Dentons

CMA issues the final rules governing foreign investment in listed shares

The Capital Market Authority of Saudi Arabia (CMA) has published on its website this week the final rules governing investment by qualified foreign investors (QFIs) in listed shares (the Final Rules). The Final Rules are issued…more

CMA, Final Rules, Foreign Investment, QFI, Saudi Arabia

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BC Environmental Assessment Office Fees

The Province of British Columbia approved an Order in Council dated April 11, 2014 to establish environmental assessment fees in British Columbia for the review of environmental assessment applications, orders and enforcement…more

Canada, Environmental Assessments, Environmental Policies, Fees

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Saudi Arabia Update May 2015

New Saudization Rules Proposed - Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of…more

Hiring & Firing, Private Sector, Recruitment Policies, Saudi Arabia

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Focus on Securities|Corporate Finance - March 2013: Ontario Court Decision Highlights Importance Of Termination Rights In Bought Deal Letters

A recent decision of the Ontario Superior Court in Stetson Oil & Gas Ltd. v. Stifel Nicolaus Canada Inc. highlights the importance of including termination rights in bought deal letters and other engagement letters used in…more

Bought Deal Letters, Termination Clauses, Underwriting Agreements

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Adoption Of Bill 70 Amending The Mining Act: Overview Of Amendments

After several failed attempts at reforming the Mining Act, on December 10, 2013 the National Assembly finally adopted Bill 70, An Act to amend the Mining Act (“Bill 70”). Bill 70 draws upon a number of the measures that…more

Canada, Environmental Assessments, Environmental Policies, Mineral Rights, Minerals

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Europe Under Review: Part 5 Of 8 – Data Security

In the fifth instalment of our “Europe under Review” series, we will look at current data privacy laws and best practice in the UK in relation to data security, and, briefly, the impact of the new Data Protection Regulation…more

Audits, Cybersecurity, Data Breach, Data Processors, Data Protection

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Relaunching the Northern Plan

The Northern Plan will focus on the integrated and coherent development of the area covered by the Northern Plan which includes all of Québec located north of the 49th degree of north latitude and north of the St. Lawrence River…more

Canada, Mineral Exploration, Mining

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The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency Act…more

Commercial Bankruptcy, Creditors, Insolvency, Liquidation, Small Business

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Canadian Coalition For Good Governance Releases 2013 Executive Compensation Principles

The Canadian Coalition for Good Governance (“CCGG”) recently released its 2013 Executive Compensation Principles (the “2013 Principles”), replacing the previous version originally published in 2009. The original principles were…more

CCGG, Corporate Governance, Equity Plans, Executive Compensation, Pay-for-Performance

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The Small Business, Enterprise and Employment Act - Corporate restructuring and insolvency changes come into effect

Four important changes to the Insolvency Act 1986 (IA86) will come into force this week (26 May 2015). They do so without transitional provisions and so will apply automatically to existing corporate insolvency proceedings…more

Commercial Bankruptcy, Creditors, Insolvency, Small Business, Small Business Enterprise and Employment Act

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Three African regional economic blocs take major step towards forging a trans-Africa free trade zone

On June 10, 2015, the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) agreed to expedite their efforts to unite into a single,…more

Africa, COMESA, Foreign Investment, Free Trade Zone, GDP

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SEC proposed rule would require new "pay versus performance" table in proxy statements

As public companies navigate the 2015 proxy season, a potential change to executive compensation disclosure is on the horizon. The US Securities and Exchange Commission (SEC) has proposed new rules to implement the…more

CD&A, Corporate Officers, Dodd-Frank, Executive Compensation, Pay-for-Performance

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PIPEDA Amendments In-Force

Amendments to Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) are frequently proposed but just as frequently die on the order paper. Bill S-4, which proposed the most significant amendments to…more

Airlines, Compliance, Data Breach, Data Protection, Electronic Records

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Court of Appeal Clarifies Directors’ Fiduciary Duties and the Business Judgment Rule for Executive Compensation Matters

The Court of Appeal for Ontario recently affirmed the nature of directors’ and officers’ fiduciary duties and clarified the application of the business judgment rule in the context of a dispute regarding executive compensation…more

Business Judgment Rule, Canada, Corporate Governance, Directors, Executive Compensation

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Your Partners Are Not Your Employees: Supreme Court Of Canada Clarifies The Application Of The Control/Dependency Test

