Category: Industries

Cybersecurity Alert: IIROC-Regulated Investment Firms Must Now Report Incidents

November 25, 2019

The Investment Industry Regulatory Organization of Canada (IIROC) has amended its Dealer Member Rules to require mandatory reporting by dealer members (Dealers) in the event of a cybersecurity incident. The amendments are accompanied by guidance on the new requirements. IIROC expects dealers to issue an initial report within three days of discovery of an incident, and to submit a detailed…

CSA Seeks Comments on Initiative to Reduce Regulatory Burden for Investment Fund Issuers

November 21, 2019

In September 2019, the Canadian Securities Administrators (CSA) published CSA Notice and Request for Comment Reducing Regulatory Burden for Investment Fund Issuers – Phase 2, Stage 1, which outlines a number of proposed amendments and proposed changes to the disclosure regime and operational matters for investment fund issuers (the Proposed Amendments). Comments on the Proposed Amendments are due by December…

FINTRAC’s Updated Guidance on Methods to Verify Identity: A New Spin On “Authentic”

November 20, 2019

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has updated its guidance on Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation (Guidance). The Guidance follows recent amendments to the regulations (Regulations) to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in…

Clawback Policies Gain More Ground in Canada

November 18, 2019

Despite a lack of legislative change over the past eight years, the use of “clawback” provisions—arrangements under which an employee forfeits previously awarded compensation—have become increasingly common in Canada. Canadian public companies listed in the U.S. are subject to statutory clawbacks for certain employees. As well, certain Canadian financial institutions regulated by the Office of the Superintendent of Financial Institutions…

The syncreon Group: Landmark Case Recognizes English Schemes of Arrangements in Canada

November 14, 2019

In October 2019, syncreon Group Holdings B.V. and its subsidiaries (collectively, the syncreon Group) completed a landmark cross-border balance sheet restructuring of approximately US$1.1-billion of debt. The syncreon Group’s restructuring is believed to be the first time that English scheme of arrangement proceedings have been used to restructure debt issued by a U.S.-based multinational enterprise (Scheme Proceedings). Further, in its…

Changes to Financial Services Regulation in British Columbia

November 5, 2019

British Columbia’s new regulator, the BC Financial Services Authority (BCFSA), commenced operations on November 1, 2019, when the key sections of its empowering legislation came into force, at which time the Financial Institutions Commission of British Columbia (FICOM) ceased its operations. BCFSA is a new Crown corporation governed by the Financial Services Authority Act, 2019 (Bill 26), which received royal…

Ontario Court Backs AGCO in Disqualification of 11 Cannabis Lottery Applicants

November 1, 2019

In Reynolds v. Registrar (Alcohol and Gaming Commission), the Ontario Divisional Court (Court) recently dismissed an application for judicial review of the Registrar of the Alcohol and Gaming Commission of Ontario’s (Registrar) decision to disqualify 11 applicants (Disqualified Candidates) from the cannabis retail licensing process. In doing so, the Court reaffirmed the principle that judicial review remedies are discretionary and…

Securities Regulators Look to Improve Client-Registrant Relationship with Client Focused Reforms

October 23, 2019

The Canadian Securities Administrators (CSA) recently published reforms to enhance the client-registrant relationship (Client Focused Reforms). The Client Focused Reforms amend National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and its companion policy (Companion Policy) by, among other things: Expanding the list of enumerated “know-your-client” (KYC) information required to be gathered at inception of, and updated…

Cannabis 2.0 Rollout: Edibles, Extracts Legalized

October 17, 2019

On October 17, 2019, three additional forms of cannabis became legal in Canada: edibles, extracts and topicals. In this video interview with BNN Bloomberg, Blakes Associate Chris Nyberg from our cannabis team discusses regulatory hurdles, next steps and what challenges and opportunities await current market participants. For further information, please contact: Chris Nyberg                416-863-4252 or any other member of our Cannabis group.

Cybersecurity Month: Learn How to Safeguard Your Business from Cyber Threats

October 15, 2019

In an increasingly digitized world, data has become one of the most valuable assets of an organization, and data breaches have become more common and sophisticated. It is often not a matter of “if” but “when” a data breach will occur. A cyberattack can have a devastating financial and reputational effect on your business, costing millions of dollars. As part of…