Category: Fintech

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Now’s Your Chance: CSA Seeks Input on Regulation of Crypto Asset Trading Platforms

March 19, 2019

Parties interested in the crypto asset trading industry have been given an opportunity to provide their views on the appropriate regulatory oversight in Canada for crypto asset trading platforms. On March 14, 2019, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC and, together with the CSA, the Regulators) jointly published Consultation Paper 21-402 Proposed…

Canadian Mergers and Acquisitions: FAQs and 2019 Trends

February 6, 2019

The Blakes Canadian Mergers and Acquisitions: FAQs and 2019 Trends answers frequently asked questions regarding the regulation of public M&A in Canada and provides an outlook for what 2019 may hold based on significant developments we observed in the Canadian deal environment.

Canada Seeks Input on Open Banking Framework

January 15, 2019

The Department of Finance is requesting input from the public and other stakeholders on a consultation paper entitled A Review into the Merits of Open Banking (Consultation Paper). The Consultation Paper seeks to affirm support for developing an open banking framework in Canada that will enable consumers and businesses to authorize third-party financial service providers to access their financial transaction…

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…

Financial Sector Legislative Reform Continues

April 4, 2018

On March 27, 2018, the federal government introduced Bill C-74, Budget Implementation Act, 2018, No. 1 (Bill), which includes proposed legislative changes that will be of interest to Canada’s financial sector. The Bill provides the government’s response to consultations undertaken in 2016 (see our August 2016 Blakes Bulletin: Canada’s Financial Sector: Legislation for the Future) and 2017 (see our August…

Canadian Mergers and Acquisitions: FAQs and 2018 Trends

February 16, 2018

Our Canadian Mergers and Acquisitions: FAQs and 2018 Trends answers frequentlyasked questions regarding the regulation of public M&A in Canada and provides anoutlook for what 2018 may hold based on significant developments we observedfrom the Canadian deal environment in 2017.

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…

Canadian Securities Regulators Clear a Path for Bitcoin Funds

September 19, 2017

The British Columbia and Ontario securities regulators have taken a leap forward in the regulation of bitcoin and other cryptocurrencies with the first registration of a fintech start-up, First Block Capital Inc., which intends to launch a fund that will invest all of its assets in bitcoin. The regulatory backdrop for this landmark registration is provided by the Canadian Securities…

Industry Responds to CSA Guidance on Cryptocurrency Offerings

September 18, 2017

The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad. Recently, staff of the Canadian Securities Administrators (CSA) (other than Saskatchewan) published Staff Notice 46-307 – Cryptocurrency Offerings (Staff Notice), in response to requests from fintech businesses for guidance on the applicability of Canadian securities laws to…

Back to the Future: Finance Canada Releases Second Consultation on Financial Sector Legislation

August 23, 2017

On August 11, 2017, Canada’s Department of Finance (Finance Canada) launched the second stage of its consultation process to review the legislative and regulatory framework of the federal financial sector, by releasing its second consultation paper, titled “Potential Policy Measures to Support a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” (Consultation Paper). Finance Canada is consulting…

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