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Further Consultation on Payments Canada – And More to Come

June 20, 2018

The Department of Finance recently published a consultation paper (Consultation Paper) that proposes to  expand access to Canadian payment systems and seeks feedback on changes to Payments Canada’s governance structure that were implemented in 2015. The comment period for this consultation ends July 24, 2018. For anyone new to this topic, the Consultation Paper provides a useful summary of the…

TSX Seeks Input on Proposed Changes to Rules Governing Special Purpose Acquisition Corporations

June 14, 2018

The Toronto Stock Exchange (TSX) recently released proposed amendments (Proposed Amendments) to Part X — Special Purpose Acquisition Corporations (SPACs) of the TSX Company Manual (Manual). Notable changes include codifying exemptions previously provided to SPACs and removing the requirement for shareholder approval of a qualifying acquisition subject to certain requirements. The TSX is seeking public comments and responses to certain…

How Securities Law Applies to Offerings of Blockchain-Based Tokens and Coins: More Examples and CSA Comments

June 12, 2018

On June 11, 2018, the Canadian Securities Administrators (CSA) published Staff Notice 46-308 Securities Law Implications for Offerings of Tokens (Staff Notice), which provides additional guidance on the applicability of securities law to offerings of blockchain-based tokens or coins. The Staff Notice builds on the CSA’s August 2017 Staff Notice 46-307 Cryptocurrency Offerings, which had provided initial guidance but only…

The Good, the Bad and the Ugly: Revised Regulations to PCMLTFA

June 12, 2018

The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. In addition, the life insurance sector is to become subject to…

Senate Approves Canada’s Cannabis Act with Dozens of Amendments

June 11, 2018

On June 7, 2018, the Senate passed Bill C-45, Canada’s cannabis legalization bill, the Cannabis Act (Bill), but not before making a number of amendments. The Bill will now return to the House of Commons, where members of Parliament must decide whether to accept, reject or revise over 40 amendments that the Senate made to the Bill. The majority of…

Bill Backing UNDRIP Heads to Senate, Moves One Step Closer to Becoming Law in Canada

June 11, 2018

In February 2018, we suggested that the Canadian government may be inching towards the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) with their new draft environmental legislation (see our February 2018 Blakes Bulletin: Implementing UNDRIP? Federal Government Releases Draft Environmental Legislation). The pace seems to have sped up since then, at least for the time being. Bill…

SCC Stays Internet Defamation Case, Urges Fairness and Efficiency

June 8, 2018

 On June 6, 2018, the Supreme Court of Canada (SCC) addressed the challenging issue of jurisdiction and the internet in Haaretz.com v. Goldhar (Haaretz), by emphasizing the importance of ensuring fairness to foreign defendants, given that jurisdiction can be readily presumed based solely on a single download of an article. In Haaretz, the SCC stayed a libel action against an…

Canada and Israel Sign Modernized Free Trade Agreement

June 7, 2018

Canada’s Minister of International Trade, François-Philippe Champagne, and Israel’s Minister of the Economy and Industry, Eli Cohen, recently signed the Protocol Amending the Canada-Israel Free Trade Agreement (Protocol). Once the Protocol is ratified by both governments, a modernized Canada-Israel Free Trade Agreement (CIFTA) will enter into force, benefitting businesses and exporters in Canada and Israel. WHAT’S NEW? When the original…

Ontario’s Pay Transparency Act Coming Into Force January 2019

June 5, 2018

Bill 3, Ontario’s Pay Transparency Act, 2018 (Act), recently received royal assent and — with the exception of one provision — will come into force on January 1, 2019. The Act will significantly impact many employers, both as it relates to their hiring practices and reporting requirements, with pay transparency reports due as early as May 2020. The Act was…

The Future of Programming Distribution in Canada: CRTC Reports On CanCon in the Digital World

June 4, 2018

On May 31, 2018, the Canadian Radio-television and Telecommunications Commission (CRTC) issued its report on the future of programming distribution in Canada. The report examines Canadian broadcast distribution market trends and reaches certain conclusions on the types of legislative, regulatory and policy changes the CRTC believes would best support the production, distribution and promotion of Canadian programming. The CRTC issued…

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