Category: Financial Services

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Supreme Court of Canada Grants Leave to Challenge Unconstitutionality of Alberta’s Oil and Gas Licensing Regime

November 9, 2017

On November 9, 2017, the Supreme Court of Canada (SCC) granted the leave application (Leave Application) filed by the Alberta Energy Regulator (AER) and the Orphan Well Association (OWA) in Orphan Well Association, et al v. Grant Thornton Limited, et al, which sought leave to appeal the decision of the majority of the Alberta Court of Appeal in Orphan Well…

CSA Comment on Registrants’ Cybersecurity and Social Media Practices

October 23, 2017

The Canadian Securities Administrators (CSA) have published Staff Notice 33-321 Cyber Security and Social Media (Staff Notice 33-321), which summarizes survey results of registered firms’ cybersecurity and social media practices, and provides guidance on each of the survey topics, reflecting the CSA’s expectation that registered firms will be vigilant to safeguard themselves and their clients from cyber threats. BACKGROUND Last…

Doing Business in Canada

October 10, 2017

The Blakes Doing Business in Canada guide is an introductory summary of the laws and regulations that affect the conduct of business in Canada.

Financial Literacy for In-House Counsel

October 5, 2017

Blakes is proud to host our New to In-House Series, designed to bring together junior and mid-level in-house counsel for a candid exchange of insights to highlight and address some of the challenges and opportunities facing in-house lawyers in their roles today. Speaking the language of business is an increasingly important skill for in-house counsel. This program will help you to understand…

London Interbank Offered Rate to Be Replaced By End of 2021

August 31, 2017

The U.K.’s Financial Conduct Authority (FCA) recently announced that the London Interbank Offered Rate (LIBOR) is to be phased out by the end of 2021 and replaced with a more reliable alternative. LIBOR is a daily benchmark interest rate set at approximately 11:45 a.m. (London time) every morning by a panel of leading banks in the U.K. It is the…

OSFI Looks to Further Tighten Mortgage Underwriting Standards, Issues Revised Guideline B-20 for Comment

July 11, 2017

On July 6, 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued a revised version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Draft Guideline) for comment. This Draft Guideline comes after OSFI issued a letter to the industry, on July 7, 2016, highlighting its concerns with residential mortgage underwriting practices and the adequacy of risk…

FCAC Publishes First Decision Regarding Non-Compliance with Code of Conduct

May 18, 2017

On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of Conduct) by a payment card network operator (PCNO). The Decision is significant in that it is the first Commissioner’s Decision published regarding non-compliance with the Code…

Take Two: Quebec Introduces Bill 134 to Modernize the Consumer Protection Act

May 11, 2017

On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…

Financial Consumer Agency of Canada Publishes New Supervision Framework

May 3, 2017

The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Among other things, the Supervision Framework implements FCAC’s vision for robust and effective oversight of the entities that it regulates, including federally regulated financial…

Cannabis in Canada: A Changing Legal Landscape

April 19, 2017

The anticipated legalization of recreational cannabis in Canada by July 2018 is multi-faceted. Several areas of law will come into play, potentially impacting many types of businesses. We delve into some of these areas.

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