Category: Structured Finance & Derivatives

Proposed Changes to Quebec Derivatives Regulation Will Impact Dealers, Advisers and Hedgers

February 5, 2016

This Bulletin highlights the impact of proposed amendments to the Quebec Derivatives Regulation (QDR) on dealers and advisers that are not registered in Quebec to trade standardized derivatives, on persons who intend to rely on the trading exemption available for “hedgers” and on individuals subject to certain proficiency requirements under the Quebec Derivatives Act (QDA). As noted in our September…

Derivatives Trade Reporting Rules Introduced in Remaining Canadian Jurisdictions

January 28, 2016

On January 22, 2016, the Canadian securities regulatory authorities in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and the Yukon (Participating Jurisdictions) adopted Multilateral Instrument 91-101 Derivatives: Product Determination (Scope Rule) and Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (TR Rule, and together with the Scope Rule,…

Amendments to Ontario’s Conflict of Laws Rules Will Require Changes to Documentation and Registration/Search Practices

December 17, 2015

Secured parties that make loans on the security of receivables and motor vehicles, that purchase receivables under securitization or factoring arrangements or that provide financing pursuant to motor vehicle leases or conditional sale agreements (each, a Secured Party) will need to take proactive action as a result of amendments to the Personal Property Security Act (Ontario), which come into force…

Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

Implementation of Canadian Derivatives Trade Reporting Obligations Postponed

April 11, 2014

  On April 10, 2014, Canadian regulators announced that the effective dates for derivatives trade reporting obligations will be postponed. This announcement addresses uncertainty as to whether systems required to allow market participants to comply with the trade reporting requirements would be ready for the originally planned implementation date of July 2, 2014 in light of the fact that no…

2014 Federal Budget – Selected Tax Measures

February 12, 2014

  There is an evident international theme to many of the tax measures included in the 2014 Federal Budget presented by the Minister of Finance on February 11, 2014 (the 2014 Budget). The 2014 Budget includes proposals to address back-to-back loans in the context of the restrictions on the deductibility of interest under the thin capitalization rules as well as…

Canada’s Securities Regulators’ Securitized Products Reform to Focus Narrowly on ABCP

February 7, 2014

  More than six years after the C$35 billion meltdown of Canada’s non-bank-sponsored asset-backed commercial paper (Non-Bank ABCP) market, the Canadian Securities Administrators (CSA) have proposed certain changes to the rules governing the prospectus-exempt distribution of short-term securitized products (New Proposals). The New Proposals are much less extensive than the comprehensive changes originallyproposed by the CSA in 2011 (2011 Proposals), which would have…