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Darcy Ammerman is regarded as an experienced financial services lawyer with expertise in secured lending transactions, financial institution regulation, the regulation of service contracts / warranties and a wide range of insurance matters. Darcy frequently advises on syndicated lending, asset-based lending, debtor-in-possession (DIP) financing, mezzanine financing and project finance.

Darcy conducts ongoing analyses of the Canadian regulatory landscape relating to warranties, extended warranties and service contracts. She advises her clients on the factors regulators may consider when assessing licensing requirements for automobile protection products through auto dealership franchises, extended warranties on fitness equipment and extended warranties on household appliances.

While on secondment as legal counsel at Payments Canada, the organization responsible for Canada’s essential payments systems, Darcy gained expertise with respect to payments modernization.

Darcy was named a 2021 rising star in the IFLR1000 Financial and Corporate Guide.



Representative Matters

  • Insurance
    • Routinely assists domestic and foreign insurance and reinsurance companies in connection with incorporation and licensing of Canadian subsidiaries/branches.
    • Currently working with a US reciprocal insurance exchange to establish branch operations in Canada, which will be the first federally regulated reciprocal insurance exchange branch to operate in Canada.
    • Currently working with a insurance company in the Netherlands to establish branch operations in Canada for a specialty insurance product.
    • Darcy manages the firm’s collaboration with Ethidex Inc. to offer Risk Manager®, a web based risk management and legislative compliance tool for insurance companies across Canada.
    • She also conducts a quarterly cross-Canada review of the legislation and regulatory guidance applicable to insurance companies in order to provide ongoing compliance advice.
    • Advises corporate clients on the scope and language of the insurance policy coverage to be required from their vendors and other counterparties.
    • Recently conducted a fulsome review of the applications and endorsements of an international insurance company and adapted them for use within Canada (excluding Quebec).
    • Ongoing advice to a major global insurance company related to their operations in Canada, most recently with respect to the language and roll out of a new flood endorsement.
    • Counsel to an international insurance agency with respect to the organization and licensing of a Canadian federal life insurance agency seeking to commence business in the provinces of Ontario, Alberta, British Columbia and Quebec.
    • Engaged by a key stakeholder to provide advice with respect to the ongoing review of the federal financial sector legislative and regulatory framework in Canada, with a particular focus on the ability to interact with fintech companies.
    • Counsel to The Co-operators Group Limited in the merger of its travel insurance company TIC Travel Insurance Coordinators with Allianz Global Assistance Canada, creating one of the largest travel insurance providers in the country operating as Allianz Global Assistance.
  • Extended Warranties and Service Contracts
    • Provides ongoing warranty advice to an interactive fitness company based in the United States in connection with the sale of fitness equipment in Canada.
    • Recently provided an analysis of the regulatory landscape in select Provinces relating to extended warranties for HVAC Equipment and other household appliances.
    • Advised an automotive manufacturer with respect to an extended warranty program, including potential risks and the applicability of licensing requirements.
    • Advised on the factors that regulators may consider when assessing licensing requirements for the provision of automobile protection products through franchise auto dealerships.
  • Lender Counsel
    • Counsel to Antares Capital LP, in its capacity as administrative agent for a syndicate of financial institutions, in connection with a US$135 million debtor-in-possession financing to Golfsmith International Holdings LP. Golfsmith, a specialty retailer of golf equipment, consumables, athletic apparel and accessories in North America, and its US subsidiaries filed for Chapter 11 proceedings in the United States. Concurrent Canadian proceedings under the CCAA were filed by Golf Town Canada Holdings Inc. (the Canadian branch of Golfsmith) and its Canadian subsidiaries.
    • Counsel to FMMC Private Yield Fund (FMMC), a private investment fund managed by Fraser Mackenzie Merchant Capital in connection with a multimillion-dollar funding agreement with iCONECT to support the ongoing development of iCONECT’s flagship XERA document review platform and its continued expansion in the legal eDiscovery field, as well as its entrance into healthcare and finance industries. Fraser Mackenzie Merchant Capital is a private equity firm based in Canada that helps medium sized businesses grow, while FMMC provides capital to profitable, privately-owned and small-cap public businesses in Canada and the United States.
    • Counsel to The Bank of Nova Scotia in connection with an extension of a senior secured revolving credit facility to North American Palladium Ltd., an established precious metals producer.
    • Assisted a major Schedule I Bank to obtain a security interest over a mine in Mexico, along with other collateral located in Peru and Barbados.
    • Lender counsel for the $175 million debtor-in-possession (DIP) financing provided to Catalyst Paper to help fund its operations during the period of credit protection under the CCAA.
    • Assisted a major Schedule III Bank to secure an amended and restated credit facility to a leading energy management company, allowing the company to acquire a new subsidiary.
  • Borrower Counsel
    • Acted for Canadian Payments Association (d.b.a. Payments Canada), the organization responsible for Canada’s essential payments systems, in connection with a syndicated credit facility in the principal amount of $250 million as part of the modernization of Canada’s payments ecosystem completed in April, 2017.
    • Canadian counsel to Vitran Corporation Inc., a publicly traded North American transportation company in the sale of its Supply Chain Operation (SCO) business to LEGACY Supply Chain for US $97 million in cash in which LEGACY Supply Chain acquired various Vitran Canadian and U.S. subsidiaries carrying on the SCO business.
    • DIP financing: counsel to Crystallex International Corporation, a mining company, whose main asset was a $3.2 billion arbitration claim against Venezuela.
  • Project Finance
    • Counsel to the bond underwriters and lenders in connection with a $1.093 billion 20 year project for the design, construction, financing, operation and maintenance of the John Hart Generating Station Replacement Project involving a new generating station, water bypass facility and associated water intake and 2.1 kilometer long tunnel located on Vancouver Island, British Columbia.
    • Significant role in the financial close of the Northeast Anthony Henday Drive Project in Alberta, a $1.81 billion project for the design, build, operate and finance of the North East portion of the Edmonton ring road over the course of a 34-year contract. The project includes 27 kilometres of six and eight-lane divided roadway, nine interchanges, two road flyovers, eight rail crossings and two bridges across the North Saskatchewan River.

