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Shahen Mirakian is a capital markets and securities lawyer with a dynamic practice focused on derivative products, dealer and adviser registration and compliance, investment funds, and lending. The 2020 edition of the IFLR1000 Financial and Corporate Guide recognizes him as a rising star in the area of derivative instruments. He is a leader of the firm’s Structured Finance, Derivatives & Securitization Group.

Involved in the structuring and documentation of a broad range of financial products, Shahen has particular expertise in equity and energy derivatives. He represents Canadian and international banks and brokers, sovereign entities, public and private investment funds, and end users.

Acting for physical metals brokers, international futures commission merchants, foreign exchange dealers, domestic and foreign investment fund managers, and US financial institutions, Shahen assists clients in navigating the complex and rapidly changing Canadian registration and compliance regime. He deals regularly with securities regulators, self-regulatory organizations, anti-money laundering authorities, exchanges and clearing houses on their behalf.

Shahen has particular experience advising on margin loans collateralized by control block securities of TSX-listed issuers. He is familiar with the secured transaction, insolvency and tax issues that characterize these transactions, and has assisted domestic and international lenders on loans ranging from $50 million to over $1.2 billion.

Working with public and private entities on the establishment and operation of investment funds, Shahen advises on choosing the form of organization, obtaining requisite securities and corporate registrations, preparing organizational and disclosure documents, and complying with ongoing regulatory requirements.

Shahen was appointed to a three-year term on the Securities Advisory Committee of the Ontario Securities Commission (OSC) on the strength of his expertise in derivatives and novel financial products. Prior to joining McMillan, he worked in corporate debt research at a leading Canadian investment dealer, where he helped prepare the first study on Canadian high-yield debt as a unique asset class. Shahen has completed levels I, II and III of the chartered financial analyst (CFA) examinations, and levels I and II of the chartered alternative investment analyst (CAIA) examinations.




Teaching Engagements

  • Instructor for the Integrative Legal Strategy course in the University of Toronto Rotman School of Business’ MBA program from 2005 to 2006

News


Media Mentions

  • “Industry unmoved by death of minor-currency Libor” by Tom Newton, Risk Magazine, October 19, 2012

Rankings & Recognition

  • Recognized in the 2020 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Recognized by IFLR1000 Financial and Corporate Guide 2020 as a Rising Star in Investment Funds and Banking
  • Recognized in the 2019 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Recognized by IFLR1000 Financial and Corporate Guide 2019 as a Rising Star in Investment Funds and Banking
  • Recognized in the 2018 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Derivative Instruments
  • Consistently recommended, Derivative Instruments, in the 2017 Canadian Legal Lexpert Directory
  • Named in IFLR1000 Financial and Corporate Guide 2017 as a rising star in the areas of Investment Funds and Banking
  • Ranked in the Canadian Legal Lexpert Directory 2016 in the area of Derivative Instruments

Community Involvement

  • Director, Armenian Endowment Funds

Directorships & Affiliations

  • Canadian Bar Association
  • Armenian Bar Association
  • Structured Products Association (New York)
  • CFA Society Toronto (Associate Member)
  • ISDA Canadian Legal and Regulatory Committee

Education & Admissions

2002
Called to the Ontario bar
2000
LLB University of Toronto
2000
MBA University of Toronto, Rotman School of Management
1996
B.CommUniversity of Toronto

Publications

“Model Behaviour: Rules for Derivatives Product Determination, Trade Repositories,” Article appeared in the Corporate Securities Finance Law Report Vol 18 No 2 March May 2013 (April 2013)

Change is Near but Unclear: Canadian Regulators Publish Initial Proposals on OTC Derivatives,” Derivatives Law Bulletin (November 2010)

Canadian Securities Transition Office releases transition plan,” Derivatives Law Bulletin (July 2010)

Country Q&A – Canada,” Structured Finance and Securitization PLC cross-border Structured Finance and Securitization Handbook 2010 (June 2010)

“Managing Insolvency Challenges and Credit Risks Brought by the Financial Crisis,” Presentation with Adam Maerov, Advanced Forum on Derivatives, The Canadian Institute (January 2010)

“Negotiating the Schedule to the 2002 ISDA Master Agreement Presentation, Understanding the ISDA Master Agreements,” Conference, International Swaps and Derivatives Association, Inc. (September 2009)

2009 Report on the Expert Panel on Securities Regulation in Canada,” Published in the CBA National Business Law Section Newsletter, July 2009. (July 2009)

Derivative Structures – Recent Developments of Importance,” 2009 Lexpert / ALM Media Guide to the Leading 500 Lawyers in Canada, (March 2009)

