Canada - Ontario
November 8, 2024
On October 31, 2024, the Canadian Securities Administrators (CSA) introduced temporary relief from certain derivative data reporting requirements under the Trade Reporting Rules identified below.
The relief is provided by way of a local blanket order in Ontario entitled Coordinated Blanket Order 96-932 Re Temporary exemptions from certain...
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Canada - Ontario
October 21, 2024
On October 15, 2024, the Office of the Superintendent of Financial Institutions (OSFI) published its annual report for the fiscal year from April 1, 2023 to March 31, 2024 (the “Annual Report”), which provides an overview of OSFI’s performance and major achievements during the year.
Throughout the fiscal year, OSFI achieved several key...
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Canada - Ontario
October 9, 2024
The Competition Tribunal released its reasons in Commissioner v. Cineplex on October 3, 2024. It is the first decision under the Competition Act’s “drip pricing” misleading advertising provision, which was added in 2022. This Update discusses important insights from the decision about (i) how the Competition Act’s misleading advertising...
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Canada - Ontario
September 13, 2024
The Canadian Securities Administrators (CSA) recently published CSA Staff Notice 93-302 Frequently Asked Questions About National Instrument 93-101 Derivatives: Business Conduct (FAQs), which clarifies how certain requirements under National Instrument 93-101 Derivatives: Business Conduct Rule (NI 93-101) should be implemented and responds to...
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Canada - Ontario
August 7, 2024
On August 2, 2024, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the “Advisory”) concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.
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Canada - Ontario
August 6, 2024
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), together with the Canada Revenue Agency (CRA), recently issued an operational alert (the “Alert”) intended to support reporting entities in recognizing financial transactions in the real estate sector suspected of being related to laundering the proceeds of tax evasion.
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Canada - Ontario
July 31, 2024
On July 25, 2024, the Canadian Securities Administrators (CSA) introduced temporary exemptions from certain provisions of National Instrument 93-101 concerning Derivatives: Business Conduct (the “Business Conduct Rule”) in order to address feedback from derivatives dealers and advisers related to compliance with the Business Conduct Rule when it...
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Canada - Ontario
July 30, 2024
The Supreme Court of Delaware’s recent decision in Kellner v. AIM ImmunoTech Inc. provides important guidance on the limits of a board’s authority to amend an “advance notice” bylaw in the context of a live proxy contest, holding that even facially valid bylaws may be unenforceable if adopted primarily for entrenchment purposes.
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Canada - Ontario
July 9, 2024
A recent approval under the Investment Canada Act (“ICA”), and a policy statement by the Minister, signals important developments for investors into Canada.
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Canada - Ontario
June 26, 2024
Effective August 19, 2024, businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) must report transactions suspected to be related to sanctions evasion to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC recently issued guidance on when and how to report such...
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Canada - Ontario
June 4, 2024
On May 22, 2024, the Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook – Fiscal Year 2024 - 2025 (the “ARO”), which summarizes the current risk environment and underscores the primary risks facing Canada’s financial sector. The ARO outlines OSFI’s measures to maintain public confidence in Canada’s...
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Canada
May 1, 2024
On April 29, 2024, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the “Advisory”) concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.
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Canada
April 17, 2024
In Budget 2024, the Government of Canada announced its intentions to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Criminal Code, the Income Tax Act, and the Excise Tax Act, and to take additional measures to strengthen the supervision, enforcement, and...
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Canada
April 17, 2024
As crypto-assets become subject to further regulation both domestically and globally, industry players find themselves presented not only with new obligations but also with new opportunities.
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Canada
March 27, 2024
The Fighting Against Forced Labour and Child Labour in Supply Chains Act (the “Act”) came into force on January 1, 2024, implementing enhanced reporting requirements for certain entities to combat forced labour and child labour.
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Canada
February 28, 2024
On February 8, 2024, the Office of the Superintendent of Financial Institutions (OSFI) announced a new framework (the “Framework”) for supervising federally regulated financial institutions (FRFIs).
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Canada
February 26, 2024
The Bank of Canada continues preparations for its supervision of payment service providers (PSPs) under the Retail Payment Activities Act (RPAA).
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Canada
February 25, 2024
On February 22, 2024, the Canadian Securities Administrators (CSA) recently published updated guidance on virtual shareholder meetings following initial guidance provided in February 2022. See our March 1, 2022 update, CSA Provides Updated Guidance on Virtual Shareholder Meetings.
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Canada
February 13, 2024
As the November 1 – 15, 2024 window for registration of payment services providers (“PSPs”) approaches, the Bank of Canada (the “Bank”) has published guidance for PSPs determining: (i) whether the supervisory regime under the Retail Payment Activities Act (the “RPAA”) will apply to them...