In 2009, John McCormick, an equity partner in the law firm Fasken Martineau DuMoulin LLP (the “Firm”) filed a complaint with the British Columbia Human Rights Tribunal, alleging the Firm’s requirement that equity partners retire…more

Age Discrimination, Discrimination, Employee Rights, Employer Liability Issues, Law Firm Partners

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New York Governor Andrew Cuomo names Anthony Albanese Acting Superintendent of Financial Services

Bloomberg reported last week that Anthony Albanese, Chief of Staff to Departing Superintendent Ben Lawsky, has been named to head the New York Department of Financial Services on an acting basis. He will lead the Department for…more

Administrative Appointments, Bloomberg Inc., Financial Institutions, Health Insurance, Healthcare

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New York Governor Andrew Cuomo names Anthony Albanese Acting Superintendent of Financial Services

Bloomberg reported last week that Anthony Albanese, Chief of Staff to Departing Superintendent Ben Lawsky, has been named to head the New York Department of Financial Services on an acting basis. He will lead the Department for…more

Administrative Appointments, Bloomberg Inc., Financial Institutions, Health Insurance, Healthcare

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Dubai launches new design and e-commerce hubs

A cornerstone of Dubai's success in attracting businesses and encouraging growth across a diverse range of sectors has been the continued establishment of free zones. These special economic zones offer business-friendly…more

Business Development, Dubai, E-Commerce, Fashion Industry, Tax Exemptions

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Focus On Cleantech | Climate Change - February 2013: Greenhouse Gas Emissions Reduction In Ontario: A Discussion Paper From The Provincial Government

On January 21, 2013, the Ontario Ministry of the Environment posted a discussion paper regarding greenhouse gas (GHG) emissions reduction in Ontario, eliciting public input in the development of the Ministry’s GHG reduction…more

Cap-and-Trade, Clean Tech, Climate Change, Greenhouse Gas Emissions, Reduction Programs

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UPDATE: Zungui Class Action Settlements Against Remaining Defendants Approved By Court

On August 27, 2013, Justice Perell released his decision (2013 ONSC 5490) approving three settlements valued at $10.85 million, bringing the class action against Zungui Haixi Corp. (“Zungui”) and others to a close. Under the…more

Canada, Class Action, Investors, Settlement, Shareholder Litigation

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Tips For Meeting The Evolving Standard For Indefiniteness

The U.S. Supreme Court reigned in the Federal Circuit’s indefiniteness standard for patent claims almost a year ago in Nautilus Inc. v. Biosig Instruments Inc. Recently, on April 27, 2015, the Federal Circuit revisited the issue…more

Algorithms, Amazon, AOL, Claim Construction, DDR Holdings v Hotels.com

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Dubai launches new design and e-commerce hubs

A cornerstone of Dubai's success in attracting businesses and encouraging growth across a diverse range of sectors has been the continued establishment of free zones. These special economic zones offer business-friendly…more

Business Development, Dubai, E-Commerce, Fashion Industry, Tax Exemptions

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York…more

Annuities, Broker-Dealer, Cybersecurity, Elizabeth Warren, Financial Institutions

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The Small Business, Enterprise and Employment Act - Corporate restructuring and insolvency changes come into effect

Four important changes to the Insolvency Act 1986 (IA86) will come into force this week (26 May 2015). They do so without transitional provisions and so will apply automatically to existing corporate insolvency proceedings…more

Commercial Bankruptcy, Creditors, Insolvency, Small Business, Small Business Enterprise and Employment Act

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Medicaid managed care proposed rule expands program integrity obligations

On June 1, 2015, the US Centers for Medicare & Medicaid Services (“CMS”) published its proposed rule on Medicaid managed care (CMS-2390-P). As noted in our two earlier advisories, which provided an overview of the proposed rule…more

Affordable Care Act, CHIP, CMS, Health Care Providers, Health Insurance

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Adoption Of Bill 70 Amending The Mining Act: Overview Of Amendments

After several failed attempts at reforming the Mining Act, on December 10, 2013 the National Assembly finally adopted Bill 70, An Act to amend the Mining Act (“Bill 70”). Bill 70 draws upon a number of the measures that…more

Canada, Environmental Assessments, Environmental Policies, Mineral Rights, Minerals

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What happens if Greece defaults to the IMF?

