Insight

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.

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Mar 31, 2020
Featured Insight

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

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Mar 27, 2020
Featured Insight

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.

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Mar 23, 2020
Featured Insight

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.

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Mar 9, 2020
Featured Insight

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

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Feb 27, 2020
Featured Insight

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.

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Feb 26, 2020
Featured Insight

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.

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Feb 25, 2020
Featured Insight

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

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Sep 10, 2019
Featured Insight

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

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Jul 3, 2019
Featured Insight

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.

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Jun 18, 2019
Featured Insight

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.

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Jun 6, 2019
Featured Insight

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
Featured Insight

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
Featured Insight

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.

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Apr 23, 2019
Featured Insight

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.

Read More
Apr 8, 2019
Featured Insight

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.

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Feb 28, 2019
Featured Insight

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.

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Feb 6, 2019
Featured Insight

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.

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Jan 31, 2019
Featured Insight

Alberta Securities Commission Introduces New Whistleblower Policy

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

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Dec 6, 2018
Featured Insight

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

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Oct 3, 2018
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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.

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Sep 5, 2018
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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".

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Aug 29, 2018
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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

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Aug 29, 2018
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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

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Jun 1, 2018
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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

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May 31, 2018
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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.

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May 28, 2018
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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

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May 15, 2018
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Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust

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

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Nov 2, 2017
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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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Proposed PPSA and RSLA Amendments Clarify Debtor Location Rules and Make VINs Paramount for Motor Vehicle Registrations

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

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Oct 10, 2017
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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

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Aug 24, 2017
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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 ...

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Jun 27, 2017
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Bulk or no Bulk – the PPSA is always in style

Bulk or no Bulk - the PPSA is always in style

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Apr 3, 2017
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The Enforceability of Make-Whole Clauses in Bankruptcy

The Enforceability of Make-Whole Clauses in Bankruptcy

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Mar 30, 2017
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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

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Feb 16, 2017
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Guideline E-23: The Draft Enterprise-Wide Risk Management Guideline

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

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Jan 9, 2017
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CSA Release MFDA Oversight Review Report

CSA Release MFDA Oversight Review Report

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Dec 17, 2016
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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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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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Show me the Money: Creative Sources of Financing

McMillan is pleased to host the Commercial Finance Association Canada Chapter lunch & learn on September 15, 2016.

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11:00am - 1:30pm
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OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

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Aug 31, 2016
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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

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Jul 14, 2016
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Redwater Appeal Creates Continued Uncertainty for Insolvent Oil and Gas Companies in Alberta

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

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Jun 4, 2016
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Update: Barafield Realty Ltd. v. Just Energy (B.C.) Limited Partnership

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

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Jun 2, 2016
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Competition Bureau to Study Financial Technology Market Impact

Competition Bureau to Study Financial Technology Market Impact

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Jun 1, 2016
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Updates to the Bail-In Regime: Depositor Accounts

Updates to the Bail-In Regime: Depositor Accounts

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May 12, 2016
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Updates to the Bail-In Regime: Introduction of Bill C-15

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

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May 10, 2016
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The 10 most important issues General Counsel should know about Risk Transfer involving Insurance

The 10 most important issues General Counsel should know about Risk Transfer involving Insurance.

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April 27, 2016 - 12:00 PM to 1:30 PM
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Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond

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

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Apr 26, 2016
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Budget 2016: Introduction of a Bail-in Regime

Budget 2016: Introduction of a Bail-in Regime

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Apr 5, 2016
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Basel Committee’s New Standardised Measurement Approach: Best of Both Worlds?

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

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Mar 10, 2016
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OSFI releases guidelines in response to revised Pillar 3 disclosure requirements

OSFI releases guidelines in response to revised Pillar 3 disclosure requirements

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Mar 7, 2016
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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

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

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Mar 2, 2016
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Solar Energy Incentives in Alberta: It’s Just the Beginning

Solar Energy Incentives in Alberta: Its Just the Beginning

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Feb 24, 2016
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Approaching Harmonization: Reporting to Go Live Across Canada

Approaching Harmonization: Reporting to Go Live Across Canada

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Feb 2, 2016
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Can the New Crowdfunding Exemption Be Used for Debt Securities?

Can the New Crowdfunding Exemption Be Used for Debt Securities?

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Jan 6, 2016
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Getting the Deal Through – Banking Regulation 2015, Canada chapter

Getting the Deal Through - Banking Regulation 2015, Canada chapter

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Dec 23, 2015
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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.

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Dec 21, 2015
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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.

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Dec 21, 2015
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2015 in Review: Significant Increase in Leveraged Investments by the Aboriginal Loan Guarantee Program

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

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Dec 17, 2015
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OSFI Updates Financial Assessment Criteria for Composite Risk Rating

OSFI Updates Financial Assessment Criteria for Composite Risk Rating

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Dec 3, 2015
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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

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Nov 19, 2015
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Court of Appeal Confirms the “Interest Stops Rule” Applies in CCAA Proceedings

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

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Nov 14, 2015
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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

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Nov 3, 2015
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Good News for Lenders and Lessors: 5 Year Cap on PPSA Registrations for Consumer Goods to be Repealed

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

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Nov 2, 2015
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Mind Your Margin: OSFI Releases Draft Guideline on Margin Requirements for Non-Centrally Cleared Derivatives

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

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Oct 28, 2015
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New OSFI Guideline on Operational Risk Management

New OSFI Guideline on Operational Risk Management

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Sep 9, 2015
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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

