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Advancement of Women on Boards and in Executive Positions Remains a Work in Progress, CSA Reports

October 10, 2019

The number of women on boards and in Chief Executive Officer or Chief Financial Officer positions has risen compared to last year; however, the overall advancement of gender diversity remains a work in progress, as found by the Canadian Securities Administrators (CSA) in their recently published CSA Multilateral Staff Notice 58-311 Report on Fifth Staff Review of Disclosure Regarding Women…

Mortgage Lenders and Brokers Take Note: Ontario Proposes Changes to Modernize Regulation of Provincial Mortgage Businesses

October 9, 2019

The Ministry of Finance recently released Protecting and Modernizing Ontario’s Mortgage Broker Industry, a report on the legislated five-year review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) led by Attorney General of Ontario Doug Downey and Parliamentary Assistant to the Minister of Finance Stan Cho. The review first launched in November 2018 with a view to improve…

Playing by the New (Patent) Rules: A Guide to Upcoming Changes to Canada’s Patent Procedures

October 8, 2019

Autumn is known as a season of change, and this is certainly holding true for Canada’s patent system. On October 30, 2019, a host of amendments to Canada’s Patent Rules will come into effect to implement previously enacted amendments to Canada’s Patent Act and to bring Canada into compliance with requirements under the Patent Law Treaty (PLT). These changes will…

Mandatory “Say-on-Pay” May Be on the Way in Canada

October 7, 2019

A Canadian legal requirement to present an advisory “Say-on-Pay” shareholder vote—a shareholder vote approving a company’s approach to executive compensation—is potentially on the horizon for certain Canadian public companies. As a result, Canadian public companies that have not yet done so—particularly those that are federally incorporated—may be considering whether to voluntarily adopt a Say-on-Pay vote for the upcoming proxy season….

Governance Policy Check-Up: It May Be Overdue

October 3, 2019

With an ever-shifting regulatory landscape filled with complex and evolving risks, public companies need to be vigilant in ensuring that their governance policies appropriately reflect current best practices. However, one size does not fit all, so it is critical to both understand the particular context of the organizational structure, as well as the menu of practices that facilitate the proper…

Enforcement Highlights from the 2019 OSC Annual Report

October 2, 2019

The Ontario Securities Commission (OSC) recently released its 2019 OSC Annual Report (Report), which provides enforcement statistics from 2019 and discusses the OSC’s priorities for 2020. KEY ENFORCEMENT TAKEAWAYS The OSC has focused on discouraging “repeat offenders, fraudulent activity and other serious breaches of the Securities Act or violations of the Criminal Code” through its enforcement actions and sanctions and…

What the Dissolution of Parliament Means for Financial Institutions Legislation in Canada

October 2, 2019

On September 11, 2019, Governor General of Canada Julie Payette dissolved Parliament and called a federal general election to be held on October 21, 2019. As a result of the dissolution of Parliament, the following bills died on the Order Paper: Bill C-100, An Act to implement the Agreement between Canada, the United States of America and the United Mexican…

Alert: FSRA Announces “One-Time Opportunity” for Outstanding Pension Plan Filings

September 26, 2019

The Financial Services Regulatory Authority of Ontario (FSRA) has announced a “one-time opportunity” to avoid incurring summary administrative penalties for late filing requirements under the Pension Benefits Act (Ontario) (PBA). FSRA indicated that it would be contacting plans with identified outstanding filings. If the specified outstanding filings due before September 30, 2019 are filed by October 31, 2019, summary administrative…

Forever Means 40 Years: Court Limits Perpetual Restrictive Covenants in Ontario Real Estate

September 24, 2019

Restrictive covenants registered on title to real property in Ontario that are stated to survive indefinitely will no longer survive forever. In a recent precedent-setting decision, Andrews v. Rago (Andrews), the Ontario Superior Court of Justice stated that restrictive covenants registered on title to real property in Ontario stated to survive indefinitely are deemed to have expired 40 years after…

OPC Concludes Consultation on Transfers for Processing: 2009 Policy Position Remains Status Quo

September 23, 2019

On September 23, 2019, the Office of the Privacy Commissioner of Canada (OPC) concluded its consultation on transfers for processing, initially launched on April 9, 2019. Fortunately, the OPC has determined that its approach to transfers of personal information to service providers for processing, as outlined in its 2009 guidelines for processing personal data across borders (2009 Policy Position), will…