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Competition Bureau Releases Final Fintech Market Study

December 22, 2017

The Competition Bureau (Bureau) recently released the final report from its market study, titled Technology-led innovation and emerging services in the Canadian financial services sector (Report), analyzing the regulatory and non-regulatory issues faced by the fintech industry in Canada. The Report makes recommendations to address these issues, many of which are a departure from the current paradigm informing the regulation…

SCC Affirms Duty of Care but Reduces Auditor’s Damages in Livent Decision

December 21, 2017

On December 20, 2017, the Supreme Court of Canada (SCC) released its long-awaited decision in Deloitte & Touche v. Livent Inc. (Receiver of) (Livent), which addressed the issue of the auditor’s liability for failing to detect a fraud perpetrated by the directing minds of Livent Inc. (Livent). The seven-member panel was unanimous that the defendant auditor was not liable to…

Alberta Unveils Changes to Its Credit and Offset Regime: What’s in Store for Large Industrial Emitters

December 12, 2017

On December 6, 2017, the Government of Alberta released guidance documents regarding the new Carbon Competitiveness Incentives (CCI) Regulation, which will come into force on January 1, 2018 and replace the existing Specified Gas Emitters Regulation (SGER). While the guidance documents are quite extensive and provide glimpses into what the CCI Regulation will entail, there are also several concepts that…

Alberta’s Balancing Pool Confirms Right to Terminate Keephills Power Purchase Agreement

December 12, 2017

Following ENMAX Energy Corporation’s (ENMAX) successful application to obtain a mandatory injunction against the Balancing Pool of Alberta (as reported in our November 2017 Blakes Bulletin: Alberta Court of Queen’s Bench Grants Mandatory Injunction Against Balancing Pool), the Balancing Pool has performed its assessment and verified and accepted ENMAX’s notice terminating the Keephills power purchase agreement (PPA) (Keephills Termination Notice),…

Bill 141: New Governance Rules for Certain Quebec Companies

December 11, 2017

Directors of Quebec insurers, trust and savings companies and deposit institutions will have increased duties regarding the development and enforcement of “sound commercial practices” and “sound and prudent management practices” in order to comply with new regulations enacted by Bill 141. The bill, titled An Act mainly to improve the regulation of the financial sector, the protection of deposits of…

AER Revises Eligibility Requirements for Acquiring and Holding Energy Licences and Approvals

December 7, 2017

On December 6, 2017, the Alberta Energy Regulator (AER) released a new edition of Directive 067 (New Directive), dealing with the eligibility requirements for acquiring and holding energy licences and approvals in Alberta. This was announced to the public though AER Bulletin 2017-21. The New Directive increases the scrutiny the AER will apply to ensure that licences and approvals are…

Bill 31: Alberta Beefs Up Its Consumer Protection Legislation

December 6, 2017

On November 29, 2017, the Alberta government introduced Bill 31: A Better Deal for Consumers and Businesses Act (Bill 31), which proposes a number of amendments to the Fair Trading Act (Act). The Alberta government simultaneously issued a statement to explain and provide additional context for the amendments (Statement). The proposed changes are in response to a consultation held from…

Bank of Canada Gets More Serious About Issuing a Digital Currency

December 6, 2017

On November 30, 2017, the Bank of Canada (BoC) released a staff white paper cautiously in favour of creating a central bank-issued digital currency (CBDC) for Canada. Referencing the continuing trend toward using electronic forms of payment in lieu of physical currency, the white paper explores the possible economic benefits of a CBDC and whether such benefits would justify the…

B.C. Announces Key Policies Relating to the Legalization of Recreational Cannabis

December 6, 2017

On December 5, 2017, the British Columbia government unveiled details on how recreational cannabis will be purchased, distributed and sold in the province, once legalized, which is expected to happen in July 2018. The B.C. government’s decisions follow the province’s consultation with nearly 50,000 British Columbians, 141 local and Indigenous governments and a range of other stakeholders. POLICY DECISIONS The…

A Look Inside OSFI’s Draft New Corporate Governance Guideline

December 5, 2017

­­­In November 2017, the Office of the Superintendent of Financial Institutions (OSFI) released for public comment a revised draft of its Corporate Governance Guideline (CG Guideline). The proposed revisions follow Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. In the draft CG Guideline, OSFI provides a…

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