The prospect of Greece's potential default to the International Monetary Fund and European Union lenders and de facto exit from the EU single currency looms larger day by day. The next week—until the June 30 repayment due date…more

Default, EU, European Central Bank, Financial Institutions, Financial Markets

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Netflix’s Apparent Crackdown on Geoblock Circumventers

Recent reports indicate that Netflix may be cracking down on the use of virtual private networks (VPN) and similar mechanisms to log into Netflix. While VPNs provide enhanced network security, they are commonly used by Netflix…more

Canada, Geoblocking, Netflix, Virtual Private Networks

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TCC: Unpaid Dividend Refund Is Not a Refund

A pair of recent Tax Court of Canada judgments highlight the unsustainable position taken by the CRA that a statute-barred dividend refund that cannot be recovered by the taxpayer nonetheless reduces taxpayer’s “refundable…more

Canada, Dividends, Tax Court

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Canadian Securities Administrators Publish Model Provincial Rules – Derivatives: Product Determination And Trade Repositories And Derivatives Data Reporting

I. INTRODUCTION - On December 6, 2012, the Canadian Securities Administrators OTC Derivatives Committee (the “Committee”) published model provincial rules for a sixty (60) day comment period. The model rules include: -…more

Canadian Securities Administration, Data Repositories, Derivatives, OTC

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Canadian Securities Administrators Publish Model Provincial Rules – Derivatives: Product Determination And Trade Repositories And Derivatives Data Reporting

I. INTRODUCTION - On December 6, 2012, the Canadian Securities Administrators OTC Derivatives Committee (the “Committee”) published model provincial rules for a sixty (60) day comment period. The model rules include: -…more

Canadian Securities Administration, Data Repositories, Derivatives, OTC

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Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by purchaser…more

Barclays, BNY Mellon, Bonds, BSA/AML, Cayman Islands

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Daishowa-Marubeni: A Tree Fell In The Forest And The SCC Caught It!

In Daishowa-Marubeni International Ltd. v. The Queen, 2013 SCC 29, Justice Rothstein marries tax philosophy and tax practice by asking and answering the question: If a tree falls in the forest and you are not around to…more

Canada, Income Tax Act, Liability, Tax Liability, Tax Structuring

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Start-up Crowdfunding Exemption Adopted In Certain Canadian Jurisdictions

The Canadian Securities Administrators (“CSA”) and securities regulators of British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia (the “participating jurisdictions”), announced on May 14, 2015, the…more

Canada, Canadian Securities Administration, Crowdfunding, Financial Statements, Investors

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Federal Budget, Economic Action Plan 2013

On March 21, 2013, the Minister of Finance tabled the 2013 federal budget, Economic Action Plan 2013. There are announced changes which will be of particular interest to the mining sector…more

Canada, Capital Expenditures, Economic Action Plan, Federal Budget, Mineral Exploration

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Update regarding BE-10 report of US Direct Investment Abroad - Submission deadline extended to June 30, 2015, for "new" filers

On November 20, 2014, the Commerce Department's Bureau of Economic Analysis (BEA) issued its final rule regarding the requirement for US companies with investments via affiliates abroad to participate in the quinquennial…more

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Case Bulletin: R v Karigar, 2014 ONSC 3093

For the first time in Canada, an individual has been sentenced to jail time for bribing a foreign public official. The three-year penitentiary sentence was handed down by the Ontario Court of Justice under the Corruption of…more

Anti-Corruption, Bribery, Canada, CFPOA, Corruption

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Leroux: CRA Owes Duty Of Care To Taxpayer

Can a Canadian taxpayer successfully sue the Canada Revenue Agency? - In recent years, taxpayers have brought a number of civil actions against the Canada Revenue Agency (the “CRA”). The allegations in such cases ranged…more

Canada, CRA, Extortion, Fraud, Negligence

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Adoption Of Bill 70, An Act To Amend The Mining Act: Amendments Relating To Native Communities And Reactions Of Those Communities

On last December 10th, the National Assembly of Québec adopted Bill 70, An Act to amend the Mining Act (“Bill 70”). The adoption of Bill 70 came in the wake of three aborted attempts to modify Quebec’s mining regime in recent…more

Canada, Mining, Native American Issues

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Ontario’s Changing Workplaces Review

In May, Ontario’s Ministry of Labour commenced what is being called the “Changing Workplaces Review”. The review is intended to take a close look at the Employment Standards Act, 2000 (“ESA”) and the Labour Relations Act, 1995…more

Canada, Consultation Periods, Employment Standards Act, Ministry of Labour, Public Labor Relations Act

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Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by purchaser…more

Barclays, BNY Mellon, Bonds, BSA/AML, Cayman Islands

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Questions remain following US Supreme Court's “headscarf” ruling

