Category: Industries

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Ontario Government Announces Cannabis Retail Rules

October 22, 2018

Ontario has now passed Bill 36: Cannabis Statute Law Amendment Act, 2018 (Bill 36), which sets out the government’s updated approach to the regulation of recreational cannabis. Bill 36 introduces the Cannabis Licence Act, 2018 (Licence Act), which governs the regulation and licensure of private cannabis retailers and amends the legislation making up the previous regime, including the Cannabis Act,…

Concordia International Corp.’s Canada Business Corporations Act Proceedings Explained

October 18, 2018

The recent restructuring proceedings of Concordia International Corp. (Concordia) demonstrate that the arrangement provisions of the Canada Business Corporations Act (CBCA) remain as a powerful tool for balance sheet restructurings in Canada. These provisions allow a company to submit a plan of arrangement for creditor and court approval in order to affect a balance sheet restructuring in a timely and…

The Ins and Outs of Canada’s New Trade Agreement and NAFTA Replacement, the USMCA

October 3, 2018

On September 30, 2018, Canada and the United States resolved outstanding trade issues and announced that they, together with Mexico, agreed to a trilateral United States-Mexico-Canada Agreement (USMCA). Once ratified, the USMCA will replace the existing trilateral North American Free Trade Agreement (NAFTA), which has been in place between the three countries since 1994. BACKGROUND The USMCA represents an agreement…

OSFI Issues Updated Securitization Framework for Insurers

October 1, 2018

The Office of the Superintendent of Financial Institutions (OSFI) recently published Draft Guideline B-5: Asset Securitization (Draft Guideline), which sets out an updated regulatory framework for the securitization activities of federally regulated insurers, including foreign insurer branches and mortgage insurers (Insurers). The Draft Guideline will replace the existing OSFI Guideline B-5 published in November 2004, and the related OSFI Advisory:…

A Look Inside OSFI’s New Corporate Governance Guideline

September 27, 2018

­­­On September 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its revised Corporate Governance Guideline (Revised CG Guideline), following consultations in late 2017. The Revised CG Guideline follows Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. The Revised…

Just in Time for Legalization, Federal Government Publishes Proposed Cannabis Excise Duty Rates

September 26, 2018

The federal government recently gave royal assent to the Budget Implementation Bill, 2018, No. 1, which amends the Excise Act, 2001 in order to implement a new framework for the taxation of cannabis. The new rules effectively place cannabis producers within the existing rules that currently apply excise duties on tobacco, wine and spirits producers under the Excise Act, 2001…

New Ontario Government to Restore Municipal Rights to Oppose Renewable Energy Projects

September 24, 2018

Three months after taking power, Ontario’s new government introduced legislation to restore the rights of local municipalities to control the development of new renewable energy projects (such as wind and solar generation) within their jurisdiction. When passed, the Green Energy Repeal Act, 2018 (Bill 34) will repeal the Green Energy Act, 2009 (Act) in its entirety and amend several other…

The Future of Canadian Corporate Criminal Enforcement: Deferred Prosecution Agreements Now Available in Canada

September 21, 2018

Recent amendments to the Criminal Code signify an important development in Canada’s white-collar enforcement landscape. The new amendments, which came into effect on September 19, 2018, establish a Canadian deferred prosecution regime. Prosecutors will now have the option of entering into “remediation agreements” (RAs) with companies accused of offences. RAs are the Canadian equivalent of American and U.K. deferred prosecution…

Update on the Use of the Words “Bank”, “Banker” and “Banking” by Non-Banks

September 20, 2018

The amendments to the Bank Act that restrict the use of the words “bank”, “banker” and “banking” (Bank Words) by non-bank entities were recently proclaimed into force and the Office of the Superintendent of Financial Institutions Canada (OSFI) has released the timelines for non-bank entities to comply with the restrictions. On June 21, 2018, the Budget Implementation Act, 2018, No.1…

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