Category: Industries

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Alert: Canada Introduces Additional Sanctions Against Russia

February 20, 2015

  On February 17, 2015, the Government of Canada announced that new entities and individuals in Russia and Ukraine have been designated under Canada’s sanctions laws. These new measures are introduced in coordination with the United States and the European Union, and are in response to the ongoing conflict in Ukraine.   The list of new entities and individuals designated…

OSC Expects REIT Distributions Disclosure to Yield More Information

February 5, 2015

  In the current low interest rate environment, yield-hungry investors have been particularly attracted to real estate investment trusts (REITs), which, as tax-efficient, flow-through investment vehicles, aim to pay regular cash distributions to their unitholders. The Ontario Securities Commission (OSC) recently reviewed the disclosure provided by 30 REITs to assess the quality and sufficiency of disclosure provided concerning the sustainability…

B.C. Court Finds Methodology to Prove Causation is Required to Certify Pharmaceutical Class Actions

February 4, 2015

  INTRODUCTION   On January 22, 2015, the British Columbia Court of Appeal set aside certification of a class action against Apotex Inc. and Abbott Laboratories Ltd. in Charlton v. Abbott Laboratories Ltd. (Charlton), in which the plaintiffs allege that the medicine sibutramine (sold under the brand name Meridia by Abbott), an antidepressant that is also used for weight loss,…

Bill C-13: Cyberbullying Bill Introduces New Lawful Access Measures

January 23, 2015

  On December 9, 2014, Bill C-13, An Act to amend the Criminal Code, the Canada Evidence Act, the Competition Act and the Mutual Legal Assistance in Criminal Matters Act, also known as the Protecting Canadians from Online Crime Act (Act), received royal assent. The Act, sometimes colloquially referred to as Canada’s cyberbullying law, was originally introduced in the House…

Year in Review: Legislation and Guidance for Financial Institutions in 2014

January 20, 2015

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government of Canada introduced a consultation paper recommending a statutory conversion…

Year in Review: Legislation and Guidance for Financial Institutions in 2013

January 20, 2015

The regulatory world for federally regulated financial institutions (FRFIs) continued to get more complex in 2013, with a multitude of legislative and regulatory initiatives being proposed and implemented in the course of the year. We summarize these developments below. POLICY INITIATIVES Canada’s Economic Action Plan 2013 A New Consumer Code On March 21, 2013, the federal government published its Economic…

Reminder: CASL’s Software Installation Provisions Take Effect on January 15, 2015

January 14, 2015

  Phase 2 of Canada’s Anti-Spam Legislation (CASL) relating to the installation of computer programs will come into force on January 15, 2015. Commonly referred to as the malware prohibition, CASL goes far beyond prohibiting malware and will impact companies that install computer programs even where there is no improper purpose. As a result, many businesses, including those outside of…

CSA Implements Amendments to Oil and Gas Disclosure Requirements

January 7, 2015

  The Canadian Securities Administrators (CSA) have implemented significant amendments to the oil and gas disclosure requirements contained in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101), its Companion Policy (CP 51-101) and related forms and notices. The changes affect both general, ongoing disclosure relating to oil and gas activities and specific annual disclosure requirements….

Lobbying Legislation Changes for Communicating with Ontario and Alberta Governments

January 6, 2015

  Recent amendments to Ontario and Alberta’s lobbying regimes will mean changes for persons who communicate with governments in those jurisdictions. The effective date of Ontario’s legislation has yet to be announced while Alberta’s amendments have already taken effect.     AMENDMENTS TO ONTARIO’S LOBBYISTS REGISTRATION ACT   In August, the Ontario government introduced Bill 8, Public Sector and MPP…

A War Measures Act for Canada’s Financial System: Regulation of Systemic Risk by Cooperative Capital Markets Regulator

December 4, 2014

  The Canadian government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement to formalize the terms and conditions of a proposed cooperative capital markets regulatory system (Cooperative System). For more information on this, please see our September 2014 Blakes Bulletin: Cooperative Capital Markets Regulatory System Agreement…

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