“Expert Panel Report Makes Recommendations Regarding,” Federal Derivatives Regulation (disponible en anglais) instruments dérivés (February 2009)

Expert Panel Report Makes Recommendations Regarding Federal Derivatives Regulation,” Derivatives Law Bulletin (February 2009)

“OSC Notice Suggests Growing Interest in Disclosure of Equity Swap Positions,” Reproduced with permission of the publisher from Corporate Securities and Finance Law Report, Vol. 14, No. 1, January/February, 2009. (February 2009)

OSFI Ruling Confirms Foreign Bank Issuers Selling Debt Instruments in,” Canadian Capital Markets not Subject to The Bank Act (Canada) National Banking Law Review, Volume 27, Number 1 (February 2008)

Eligible Financial Contracts vs. Insolvency: Round II,” Annual Review of Insolvency Law – 2007 – Janis P. Sarra, Editor (January 2008)

Hedge Funds and Derivatives,” Presentation at the Canadian Institute’s 4th Annual Advanced Forum on Derivatives (May 2007)

“Identifying Eligible Financial Contracts: More Than a Financial Purpose,” Restructuring and Derivatives Bulletin (July 2006)

Pre and Post Judgment Interest” Corporate Finance Bulletin (March 2003)

Insights by Shahen A. Mirakian (27 Posts)

The Cessation of the 6-month and 12-month CDOR Tenors

Dec 17, 2020

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.

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

Mar 31, 2020

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

Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk

Nov 11, 2019

This bulletin summarizes our concerns and conclusions with respect to the Canadian short selling regulatory regime.

The Novel Exemptive Relief Chronicles

Sep 20, 2019

Ontario Securities Commission exemptive relief decision clarifies ability of investment fund managers to permit rehypothecation of portfolio assets.

No Longer “Beasts of Burden” OSC Reduces Regulatory Load for Registrants on Two Fronts

Jul 22, 2019

The Ontario Securities Commission (“OSC”) recently announced two important changes to certain regulatory requirements

OSC Waives Fees for Late OBA Disclosures as Part of Burden Reduction Project

May 21, 2019

On May 15, 2019, the Ontario Securities Commission (“OSC”) announced that registrants will no longer have to pay late fees associated with the disclosure of outside business activities (“OBAs”) past the required deadline.

A Million Reasons – NextBlock OSC Settlement Agreement Highlights Risks of Using Marketing Presentations to Solicit Investments

May 21, 2019

A recent Ontario Securities Commission (“OSC”) settlement agreement with NextBlock Global Limited (“NextBlock”) and Alex Tapscott (“Tapscott”) highlights the risk associated with issuers providing investor presentation slide decks or other marketing documents to prospective investors.

Liquid Alternatives Now a Reality Alternative Mutual Funds Regime Scheduled to Come Into Force January 3, 2019

Oct 5, 2018

The Canadian Securities Administrators have published the much anticipated final version of amendments introducing a "liquid alternatives" regulatory regime

Proposed CSA Derivatives Registration Rule Part 1 – Who Must Register

May 28, 2018

On April 19, 2018, the Canadian Securities Administrators (the "CSA") published new draft rules governing the registration of derivatives market participants.

Introducing Liquid Alternatives: Game changer for Canadian hedge funds

Nov 9, 2016

Introducing Liquid Alternatives: Game changer for Canadian hedge funds

Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules

Apr 26, 2016

Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules

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

Mar 2, 2016

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

Approaching Harmonization: Reporting to Go Live Across Canada

Feb 2, 2016

Approaching Harmonization: Reporting to Go Live Across Canada

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

Oct 28, 2015

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

Mar 11, 2015

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

CSA Publishes Update on Proposal for Alternative Investment Funds

Feb 18, 2015

CSA Publishes Update on Proposal for Alternative Investment Funds

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

Feb 4, 2015

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

FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

Jan 23, 2015

FINTRAC Releases Policy Interpretations Containing Guidance for International Dealers

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

Jan 23, 2015

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

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

Jul 13, 2014

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

Canadian Regulators Respond to Concerns of OTC Derivatives Market Participants: OSC Makes Amendments to Trade Reporting Rules

Apr 24, 2014

Canadian Regulators Respond to Concerns of OTC Derivatives Market Participants: OSC Makes Amendments to Trade Reporting Rules

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

Jan 9, 2014

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

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

Nov 20, 2013

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

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

Jun 14, 2013

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

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

Apr 19, 2012

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

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

Jun 30, 2011

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

Canadian Securities Transition Office releases transition plan

Jul 22, 2010

Canadian Securities Transition Office releases transition plan