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Canada
January 14, 2024
On January 11, 2024, the Canadian Securities Administrators (CSA) published the final form of amendments to securities legislation to implement an access model (the “Access Model”) for delivery of prospectuses.
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Canada
December 17, 2023
A major milestone for the implementation of the Bank of Canada’s retail payments supervisory regime was met on November 22, 2023, with the publication of final regulations (the “Regulations”) under the Retail Payment Activities Act (RPAA).
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Canada
December 6, 2023
Decisions earlier this year from the English courts in ClientEarth v Shell Plc et al., and the recent appeal decision from the Court of Appeal of England and Wales, shed light on climate change issues and how directors can fulfill their duties to the corporations they serve in the face of...
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Canada
December 3, 2023
The Government of Canada has proposed legislation to amend the Competition Act (the “Act”) to, among other things, (i) expand the scope of what constitutes misleading advertising, and (ii) permit private parties to commence civil litigation against alleged misleading advertising...
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Canada
November 29, 2023
The Government of Canada has proposed legislation that will amend the Competition Act (the “Act”) to permit (i) far more private competition law litigation, and (ii) the awarding of significant new financial remedies for breaches of different provisions of the Act.
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Canada
November 28, 2023
The Government of Canada proposes a number of new amendments to the Competition Act (the “Act”) that will make it easier for the Competition Bureau to challenge mergers.
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Canada
November 20, 2023
On November 20, 2023, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the “Advisory”) concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.
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November 19, 2023
As of January 1, 2024, the Canadian Intellectual Property Office (CIPO) will be increasing most of its fees by 25%.
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Canada
November 13, 2023
On November 2, 2023, the Canada Revenue Agency (CRA) answered a series of questions as part of the Association de planification fiscal et financière’s annual conference in Quebec City that may have significant tax implications for centralized cryptocurrency trading platforms (CTPs) and...
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Canada
November 5, 2023
On December 1, 2023, the Trademarks Opposition Board (TMOB) will be implementing changes to two of its practice notices: (1) Practice in trademark opposition proceedings; and (2) Practice in section 45 proceedings.
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Canada
October 17, 2023
Following the launch of ChatGPT, Canada has witnessed a surge in AI-related investments.
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Canada
October 16, 2023
The Government of Canada published regulations that will create new obligations for the mortgage sector, strengthen correspondent banking relationship requirements, and shift the funding of the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) compliance program...
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Canada
October 9, 2023
On September 28, 2023, the securities regulatory authorities of each of the provinces and territories, other than British Columbia, published Multilateral Instrument 93-101 Derivatives: Business Conduct and the Companion Policy 93-101 Derivatives: Business Conduct (together, the “Instrument”)...
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Canada
September 21, 2023
This Update compares the government’s original announcement (see our September 15, 2023 Update) against the draft legislation. We expect the draft legislation to move quickly through Parliament and come into force later this year.
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Canada
September 14, 2023
On September 14, 2023, the Government of Canada announced its “fighting for the middle class” legislative plan. As part of that plan, the government intends to make substantial changes to the Competition Act, most significantly, ending the “efficiencies defence”.
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July 11, 2023
In April 2023, Canada's Office of the Superintendent of Financial Institutions (“OSFI”) identified cyber risk as a major issue to be addressed in its Annual Risk Outlook – Fiscal Year 2023-2024.
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Canada
July 3, 2023
In Budget 2023, the Government of Canada announced its intentions to strengthen measures to protect financial institutions from foreign interference and efficiently address emerging risks to Canada’s financial sector.
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Canada
June 28, 2023
The Federal Court’s recent decision in Sierra Club Canada Foundation v. Canada (Environment and Climate Change) highlights the continuing focus in Canada on climate change litigation.
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Canada
June 8, 2023
On June 8, 2023, Canadian Securities Administrators (CSA) provided an update on the previously announced exemptions from certain securities law filing requirements in connection with the transition from the existing System for Electronic Data Analysis and Retrieval (Old SEDAR)...
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Canada
June 8, 2023
The Government of Canada has launched a public consultation to consider ways to improve Canada’s anti-money laundering and anti-terrorist financing regime (the “AML/ATF Regime”). A Consultation Paper has been issued, which includes instructions for submitting comments.
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Canada
June 4, 2023
On June 1, 2023, Canadian Securities Administrators (CSA) provided an update on the launch of the new System for Electronic Data Analysis and Retrieval + (SEDAR+).
