https://mcmillan.ca/wp-content/uploads/2020/05/profile-default-mobile.jpg

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 in the 2021 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Banking & Financial Institutions
  • 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 (69 Posts)

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

McMillan’s ESG Strategy Sessions

The COVID-19 pandemic and increased concerns over environmental and social issues, such as climate change and systemic racism, have prompted conversations throughout global capital markets.

Details
Thursday, October 14, 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

FSRA Releases Mortgage Brokering Supervision Plan for 2021-22 focusing on Private Lending Practices and Mortgage Administration

FSRA releases mortgage brokering supervision plan for the 2021-2022 year.

Read More
Aug 4, 2021
Featured Insight

OSFI Issues Final Guideline E-4 Impacting Foreign Entity Branches to be Implemented by January, 2022

OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.

Read More
Jul 6, 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

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

ICMA Green Bond Principles Undergo Minor Facelift

Legal news bulletin discussing recent changes to ICMA Green Bond Principles.

Read More
Jun 17, 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

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

Upcoming Changes to Ontario’s Auto Insurance Regime

The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.

Read More
Apr 12, 2021
Featured Insight

OSFI Announces Proposed Amendments to the Vested Asset Regime for Foreign Insurance Companies Operating in Canada on a Branch Basis

The authors discuss OSFI's announcement of three proposed amendments to the vested asset regime for foreign insurance companies operating as a branch in Canada

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

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

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

Read More
Feb 2, 2021
Featured Insight

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

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

Details
February 9, 2021 - 1:00 pm to 2:30 pm ET
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

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

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

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

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

Read More
Jul 22, 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.

Read More
Jul 16, 2020
Featured Insight

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

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

Read More
Jul 15, 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

Read More
Apr 15, 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.

Read More
Mar 31, 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

Read More
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.

Read More
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.

Read More
Feb 25, 2020
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

Read More
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.

Read More
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.

Read More
Jun 6, 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.

Read More
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

Banking Regulation 2019

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

Read More
Mar 28, 2019
Featured Insight

Open for Business? An Overview of Open Banking in Canada

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

Read More
Feb 22, 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.

Read More
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.

Read More
Jan 31, 2019
Featured Insight

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.

Read More
Sep 5, 2018
Featured Insight

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

Read More
Aug 29, 2018
Featured Insight

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

Read More
Jun 1, 2018
Featured Insight

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

Read More
May 31, 2018
Featured Insight

Construction Law Seminar and Reception

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.

Details
May 16, 2018 - 4:30 PM to 6:30 PM
Featured Insight

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

Read More
May 15, 2018
Featured Insight

Banking Regulation 2018 – 5th Edition

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

Read More
Apr 24, 2018
Featured Insight

Ransomware and its Spawns

Ransomware and its Spawns

Read More
Nov 29, 2017
Featured Insight

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

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

Read More
Nov 9, 2017
Featured Insight

Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec

Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec

Read More
Oct 20, 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

Read More
Oct 18, 2017
Featured Insight

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

Read More
Aug 24, 2017
Featured Insight

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Read More
Aug 21, 2017
Featured Insight

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 ...

Read More
Jun 27, 2017
Featured Insight

Banking Regulation – 4th Edition

Global Legal Insights - Banking Regulation

Read More
Jun 22, 2017

Ransomware: The Risks Are All Too Real

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).

Read More
Jun 21, 2017
Featured Insight

Bulk or no Bulk – the PPSA is always in style

Bulk or no Bulk - the PPSA is always in style

Read More
Apr 3, 2017
Featured Insight

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

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

Read More
Jan 9, 2017
Featured Insight

Privacy, Data Protection and Cybersecurity Seminar

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.

Details
November 3, 2016 - 7:30 am to 12:30 pm EST
Featured Insight

International Data Transfers to and from Canada

International Data Transfers to and from Canada

Read More
Sep 20, 2016
Featured Insight

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements

Read More
Aug 31, 2016
Featured Insight

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

Read More
Jul 14, 2016
Featured Insight

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

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

Read More
Jul 13, 2016
Featured Insight

Updates to the Bail-In Regime: Depositor Accounts

Updates to the Bail-In Regime: Depositor Accounts

Read More
May 12, 2016
Featured Insight

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

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

Read More
May 10, 2016
Featured Insight

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

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

Read More
Apr 26, 2016
Featured Insight

Budget 2016: Introduction of a Bail-in Regime

Budget 2016: Introduction of a Bail-in Regime

Read More
Apr 5, 2016
Featured Insight

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

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

Read More
Mar 10, 2016
Featured Insight

Getting the Deal Through – Banking Regulation 2015, Canada chapter

Getting the Deal Through - Banking Regulation 2015, Canada chapter

Read More
Dec 23, 2015
Featured Insight

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

Read More
Jun 14, 2015
Featured Insight

The Federal Budget: What Financial Institutions Need to Know

The Federal Budget: What Financial Institutions Need to Know

Read More
May 9, 2015
Featured Insight

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

Read More
Feb 15, 2015
Featured Insight

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

Read More
Jan 15, 2015