Financial Services Update

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 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

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

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

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

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

On November 7, 2017, Canada’s federal financial institutions regulator, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a draft of its long-awaited revised and updated Corporate Governance Guideline (the Revised... Read more

In a landmark unanimous judgment released on November 25, 2016, in the case of Lizotte v. Aviva Insurance Company of Canada, 2016 SCC 52 ("Aviva"), the Supreme Court of Canada clarified various aspects of the litigation privilege, a common law rule which... Read more

The Honourable Justice Paul Perell of the Ontario Superior Court of Justice has released two recent decisions in proposed secondary market securities class actions considering the Supreme Court of Canada's decision in Canadian Imperial Bank of Commerce... Read more