May 11, 2017
On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…
May 3, 2017
The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Note that contrary to expectations, the effective date of the Supervision Framework was delayed until fall 2018. Among other things, the Supervision Framework implements FCAC’s…
April 19, 2017
The anticipated legalization of recreational cannabis in Canada by July 2018 is multi-faceted. Several areas of law will come into play, potentially impacting many types of businesses. We delve into some of these areas.
Posted in: Cannabis, Capital Markets, Corporate & Commercial, Employment & Labour, Financial Services, Government & Public Sector, In-House Counsel, International Trade, Marketing & Health Regulatory, Product Liability, Tax
March 23, 2017
On March 22, 2017 the Minister of Finance introduced Canada’s 2017 Federal Budget (2017 Budget). Despite persistent rumours, no change was proposed to the capital gains inclusion rate. The 2017 Budget does include a mix of targeted anti-avoidance rules, legislative responses to recent jurisprudence, and other narrow changes to address perceived problems in the existing provisions of the Income Tax…
February 8, 2017
As part of our series on current trends across different industries, we look at what’s on the horizon for banking in 2017.
January 18, 2017
The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…
January 4, 2017
On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…
November 28, 2016
In two decisions released on November 25, 2016, the Supreme Court of Canada (SCC) affirmed the fundamental importance of litigation privilege and solicitor-client privilege. In Lizotte v. Aviva Insurance Company of Canada (Lizotte), the SCC dealt with issues relating to the breadth of litigation privilege and confirmed that it exists as a stand-alone privilege under Quebec law, while in Alberta…
October 31, 2016
Canada’s public-sector entities include all levels of government, Crown corporations, government agencies, boards and commissions, public utilities, and a wide variety of public institutions, including hospitals and educational institutions. When engaging with the public sector, additional legal requirements and practical matters need to be considered, above and beyond the usual legal and commercial issues encountered in private transactions.
October 26, 2016
On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2, received first reading. Division 5 of Bill C-29 will, if passed, consolidate the consumer provisions under the Bank Act. This is a result of successive governments’ promises to enact a comprehensive federal “consumer code” for banks, federal credit unions and foreign bank branches. It also reflects a response…