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Aug 26, 2015
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OBSI and ADRBO Approved as Banking External Complaint Bodies

OBSI and ADRBO Approved as Banking External Complaint Bodies

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Jul 13, 2015
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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

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Jun 14, 2015
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The Federal Budget: What Financial Institutions Need to Know

The Federal Budget: What Financial Institutions Need to Know

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May 9, 2015
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Quebec Simplifies Grants of Security in Favour of The Agent for a Syndicate of Lenders

Quebec Simplifies Grants of Security in Favour of The Agent for a Syndicate of Lenders

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Apr 30, 2015
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International Payments in RMB

International Payments in RMB

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Mar 27, 2015
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Time to Make it Clear, Part II: The CSA Publishes Notice and Request for Comments on Proposed Rules for Mandatory Central Counterparty Clearing of OTC Derivatives

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

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Mar 11, 2015
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Upcoming Changes to Saskatchewan Insurance Legislation

Upcoming Changes to Saskatchewan Insurance Legislation

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Feb 18, 2015
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Supreme Court of Canada upholds solicitor-client privilege settling a 15 year dispute

Supreme Court of Canada upholds solicitor-client privilege settling a 15 year dispute

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Feb 15, 2015
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Different But The Same: Five Additional Provinces Propose OTC Derivatives Trade Reporting Rules

Different But The Same: Five Additional Provinces Propose OTC Derivatives Trade Reporting Rules

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Feb 4, 2015
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FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

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Jan 23, 2015
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TSX Proposes New Listing Requirements for Exchange Traded Products, Closed-End Funds and Structured Products

TSX Proposes New Listing Requirements for Exchange Traded Products, Closed-End Funds and Structured Products

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Jan 23, 2015
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OSFI Issues Final Advisory for Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks

OSFI Issues Final Advisory for Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks

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Jan 15, 2015
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OSFI’s Revamped, Risk-Based MCT Guideline in Place for 2015

OSFI's Revamped, Risk-Based MCT Guideline in Place for 2015

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Sep 26, 2014
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More Amendments, Less Harmony?: Canadian Regulators Propose Amendments to OTC Derivatives Trade Reporting Rules

More Amendments, Less Harmony?: Canadian Regulators Propose Amendments to OTC Derivatives Trade Reporting Rules

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Jul 13, 2014
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Time To Make It Clear: CSA Publishes Model Rule On Mandatory Central Counterparty Clearing Of OTC Derivatives

Time To Make It Clear: CSA Publishes Model Rule On Mandatory Central Counterparty Clearing Of Otc Derivatives

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Jan 9, 2014
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The last word on reporting: final Ontario rules with respect to trade reporting released

The last word on reporting: final Ontario rules with respect to trade reporting released

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Nov 20, 2013
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CSA Staff Notice 11-326 – Cyber Security

CSA Staff Notice 11-326 – Cyber Security

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Oct 6, 2013
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CSA Conducts Review of Proxy Voting Infrastructure

CSA Conducts Review of Proxy Voting Infrastructure

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Aug 27, 2013
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TSX Provides Guidance on Director Election Requirements

TSX Provides Guidance on Director Election Requirements

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Jul 19, 2013
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Updating to a newer model: CSA derivatives committee revisits model rules for OTC derivatives determination, trade repositories and reporting

Updating to a newer model: CSA derivatives committee revisits model rules for OTC derivatives determination, trade repositories and reporting

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Jun 14, 2013
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Alderville Solar Project Reaches Financial Close

Alderville Solar Project Reaches Financial Close

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May 13, 2013
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Finders be Aware – BCSC Proposes to Revoke Trade-Based Exemption

Finders be aware - BCSC proposes to revoke trade-based exemption

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Feb 15, 2013
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New Director Election Requirements for TSX Companies

New Director Election Requirements for TSX Companies

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Oct 23, 2012
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Listings in Hong Kong by Canadian Companies: a Follow-Up

Listings in Hong Kong by Canadian Companies: a Follow-Up

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Oct 17, 2012
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Advance Notice By-Laws, Part II – the Mundoro Capital Decision

Advance Notice By-Laws, Part II – the Mundoro Capital Decision

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Jul 1, 2012
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Dual-Listing of Canadian Public Companies on the Hong Kong Stock Exchange

Dual-Listing of Canadian Public Companies on the Hong Kong Stock Exchange

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Jun 5, 2012
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Defensive Tactics – Public Interest Powers of Securities Regulatory Authorities Continue to Evolve – the Fibrek Decision

Defensive Tactics – Public Interest Powers of Securities Regulatory Authorities Continue to Evolve – the Fibrek Decision

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May 23, 2012
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Can I be excused? Canadian regulators publish consultation paper on end-user exemptions in the OTC derivatives market

Can I be excused? Canadian regulators publish consultation paper on end-user exemptions in the OTC derivatives market

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Apr 19, 2012
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Crowdfunding – Could it help finance innovation in Canada?

Crowdfunding – Could it help finance innovation in Canada?

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Apr 2, 2012
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Advance Notice By-Laws – a Tool to Prevent a Stealth Proxy Contest or Ambush

Advance Notice By-Laws – a Tool to Prevent a Stealth Proxy Contest or Ambush

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Mar 12, 2012
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Reporting for duty: Canadian regulators publish framework for OTC derivatives trade reporting and repositories

Reporting for duty: Canadian regulators publish framework for OTC derivatives trade reporting and repositories

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Jun 30, 2011
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High yield debt returns!

High yield debt returns!

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Mar 30, 2011