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Recent Budget Measures Bill Amends Ontario Pension Legislation

November 18, 2016

On November 16, 2016, Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 (Bill) received first reading in Ontario’s legislative assembly. If passed, the Bill will amend the Pension Benefits Act (Ontario) (Act) in various respects. The rules regarding portability options have been amended. Portability options are the options available to a former employee to withdraw his or…

On Track: Infrastructure Elements of Ontario’s 2016 Economic Outlook and Fiscal Review

November 17, 2016

On November 14, 2016, Ontario Finance Minister Charles Sousa delivered the 2016 Ontario Economic Outlook and Fiscal Review, titled “Building Ontario Up for Everyone” (Update). This bulletin focuses on those elements of the Update of interest to the infrastructure sector. CONTINUED COMMITMENT TO INCREASED INFRASTRUCTURE FUNDING As its title would suggest, the Update includes an in-depth focus on Ontario’s infrastructure…

Plan Administrators, Are You Prepared for Ontario’s New Regime for Pension Advisory Committees?

November 16, 2016

Many pension plan administrators will soon have new obligations regarding pension advisory committees (PAC). Ontario’s new PAC regime was proposed in fall 2015 and will come into force on January 1, 2017. In particular, O. Reg 351/16 amends the General Regulation under the Pension Benefits Act (Ontario) and comes into force on January 1, 2017. This bulletin highlights what plan…

CSA Start Allowing International Dealers to Trade Canadian Issuers’ Bonds in Secondary Market

November 15, 2016

The Canadian Securities Administrators (CSA) have started granting their first exemption orders to permit international dealers to engage with Canadian clients in secondary market trading of bonds of Canadian issuers, under certain conditions, as contemplated in their September 1, 2016 guidance notice, CSA Staff Notice 31-346 – Guidance as to the Scope of the International Dealer Exemption in relation to…

Canadian Airports: Who Has Governing Power?

November 8, 2016

With possible airport privatization on the horizon for Canadian airports, and thanks to Liberal Transport Minister Marc Garneau’s recent promise to introduce legislation loosening restrictions on foreign investment in airlines, airports have become a hot topic in the media. However, airports can often seem like mini-cities unto themselves, where competing stakeholders are pitted against each other. Along with an airport…

Details of Alberta’s Renewable Electricity Program: Program to Add 5,000 Megawatts of Capacity by 2030

November 8, 2016

On November 3, 2016, the Alberta government announced its endorsement of the Alberta Electric System Operator’s (AESO) recommendations for the Renewable Electricity Program (REP). The purpose of the REP is to encourage the development of 5,000 megawatts (MW) of renewable electricity generation capacity in Alberta between now and 2030. If accomplished, Alberta’s renewable electricity generation capacity will increase from 11…

2016 Federal Fiscal Update: Banking on Infrastructure

November 2, 2016

On November 1, 2016, federal Finance Minister Bill Morneau released his Fall Economic Statement outlining changes to the federal government’s fiscal priorities in advance of the 2017 budget process. While reaffirming Canada’s commitment to infrastructure investment, the Fall Economic Statement recalibrates the government’s infrastructure priorities in the current economic environment. Notable for potential funding recipients, infrastructure developers and investors, Mr….

New Law on Defensive Tactics: Balancing Business Judgment and Shareholder Choice

October 27, 2016

On October 24, 2016, the Securities Commissions of British Columbia (BCSC) and Ontario (OSC, together with the BCSC, the Commissions) released the reasons for their decision in Re Hecla Mining. The Commissions had previously dismissed the application by Hecla Mining Company (Hecla) to cease trade a private placement of Dolly Varden Silver Corporation (Dolly Varden) launched in the face of…

A New Financial Consumer Framework – Does this Change Everything?

October 26, 2016

On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2, received first reading. Division 5 of Bill C-29 will, if passed, consolidate the consumer provisions under the Bank Act. This is a result of successive governments’ promises to enact a comprehensive federal “consumer code” for banks, federal credit unions and foreign bank branches. It also reflects a response…

The CETA Saga: Can Final Negotiations Save the Agreement?

October 25, 2016

The road to completion of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union has been a rough ride since negotiations began in 2009, and it did not get any smoother in October 2016, when the French-speaking region of Wallonia in Belgium declared it could not accept the agreement. It took five years of negotiations before…

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