Category: Financial Services

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Supreme Court of Canada Overturns Alberta Court of Appeal in Redwater Decision

January 31, 2019

On January 31, 2019, the Supreme Court of Canada (SCC) released its decision in Orphan Well Association, et. al. v. Grant Thornton Limited, et. al. – a case commonly known as Redwater. The majority overturned the Alberta Court of Appeal’s decision and found that certain sections of the Oil and Gas Conservation Act (OCGA) and Pipeline Act (PA) do not conflict with the scheme of…

LMA and LSTA Announce Extended Green Loan Principles

January 11, 2019

Major international syndicated lending organizations — the Loan Syndications and Trading Association (LSTA), Loan Market Association (LMA) and Asia Pacific Loan Market Association (APLMA) — recently published an extended set of green loan principles (GLPs). The GLPs are a set of voluntary guidelines intended to promote consistency in the emerging green loan market. The LMA and APLMA originally published the…

2018 Developments in Canadian Insolvency Case Law: What Lenders Need to Know

January 7, 2019

In 2018, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status. 

Canada Imposes Sanctions Against Saudi Arabian Nationals

December 4, 2018

On November 29, 2018, Canada’s Minister of Foreign Affairs announced sanctions against 17 Saudi Arabian nationals. The individuals have been designated in the regulations made under the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML). SML authorizes the government to designate foreign nationals or foreign public officials (or their associates) who, in the government’s view, are…

Ain’t That Sweet! Court Excludes Equity Sweeteners from Criminal Interest Rate Calculation

November 1, 2018

The Supreme Court of British Columbia (Court) has clarified the potential application of Canada’s prohibition against charging criminal interest to arm’s-length commercial lending transactions that include mechanisms to capitalize on the borrower’s future growth through equity “sweeteners” or “kickers.” In its October 26, 2018 decision in Cirius Messaging Inc. v. Epstein Enterprises Inc., the Court held that the criminal interest…

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 achieve a balance sheet restructuring in a timely and…

Retail Insolvencies in Canada Series, #4: Lender Perspectives

October 4, 2018

This is the final instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses retail insolvencies from the perspective of lenders to distressed Canadian retailers and trails the successful emergence of Toys “R” Us Canada from Companies’ Creditors Arrangement Act protection, following the acquisition of its shares by Fairfax Financial Holdings…

Drilling Down: Alberta Court Finds Production Volume Royalty Can Be an Interest in Land

July 4, 2018

On June 22, 2018, in Re Manitok Energy Inc., Justice K. Horner of the Alberta Court of Queen’s Bench (Court) confirmed that the creation, grant and sale of a production volume royalty can constitute an interest in land where the parties have an express intention to create such an interest. This decision adopts the reasoning of the Ontario Court of…

Canadian Regulators Issue Revised Derivatives Dealer and Adviser Business Conduct Rule Proposal

June 28, 2018

On June 14, 2018, the Canadian Securities Administrators (CSA) published for comment a revised version of Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). The Business Conduct Rule would impose a range of requirements on Canadian and foreign persons engaged in the business of trading over-the-counter derivatives (derivatives) (Derivatives Dealers) or advising in connection with transacting in…

The Good, the Bad and the Ugly: Revised Regulations for Canadian AML

June 28, 2018

The wait is over. On June 9, 2018, the Department of Finance released long-awaited amendments to the regulations to the Proceeds of Crime and Terrorist Financing Act. Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. Hear more about the revised regulations and how they will impact your business. Speakers: Jacqueline Shinfield, Partner Mandatory…

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