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Financial Services Law Analysis and Updates for the Canadian and Cross-Border Financial Community

Monthly Archives: October 2010

The Fix Is In – Repeal of Former Ontario PPSA Section 46(3) – Collateral Classifications – Has Been “Fixed”

Posted in Legislation, Ontario, PPSA

Secured parties reviewing Ontario Personal Property Security Act (PPSA) searches can now rely upon an appropriate collateral description to limit the scope of a collateral classification to perfect only the collateral described. As described in an earlier entry on our blog, on August 1, 2007 section 46(3) of the PPSA was inadvertently repealed as part… Continue Reading

Security in Cross-Border Financings

Posted in Conflict of Laws, Cross-Border, PPSA

As the cross-border financing market begins to heat up after its long slumber, many U.S. and other foreign lenders are again making their way into the Canadian market place. In addition, as activity in the U.S. debt market returns, many Canadian companies are guaranteeing and providing security for their U.S. affiliates’ debt. While many seasoned… Continue Reading

No Safe Harbours in Canada

Posted in Securitization

The United States Federal Deposit Insurance Corporation (FDIC) has recently adopted new safe harbour rules for securitizations completed by insured depository institutions which are subject to insolvency proceedings. In broad terms, if these rules are complied with the FDIC will not exercise its repudiation or avoidance powers with respect to the securitization. The FDIC is… Continue Reading

Canadian Department of Finance Announces Scheduled Review of Financial Institutions Legislation

Posted in Regulation

The Honourable Jim Flaherty, Canadian Minister of Finance has announced a scheduled review of legislation governing financial institutions that are regulated by the federal government.   According to the announcement, this review is scheduled to occur every five years.  In soliciting comments, the Minister noted that "some fine-tuning to the system may be required, but wholesale change is not necessary."