Category: Financial Services

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2018 Legal Trends: Cannabis

March 8, 2018

As part of our quarterly series on current trends across different industries, we first take a look at what’s on the horizon for cannabis. As the Canadian Cannabis Act works its way through Parliament, the Canadian cannabis sector continues to experience an extremely dynamic, fast-changing environment. Here are a few legal trends to watch for as the industry becomes more…

2018 Federal Budget: Selected Tax Measures

February 28, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…

Year in Review: Legislation and Guidance for Federal Financial Institutions in 2017

January 29, 2018

2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada. The new wave of initiatives in 2017 included the second stage of the consultation process to renew the federal financial sector legislation, proposed modernization of Canada’s payments systems, regulatory studies on the regulation of fintechs, new bail-in legislation, changes to the Basel…

Recent Developments in Canadian Insolvency Case Law: What Lenders Need to Know

December 6, 2017

In 2017, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status. 

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…

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