Royalty Holders are Invested in the Land: Court in Dianor Resources concludes royalties are an interest in land not to be vested out July 17, 2019 Daphne J. MacKenzie Kelly Niebergall In a pair of decisions[1], the Ontario Court of Appeal considered (i) whether a gross overriding royalty (GOR) is an interest in land and (ii) whether an interest in land can be extinguished by a vesting order (and, if so, when). Deliberately recognizing... Read more
Bank Secrecy Laws (Canada) May 16, 2019 Shawn Smith Wesley R. Ng Shawn Smith and Wesley Ng, who practice in our Technology and Privacy & Data Protection Groups, along with Practical Law Data Privacy Advisors, recently authored the Canadian chapter of Practical Law Company’s Bank Secrecy Laws. This publication... Read more
SEMINAR: Smart Contracts - Impact for Commercial Financing Transactions February 19, 2019 Sterling H. Dietze Sterling Dietze, a partner in the Banking & Finance Group, discusses smart contracts and their impact on commercial financing transactions. (1 hour, 17 minutes) > See all Stikeman Elliott multimedia content ... Read more
TLAC and Bail-in Capital: A “Worthwhile Canadian Initiative” December 4, 2018 Peter E. Hamilton Draft regulations implementing Canada’s “bail-in” solvency support regime for banks came into effect on September 23, 2018. The bail-in regime essentially requires that banks maintain “embedded contingent capital” in the... Read more
OSFI Releases Final Updated Corporate Governance Guideline September 26, 2018 Stuart S. Carruthers On September 18, 2018, Canada’s federal financial institutions regulator, the Office of the Superintendent of Financial Institutions (“OSFI”), released the final version of its revised and updated Corporate Governance Guideline (the... Read more
The Sun Shines for Lenders - Solar Power in the Court of Appeal September 6, 2018 Margaret Grottenthaler Peter E. Hamilton The Ontario Court of Appeal has rendered its decision in Solar Power Network Inc. v. ClearFlow Energy Finance Corp., 2018 ONCA 727, validating the use of a formula to comply with the requirement in section 4 of the Interest Act for an equivalent annual... Read more
New Powers for the AMF to Restructure Certain Financially Distressed Québec FI’s August 20, 2018 Catherine Jenner In 2017, Québec’s Autorité des marchés financiers (“AMF”) filed a Report on the history and evolution of the deposit insurance plan for Québec deposit-taking financial institutions (“FI’s”)... Read more
Royalties are an Interest in Land (But can they be vested out? Stay tuned.) April 3, 2018 Daphne J. MacKenzie Kelly Niebergall In a recent decision, the Ontario Court of Appeal determined that gross overriding royalties on certain Ontario mining claims constituted interests in land, finding that a right to enter and explore land is not a necessary incident of an interest in land.... Read more
Close-out Rights in a Resolution Scenario: New CDIC Guidance March 5, 2018 Margaret Grottenthaler On March 1, 2018, Canada Deposit Insurance Corporation (CDIC) released its updated Guidance on the Exercise of Eligible Financial Contracts Close-out Rights in a Resolution Scenario. This new Guidance reflects 2017 amendments to provisions of the Canada... Read more
Is Interest in Solar Power Over-Heated? March 2, 2018 Margaret Grottenthaler Peter E. Hamilton An Ontario court’s reliance on section 4 of the Interest Act (Canada) to dramatically reduce the interest rate on a series of loans from the over 25% contracted for to just 5% has raised alarm bells for lenders and their counsel. One of the reasons... Read more