The Supreme Court’s recent “headscarf” decision (EEOC v. Abercrombie & Fitch, 2015 WL 2464053, 575 U.S. __ (June 1, 2015)) has received extensive attention in the media and across the Internet. The basic holding of the case is…more

Abercrombie & Fitch, Disparate Impact, Disparate Treatment, EEOC, EEOC v Abercrombie

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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SCC Says Suspension with Pay can Amount to Constructive Dismissal

A non-unionized employee on an indefinite suspension with pay successfully claimed that he was constructively dismissed by his employer and was entitled to damages for wrongful dismissal. The case involved David Potter, an…more

Canada, Constructive Discharge, Employer Liability Issues, Hiring & Firing, Supreme Court of Canada

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Beware The Unpaid Intern – He/She May Be Eligible For Pay

The issue of unpaid internships is becoming a growing concern for both employers and Ministry of Labour Inspectors. Recently, the publisher of magazines Toronto Life and The Walrus announced that they were pulling the plug on…more

Canada, Employee Rights, Internships, Unpaid Interns

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Focus on Real Estate - November 2012

In This Issue: - 1 Case Comment: Southcott Estates Inc. v. Toronto Catholic District School Board - 2 Why Landlords Should Think Twice Before Terminating - 3 That’s Unreasonable! Where’s My Consent? - 4 Emphytheusis…more

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Joint working group launches pilot project for the privatization of State-owned agricultural enterprises (Ukrainian)

According to the information published on the official web-site of the Ministry of Agrarian Policy of Ukraine, the Ministry of Agrarian Policy and Food of Ukraine, the State Property Fund of Ukraine and the Fund for Innovations…more

Agricultural Land, Cattle, Farms, Livestock Protocol, Ukraine

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Employers Be Aware: OSC Proposes Incentive-Based Whistleblower Program

The Ontario Securities Commission (the OSC) recently published “OSC Staff Consultation Paper 15-401” which sets out a proposed framework for an incentive-based whistleblower program. This program aims at incentivising…more

Canada, Proposed Legislation, Whistleblower Protection Policies, Whistleblowers

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More news on the ORPP

On December 18th, 2014, the Ontario government released its consultation paper on the new Ontario Retirement Pension Plan (ORPP). What’s important to note is that the government’s “preferred approach” is to impose the…more

Canada, Defined Contribution Plans, ORPP, Pensions

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Accessing Asian Capital By Canadian Companies – The Case For Listing In Hong Kong

Why Hong Kong - Michael Chan, Assistant Vice President of the Global Markets Division of the Hong Kong Stock Exchange (“HKEx”), was recently in Canada, visiting Calgary, Toronto and Vancouver and delivering a presentation…more

Canada, Foreign Investment, Hong Kong, IPO, Listing Standards

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High Court confirms use of contracts to limit pensionable pay

BBC Philharmonic Orchestra clarinettist John Bradbury was an employee of the BBC and a member of the final salary New Benefits Section of the BBC Pension Scheme (the Scheme). In 2010, faced with a £2 billion funding shortfall,…more

BBC, Defined Contribution Plans, Pension Funds, Pension Schemes, Pensions

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High Court confirms use of contracts to limit pensionable pay

BBC Philharmonic Orchestra clarinettist John Bradbury was an employee of the BBC and a member of the final salary New Benefits Section of the BBC Pension Scheme (the Scheme). In 2010, faced with a £2 billion funding shortfall,…more

BBC, Defined Contribution Plans, Pension Funds, Pension Schemes, Pensions

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David: Charitable Tax Credit Allowed For Amounts Paid For Inflated Donation Receipts

Where a taxpayer receives an inflated donation receipt, may the taxpayer claim a charitable donation credit for the cash amount of the gift?…more

Charitable Donations, Charitable Organizations, Income Taxes, Tax Credits

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Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by purchaser…more

Barclays, BNY Mellon, Bonds, BSA/AML, Cayman Islands

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FundersClub: What Does The SEC’s No-Action Relief Really Mean?