Speaking Engagements

Taking Effective Security, Osgoode Hall Law School, The Intensive Short Course in Secured Lending & Debt Finance

September 23, 2020

The Fundamentals of Regulatory Compliance & Legal Risk Management for Financial Institution, Osgoode Hall Law School, Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions, Online Replay

May 1, 2020

The Fundamentals of Regulatory Compliance & Legal Risk Management for Financial Institutions, Osgoode Hall Law School, Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions, Online Replay

January 28, 2020

Cyber-Attacks: What’s Covered and What’s Not, Association of Certified Forensic Investigators of Canada Fraud Conference

April 29, 2019

News


Media Mentions

Rankings & Recognition

  • Recognized by IFLR1000 Financial and Corporate Guide 2021 as a Rising Star in Banking
  • Recognized by IFLR1000 Financial and Corporate Guide 2020 as a Rising Star in Banking
  • Recognized by IFLR1000 Financial and Corporate Guide 2019 as a Rising Star in Banking
  • Listed on the UNECE Roster of PPP experts
  • IFLR1000 Financial and Corporate Guide 2018 as a rising star in banking and financial services

Community Involvement

  • Volunteer with Level (formerly Canadian Lawyers Abroad) in support of the Dare to Dream justice education program mentoring Indigenous youth from Nunavut and the Northwest Territories.
  • Participant in The Law School Show as an interviewee.
  • Mentor – Women’s Legal Mentorship Program – uOttawa Chapter.

Directorships & Affiliations

  • Ontario Bar Association
  • Canadian Bar Association
  • OBA Young Lawyers’ Division Central Executive Member 2012-2013
  • Past Board Member – Toronto Rehabilitation Institute Research Ethics Board

Education & Admissions

2011
Called to the Ontario bar
2015
Certificate in Regulatory Compliance & Legal Risk Management for Financial Institutions Osgoode Hall Law School
2010
LLB University of Ottawa
2006
MA, Psychology Carleton University
2002
BA (Honours), Psychology Carleton University

Publications

Insights by Darcy Ammerman (55 Posts)

Canadian Banks, BDC and OSFI work together for a seamless launch of the new Highly Affected Sectors Credit Availability Program (HASCAP)

Feb 2, 2021

OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected
Sectors Credit Availability Program (HASCAP)

McMillan’s Automotive Industry Webinar Series – Part Two (February 9, 2021)

Jan 21, 2021

Join us for Part Two of McMillan's Automotive Industry Webinar Series

OSFI’s New Draft Guideline E-4 Relating to Foreign Entity Branches: A Comparative Analysis to Existing Guidance

Nov 3, 2020

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.

OSFI’s New Draft Guideline E-4 Relating to Foreign Entity Branches: A Comparative Analysis to Existing Guidance

Nov 3, 2020

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.

And We’re Back! OSFI Resumes IFRS 17 Initiatives

Aug 12, 2020

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

Supreme Court of Canada Affirms the Genetic Non-Discrimination Act, Weighing Autonomy, Privacy, and Accessibility of Insurance

Jul 22, 2020

Impacts on insurers from recent decision in which SCC upholds protections for privacy and autonomy through the Genetic Non-Discrimination Act

OSFI to Resume Policy Development Work in the Fall of 2020

Jul 16, 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.

Significant Expansion of Ontario’s Personal Health Information Protections amid COVID-19: What you need to know

Jul 15, 2020

Bill 188 made significant amendments to PHIPA, which affect technology companies, and potentially insurers, who provide access to personal health information.

OSFI Outlines Additional Regulatory Adjustments to Foster Financial Resilience and Stability During COVID-19

Apr 15, 2020

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

OSFI’s Regulatory Adjustments in Response to COVID-19 Impacts

Mar 31, 2020

On March 27, 2020, OSFI announced a number of sector-specific measures to support federally regulated banks, insurers and private pension plans.