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Canada
May 11, 2023
On May 11, 2023, Canadian Securities Administrators (CSA) announced important exemptions from certain securities law filing requirements in connection with the launch of the new System for Electronic Data Analysis and Retrieval + (SEDAR+).
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Canada
May 10, 2023
On May 8, 2023, the Canadian Radio-television and Telecommunications Commission (CRTC) unveiled its three-phased regulatory plan (the “Regulatory Plan”) to consult with the public to implement the recently passed Online Streaming Act (the “ Act ”) and modernize the Canadian broadcasting system.
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Canada
April 30, 2023
The Office of the Superintendent of Financial Institutions (OSFI) has released its Guideline B-10 – Third-Party Risk Management (“Guideline”) for all federally regulated financial institutions (FRFIs), excluding foreign bank branches and foreign insurance company branches.
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Canada
April 30, 2023
On April 27, 2023, Bill C-11, titled the Online Streaming Act (the “Act”), was passed by the Canadian Senate and received Royal Assent, officially becoming law in Canada.
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Canada
April 26, 2023
The Superior Court of Justice has now released its decision in Mathur v. Ontario, a case we wrote about earlier this year and which is now a further example of an unsuccessful claim against a government in respect of climate change.
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Canada
April 24, 2023
The Pension Protection Act is intended to ensure that unfunded liabilities of defined benefit pension plans and corresponding pension entitlements rank in priority ahead of most creditors, including secured and unsecured lenders.
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Canada
April 2, 2023
In Budget 2023, which was tabled in the House of Commons on March 28, the Government of Canada announced its intentions to bolster measures to deter, detect, and prosecute financial crimes, protect financial institutions from foreign interference, and protect Canadians from the emerging risks...
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Canada
March 28, 2023
The Government of Canada enacted the Prohibition on the Purchase of Residential Property by Non-Canadians Act and the Regulations thereunder which came into effect January 1, 2023.
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Canada
March 21, 2023
On March 20, 2023, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an advisory (the “Advisory”) concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.
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Canada
March 19, 2023
Although it has been three years since the COVID-19 pandemic hit Canada with full force in March 2020, the courts continue to address the fallout.
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Canada
February 23, 2023
Further to its December 12, 2022 announcement, the Canadian Securities Administrators (CSA) published Staff Notice 21-332 – Crypto Asset Trading Platforms: Pre-Registration Undertakings (“SN 21-332”) this week, which provides additional guidance regarding the CSA’s expectations for crypto asset trading platforms (CTPs) trading in securities in...
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Canada
February 22, 2023
Proposed amendments to certain regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) purport to subject non-financial institution mortgage lenders to the PCMLTFA regime (the “Proposed Regulations”).
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Canada
February 20, 2023
More than 19 months after the Retail Payment Activities Act (the “RPAA”) received Royal Assent, draft regulations to the RPAA (the “Regulations”) were released for public comment on February 10, 2023.
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February 6, 2023
Following FTX’s insolvency and its fallout throughout the cryptocurrency markets, calls for greater regulatory scrutiny have intensified.
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Canada
January 22, 2023
In recent years, governments in Canada have been sued in various ways concerning climate change. Invariably, the government will seek to dismiss the claim because it is not "justiciable."
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Canada
January 18, 2023
The Government of Canada has enacted the Prohibition on the Purchase of Residential Property by Non-Canadians Act which came into effect on January 1, 2023.
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Canada
December 14, 2022
On December 15, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published an Operational Alert: Terrorist Activity Financing (the "Alert").
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Canada
December 12, 2022
The CSA and the IIROC have released a joint Staff Notice 23-329 seeking feedback from investors, market participants, and the public on a broad range of issues relating to the regulatory framework surrounding short selling in Canada.
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Canada
December 8, 2022
The Government of Canada has introduced amendments to the Investment Canada Act (ICA) that propose to enhance the government's ability to review, block, or modify foreign investments in Canada based on national security.
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Canada
December 8, 2022
The Government of Canada has published an Order in Council to bring into force recent amendments to Canada's Copyright Act which extends the basic term of copyright protection under the Act from 50 years to 70 years after the end of the year of the author's death.
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Canada
December 6, 2022
The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual that clarify when the TSX will apply its private placement rules to prospectus offerings.
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Canada, Russia, Ukraine
November 28, 2022
The Financial Transactions and Reports Analysis Centre has issued an advisory concerning financial transactions related to countries identified by the Financial Action Task Force as high-risk jurisdictions and jurisdictions under increased monitoring.
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Canada
September 27, 2021
On September 23, 2021, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) provided detailed guidance directed at the marketing practices of Crypto-Trading Platforms (CTPs).
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