On March 26, 2013, the United States Securities and Exchange Commission (SEC) issued a no-action letter to FundersClub Inc. and FundersClub Management LLC. There has been speculation in the crowdfunding, VC and angel investor…more

Fundersclub.com, Investment Advisers Act of 1940, Investment Funds, Investors, JOBS Act

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IREG Update

State insurance commissioners take on price optimization - To date, four states—California, Florida, Maryland and Ohio—have issued formal bulletins and memoranda, prohibiting the practice of “price optimization” by property…more

Auto Insurance, Big Data, Casualty Insurance, Department of Insurance, Discrimination

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Changing Cost Trends In Class Actions

In 2013, Justice Belobaba released five decisions that addressed legal principles relating to awards of costs on class action certification motions. These cases sent a clear message to the class action bar: “[a]ccess to justice,…more

Canada, Class Action, Securities Litigation

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Cassation instance supports tax authorities in Oriflame case

On June 11, 2015, Moscow District Arbitration Court handed down its ruling in the controversial Oriflame case. In the case, the tax authorities challenged the lawfulness of a Russian organization deducting VAT and expenses (for…more

Corporate Taxes, Foreign Affiliates, Franchise Agreements, International Tax Issues, OECD

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Junior Mining: OSC Issues Guidance On MD&A Disclosure

On February 6, 2014, the Ontario Securities Commission (“OSC”) released OSC Staff Notice 51-722 Report on a Review of Mining Issuers’ Management’s Discussion and Analysis Guidance (the “Report”). The Report summarizes the…more

Canada, Compliance, Disclosure Requirements

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Europe Under Review : Part 6 Of 8 – International Transfers

This week in our series of “back to privacy basics”, we look at the issue of international transfers of personal data. General Rule - Given the harmonised approach to data protection laws across Europe, transfers…more

Data Protection, EU, International Data Transfers, Personally Identifiable Information, Proposed Regulation

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Production Of Documents From Court-Appointed Receivers

Originally published in International Law Office, January 2013: In its recent decision in SA Capital Growth Corp v Mander Estate the Ontario Court of Appeal considered whether the appellant, who was facing proceedings…more

Court-Appointed Receivers, Document Productions, Forum, Interlocutory Orders, Ontario Securities Commission

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Ontario Securities Commission Willing To Accept “No-Contest” Settlements

On March 11, 2014, the Ontario Securities Commission (the “OSC”) adopted the following enforcement initiatives aimed at encouraging cooperation from market participants and streamlining its dispute resolution process..…more

Canada, Dispute Resolution, OSC

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Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by purchaser…more

Barclays, BNY Mellon, Bonds, BSA/AML, Cayman Islands

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DC Circuit calls into question legality of Stark Law ban on per-click equipment leases

On June 12, 2015, the US Court of Appeals for the District of Columbia Circuit issued a lengthy decision calling into question the regulatory prohibition on per-click equipment leases under the federal physician self-referral…more

Administrative Procedure Act, CMS, Equipment Lease, Healthcare, HHS

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Senate adopts Iran Nuclear Agreement Review Act

On May 7, 2015, the US Senate voted 98-1 to adopt the Iran Nuclear Agreement Review Act of 2015 (the "Act"). The Act is the culmination of months of legislative maneuvering and a debate over foreign policy and separation of…more

China, Compliance, Foreign Policy, France, Germany

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IREG Update

Commercial Accountable Care Organizations - Models of health care delivery are evolving on many fronts, driven by the overriding goals of lowering the cost of health care and increasing its quality. Traditional private…more

ACOs, Affordable Care Act, CMS, Health Care Providers, Health Insurance

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New Judges Appointed to the Tax Court of Canada and the Federal Court of Appeal

The Honourable Peter MacKay, P.C., Q.C., M.P. for Central Nova, Minister of Justice and Attorney General of Canada, today announced the following appointment: The Honourable Guy R. Smith, a sole practitioner in Ottawa, is…more

Canada, Judicial Appointments, Tax Court, Taxation

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Court Limits Plaintiff’s Ability to Access Corporate Documents in Securities Class Action

In Mask v. Silvercorp Metals Inc. released on July 18, 2014, the Ontario Superior Court of Justice considered whether a plaintiff seeking leave to commence a secondary market liability action under the Securities Act is…more

Canada, Class Action, Confidential Documents, Ontario Securities Act

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Privacy law and anti-spam: Guidance from the Office of the Privacy Commissioner of Canada

Recent enforcement under Canada’s anti-spam legislation (CASL) by the Canadian Radio-Television and Telecommunications Commission (CRTC) is keeping the spotlight on this new legislation, which came into force just last year…more

Anti-Spam Legislation, Canada, CASL, CRTC, Due Diligence

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Carrying on Business & Extra-Provincial Registration