Saskatchewan’s New Year’s Resolution? A New Insurance Act to Ring in the New Year

Feb 27, 2020

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

Consumer-Directed Finance: Canada’s Answer to Open Banking

Feb 26, 2020

An overview of the Advisory Committee on Open Banking's recent report entitled Consumer-directed finance: the future of financial services.

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

Feb 25, 2020

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

A Call to Action on Open Banking

Jul 3, 2019

On June 19, 2019, the Standing Senate Committee on Banking, Trade and Commerce (“the Committee”) published a report on open banking entitled Open Banking

An Update on the B-20 “Stress Test”

Jun 18, 2019

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.

Why Rewards Programs may not be so Rewarding for Credit Card Issuers

Jun 6, 2019

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.

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

Apr 23, 2019

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

Financial Institutions: OSFI’s Heightened Cyber Security Incident Reporting Obligations Now In Effect

Apr 8, 2019

OSFI published the Technology and Cyber Security Incident Reporting Advisory, which sets out OSFI's expectations for reporting technology and cyber security incidents.

Banking Regulation 2019

Mar 28, 2019

Banks in Canada have been continuously recognized as amongst the soundest and safest across the globe.

Open for Business? An Overview of Open Banking in Canada

Feb 22, 2019

The concept of open banking is emerging internationally as the potential future of the banking industry

OSFI Boots Up Cyber Safety with its New Advisory on Technology and Cyber Security Incident Reporting

Feb 6, 2019

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.

OSFI adds the Earthquake Exposure Data Return to its Late and Erroneous Filing Penalty Framework

Jan 31, 2019

OSFI introduced the Late and Erroneous Filing Penalty ("LEFP") Framework in 2002 as a way to encourage timely and error-free filing.

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

Sep 5, 2018

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

OSFI Updates its Transaction Instructions for FRFIs’ Purchase or Redemption of Shares and Reduction of Stated Capital

Aug 29, 2018

On August 17, 2018, the OSFI revised its transaction instructions relating to the consent and reporting obligations of FRFIs entering into transactions

Getting the Deal Through – Banking Regulation 2018

Jun 1, 2018

The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada

Insurance Regulators Team Up to Strengthen Consumer Protection

May 31, 2018

On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint

Construction Law Seminar and Reception

May 16, 2018

Join us for an informative seminar where you will have an opportunity to network and learn more about the significant changes to construction law in Ontario starting in July and what impacts these changes will have on your business and the construction industry.

Darcy Ammerman wrote about five interest rate provisions to be aware of prior to financing

May 15, 2018

some of the most important interest rate provisions to be aware of

Banking Regulation 2018 – 5th Edition

Apr 24, 2018

global financial crisis has led to significant regulatory changes (most notably in the areas of liquidity and capital) designed to reduce the risk of another global financial crisis occurring

Ransomware and its Spawns

Nov 29, 2017

Ransomware and its Spawns

The “20% rule”: Quebec’s New Bill 150 clarifies the distinction between damage insurance “agencies” and “brokerage firms”

Nov 9, 2017

The "20% rule": Quebec's New Bill 150 clarifies the distinction between damage insurance "agencies" and "brokerage firms"

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

Oct 18, 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

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

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Aug 21, 2017

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Getting the Deal Through – Banking Regulation 2017

Jun 27, 2017

Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...

Banking Regulation – 4th Edition

Jun 22, 2017

Global Legal Insights - Banking Regulation

Ransomware: The Risks Are All Too Real

Jun 21, 2017

The Risk – Cyber attacks are considered one of the most serious risks your organisation faces and ransomware is a currently favoured variation (as evidenced by the recent ‘‘WannaCry'' cyber attack).

Bulk or no Bulk – the PPSA is always in style

Apr 3, 2017

Bulk or no Bulk - the PPSA is always in style

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

Jan 9, 2017

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

Privacy, Data Protection and Cybersecurity Seminar

Nov 3, 2016

As organizations are increasing their investment in data safeguards, McMillan’s Privacy Group would like to help our clients understand their core privacy, data protection and cybersecurity obligations and related legal issues.

International Data Transfers to and from Canada

Sep 20, 2016

International Data Transfers to and from Canada

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

Aug 31, 2016

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

OSFI’s Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

Jul 14, 2016

OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting

Jul 13, 2016

OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting

Updates to the Bail-In Regime: Depositor Accounts

May 12, 2016

Updates to the Bail-In Regime: Depositor Accounts

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

May 10, 2016

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

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

Apr 26, 2016

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

Budget 2016: Introduction of a Bail-in Regime

Apr 5, 2016

Budget 2016: Introduction of a Bail-in Regime

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

Mar 10, 2016

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

Getting the Deal Through – Banking Regulation 2015, Canada chapter

Dec 23, 2015

Getting the Deal Through - Banking Regulation 2015, Canada chapter

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

Jun 14, 2015

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

The Federal Budget: What Financial Institutions Need to Know

May 9, 2015

The Federal Budget: What Financial Institutions Need to Know

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

Feb 15, 2015

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

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

Jan 15, 2015

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