Mondaq Canada: Finance and Banking
On June 6, 2013, the Canadian Securities Administrators Derivatives Committee published Multilateral CSA Staff Notice 91-302 Updated Model Rules – Derivatives Product Determination and Trade Repositories and Derivatives Data Reporting.
On March 27, 2013 the Canadian Securities Administrators (CSA) published for a 90-day comment period proposed changes to the regulatory regime governing investment funds pursuant to Phase 2 of its Modernization of Investment Fund Product Regulation Project (the Modernization Project). - See more at: http://www.mcmillan.ca/phase-2-of-the-modernization-of-investment-fund-product-regulation-project--closed-end-funds-II#sthash.akIgEp1M.dpuf
New law and regulation require OTC derivatives listed in the appendix to this briefing to be traded on a regulated exchange and settled by a central clearinghouse unless certain exceptions apply or relief is granted by the CFTC.
In 2011, the CSA issued a staff notice in respect of blanket relief to exempt certain financial institutions from having to register in respect of trading in short-term debt.
The Ontario Securities Commission has published proposed rules that would require that all over-the-counter derivative transactions be reported to trade repositories.
Quebec's Minister of Finance and the Economy Nicolas Marceau tabled a report in the National Assembly on April 30, 2013 entitled Report on the Application of the Act respecting insurance and the Act respecting trust companies and savings companies.
The Canadian Securities Administrators have adopted amendments to the rules governing permissible marketing activities in the context of a public offering.
The Investment Funds Branch of the Ontario Securities Commission recently issued its latest Investment Funds Practitioner, which provides an overview of recent issues arising from applications for discretionary relief.
Canadian managers of funds that are currently marketed into the European Union should be aware of the broad ambit of the Alternative Investment Fund Managers Directive and of the restrictions the AIFM Directive may impose as of July 22, 2013 on their activities in the EU.
Earlier this month, Saskatchewan Bill 65, The Securities Amendment Act, 2012, which will establish a framework for OTC derivatives regulation in that province, received Royal Assent.
The current Guide for Incorporating Banks and Federally Regulated Trust and Loan Companies and the current Guide for Incorporating Insurance Companies were last updated in August 2004.
In a recent case against an investment advisor and the firm who sponsored his registration to sell mutual funds and other financial products, the Ontario Court of Appeal upheld findings of direct and vicarious liability on a broker/dealer.
On April 2, 2013, Justice Mesbur of the Ontario Superior Court of Justice granted an application brought by Business Development Bank of Canada.
In Kasten Energy Inc. v. Shamrock Oil & Gas Ltd., 2013 ABQB 63, the Alberta Court of Queen’s Bench considered the application of Kasten Energy Inc. to appoint a receiver over all of the assets and undertakings of Shamrock Oil & Gas Ltd..
Short term investors are extremely risk-adverse, and as we have seen, a large enough flight can turn into a stampede which can cause significant collateral damage.
On May 13, 2013, the Ontario Court of Appeal released its highly-anticipated decision in Royal Bank of Canada v. Samson Management & Solutions, a case concerning the enforceability of a "plain-vanilla standard form bank guarantee" in the context of a business loan.
The Canadian Securities Administrators Derivatives Committee published Consultation Paper 91-407 – "Derivatives: Registration", which outlines a proposed registration and compliance regime that will apply to derivatives dealers, derivatives advisers and certain major participants in Canadian derivatives markets.
This is the third in a series of McMillan bulletins relating to the Canadian Securities Administrators project to modernize the regulation of publicly offered investment funds.
On April 30, 2013, the Minister of Finance and the Economy, Nicolas Marceau, tabled the Report on the application of the Act respecting insurance and the Act respecting trust companies and savings companies in the National Assembly.
The Canadian Securities Administrators Derivatives Committee recently published the "CSA Consultation Paper 91-407 Derivatives: Registration" requesting comment.
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The Office of the Superintendent of Financial Institutions issued the ‘final’ version of its Capital Adequacy Requirements Guideline in response to the reforms adopted by the Basel Committee on Banking Supervision in December 2012.
On May 13, 2013, the Ontario Court of Appeal released its highly-anticipated decision in Royal Bank of Canada v. Samson Management & Solutions, a case concerning the enforceability of a "plain-vanilla standard form bank guarantee" in the context of a business loan.
On May 3, 2013, the federal Minister of Finance announced that the Government of Canada is soliciting expressions of interest in funding to be offered under two new initiatives aimed at strengthening Canada's venture capital industry.
The Supreme Court of Canada released its long-awaited decision in "Sun Indalex Finance, LLC v. United Steel Workers".
The Ontario Securities Commission recently closed the comment period on its Staff Consultation Paper 45-710: Considerations for New Capital Raising Prospectus Exemptions, which sought input from stakeholders on proposed amendments to the current legislation regarding prospectus exemptions.
Guideline B-20: Residential Mortgage Underwriting Practices and Procedures (the Guideline) sets out the expectations of the Office of the Superintendent of Financial Institutions Canada (OSFI) for prudent residential mortgage underwriting, and is applicable to all federally-regulated financial institutions (FRFIs) that are engaged in residential mortgage underwriting and/or the acquisition of residential mortgage loan assets in Canada.
Short term investors are extremely risk-adverse, and as we have seen, a large enough flight can turn into a stampede which can cause significant collateral damage.
On January 6, 2013, the Group of Governors and Heads of Supervision, which oversees the Basel Committee on Banking Supervision, announced it would be amending the Basel III liquidity coverage ratio.
In a recent case against an investment advisor and the firm who sponsored his registration to sell mutual funds and other financial products, the Ontario Court of Appeal upheld findings of direct and vicarious liability on a broker/dealer.
This is the second in a series of McMillan bulletins relating to the Canadian Securities Administrators project to modernize the regulation of publicly offered investment funds.
