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

Category Archives: Legislation

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Prepaid Payment Products Regulations Coming into Force

Posted in Bank Act, Legislation, Regulation

Tomorrow (May 1, 2014), the Prepaid Payment Products Regulations (the “Regulations”) will come into force. The Regulations cover prepaid cards and other prepaid payment products (“Products”) issued by federally regulated financial institutions, including banks. These Products are preloaded with funds that can be used by the product holder (the “Holder”) to purchase goods or withdrawal… Continue Reading

The Speech from the Throne and the Comprehensive Economic and Trade Agreement

Posted in Bank Act, Legislation, Regulation

Last week the Government of Canada (“GC”) made two major announcements. The first was the Speech from the Throne (the “Speech”) which took place on October 16, 2013. The Speech, which outlined the GC legislative plan for the new session of parliament, contained actions that the GC will take to protect Canadian consumers. Two of… Continue Reading

Bill C-60 Includes Amendments to Residency Requirements for Financial Institution Board Committees

Posted in Bank Act, Legislation

On April 8th 2013, we described proposals for the regulation of Canadian financial institutions set out in the 2013 federal budget. The first bill to implement the budget has been introduced in Parliament. Bill C-60, titled the Economic Action Plan 2013 Act, No. 1, includes amendments which would allow Canadian financial institutions greater flexibility to… Continue Reading

Canadian Government Proposes Comprehensive Amendments to Anti-Money Laundering Legislation

Posted in Legislation

On December 21, 2011, the Canadian federal government released a consultation paper (the Consultation Paper) containing certain proposals to strengthen Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislative framework, which is administered through the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLA) and related regulations (collectively, AML Legislation). The full text of… Continue Reading

Licences as Personal Property Under Amendments to the British Columbia PPSA

Posted in Legislation, PPSA

The British Columbia (“BC”) legislature has introduced amendments to expressly identify transferable licences as personal property under the BC Personal Property Security Act (the “BC PPSA”). These amendments (the “Amendments”) received Royal Assent on November 24, 2011 and are expected to come into force by regulation in 2012. As a result of the Amendments, the… Continue Reading

Canadian Federal Government Reintroduces March 22, 2011 Budget Measures

Posted in Federal Budgets, Legislation

“Today I am presenting the essential commitments our Government made on March 22.” The Honourable Jim Flaherty Minister of Finance On June 6, 2011, the Honourable Jim Flaherty, Minister of Finance, tabled the first federal budget of the Conservative majority government. The Budget includes all of the measures that were introduced in the March 22,… Continue Reading

Lenders: Be Mindful When Taking a Pledge of Shares in a ULC

Posted in Legislation, Security Interests

In Canada, the Nova Scotia Companies Act, the Alberta Business Corporations Act, and the British Columbia Business Corporations Act provide for the formation of unlimited liability corporations (“ULCs”). Although a corporation for Canadian income tax purposes, a ULC may elect to be treated instead as a flow-through entity for U.S. income tax purposes. For this… Continue Reading

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

MEGA Brands Inc.: The Canada Business Corporations Act Provides an Innovative Approach to Balance Sheet Restructuring and a Landmark Result

Posted in Legislation

On March 22, 2010, the Superior Court of Quebec approved a plan of arrangement under the Canada Business Corporations Act (the “CBCA”) that allowed MEGA Brands Inc. to achieve a worldwide restructuring of its business under a corporate statute, rather than a more typical insolvency and restructuring statute like the Companies’ Creditors Arrangement Act (Canada)… Continue Reading

G-20 Fails on Bank Tax, Calls for Joint ‘Principles’

Posted in Legislation, Regulation

As reported in Bloomberg Businessweek, on June 5, 2010, the G-20 finance ministers failed to agree on a proposal to impose a global tax on banks, settling instead for a common set of guidelines. G-20 finance ministers and central bank governors said in a statement in Busan, South Korea, that governments will take account of… Continue Reading

Ontario Government to “Fix” Repeal of Former PPSA Section 46(3) – Collateral Classifications

Posted in Legislation, PPSA

The Ontario government has taken steps to “fix” its inadvertent repeal of former section 46(3) of the Personal Property Security Act (Ontario)(“PPSA”). The repeal occurred on August 1, 2007 as part of former Bill 152 which contained a number of amendments to the PPSA. The repealed section 46(3) provided that a collateral description could limit the scope… Continue Reading

Nova Scotia Legislature Introduces Bill 33 – Securities Transfer Act

Posted in Legislation, Securities Transfer Act

The Nova Scotia legislature has introduced Bill 33, the Securities Transfer Act (STA). The bill received third reading on May 4th, 2010. STA legislation in Canada is based on the Uniform Securities Transfer Act ("USTA") – a model act that was developed and endorsed by the USTA Task Force of the Canadian Securities Administrators. The… Continue Reading

Securities Transfer Act Update – Legislation in Canada Almost Uniform

Posted in Legislation, Securities Transfer Act

Bill 26, the Securities Transfer Act, was recently introduced in the Nunavut Legislative Assembly. As of today, “STA” legislation is in force in every province and territory of Canada, other than Yukon territory, Nova Scotia, Prince Edward Island and Nunavut (where Bill 26 is pending). STA legislation in Canada is based on the Uniform Securities Transfer Act… Continue Reading