All Canadian businesses that are incorporated whether federally or provincially must complete an extra-provincial registration if they “carry on business” in a province other than the jurisdiction of incorporation. This means…more

Business Formation, Canada, Jurisdiction

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Latest actions of the Polish Ministry of Finance

Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations…more

Dividends, EU, Income Taxes, Ministry of Finance, Poland

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Private equity transactions in the UK: the essential differences from the US market

A US private equity fund seeking to acquire a target in the UK will soon notice a number of differences from the US market. It is important to be aware of these differences if you are competing against UK private equity houses…more

Acquisitions, Antitrust Provisions, Chapter 11, Equity Financing, MACs

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B.C. Introduces Pooled Registered Pension Plan Legislation

The British Columbia government introduced legislation on February 28, 2013 that once passed will make Pooled Registered Pension Plans (“PRPPs”) available to employees in the province. Features of the PRPP structure that may…more

Pensions, Pooled Registration Pension Plans

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Crowdfunding Alert: Ontario Securities Commission Releases Equity Crowdfunding Exemption Proposal

Following a lengthy consultation period and broad review, the Ontario Securities Commission (“OSC”) has unveiled a series of proposed prospectus exemptions aimed at growing small and medium-sized enterprises (“SMEs”). Among the…more

Canada, Crowdfunding, OSC, Private Equity

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New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule…more

Distressed Debt, Insolvency, Pending Legislation, Spain

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New York Governor Andrew Cuomo names Anthony Albanese Acting Superintendent of Financial Services

Bloomberg reported last week that Anthony Albanese, Chief of Staff to Departing Superintendent Ben Lawsky, has been named to head the New York Department of Financial Services on an acting basis. He will lead the Department for…more

Administrative Appointments, Bloomberg Inc., Financial Institutions, Health Insurance, Healthcare

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Guindon: SCC Hears Arguments in Penalty Case

The Supreme Court of Canada heard oral arguments today in the case of Guindon v. The Queen (Docket No. 35519). At issue in the case is the nature of the third-party penalty in section 163.2 of the Income Tax Act…more

Canada, Income Taxes, Third-Party Liability

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The Canada Revenue Agency’s Voluntary Disclosure Program: Current Processing Issues

The Canada Revenue Agency’s Voluntary Disclosure Program (VDP) has gone through a number of organizational changes over the past few years…more

Canada, Canadian Revenue Agency, New Regulations, Voluntary Disclosure

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Junior Mining: OSC Issues Guidance On MD&A Disclosure

On February 6, 2014, the Ontario Securities Commission (“OSC”) released OSC Staff Notice 51-722 Report on a Review of Mining Issuers’ Management’s Discussion and Analysis Guidance (the “Report”). The Report summarizes the…more

Canada, Compliance, Disclosure Requirements

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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Alberta Announces More Stringent GHG Emission Regulations and Climate Change Policy Review Panel

In her first major policy announcement since taking office five weeks ago, Alberta’s Environment and Parks Minister Shannon Phillips announced today that Alberta’s primary GHG regulation will be renewed and updated. The…more

Canada, Clean Energy, Climate Change, Energy Sector, Greenhouse Gas Emissions

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STEP Canada: CRA Provides Update on Audit Activities

The Society of Trust and Estate Practitioners (STEP Canada) held its 16th annual national conference on June 16-17 in Toronto. As it has in previous years, the conference featured a Canada Revenue Agency Roundtable wherein two…more

Audits, Canada, CRA, Estate Tax

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UK financial institutions: Whistling while they work?

Financial service companies in the UK may soon face the prospect of remodelling their whistleblowing procedures and nominating whistleblowing champions. The Public Interest Disclosure Act 1998 (PIDA) currently protects…more

Compliance, Employment Tribunals, FCA, Financial Institutions, Prudential Regulation Authority

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Are we nearly there yet?

If you kids ask that one more time... Well, I think it’s only fair for us poor Data Protection kids in Europe to have been asking this on repeated occasions over the last three and a half years. It’s certainly a frequent…more

Data Protection, EU, EU Data Protection Laws, Proposed Legislation

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The Benefits Of Filing A Quick 101-Based CBM Petition

Are you being inundated with charges of infringing business method patents? Are you currently in litigation with a business method patent? Do the settlement amounts exceed your litigation expenses? If so, you should consider…more

Alice Corporation, Patent Infringement, Patent Litigation, Patent Trial and Appeal Board, Patents

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Tips For Meeting The Evolving Standard For Indefiniteness

The U.S. Supreme Court reigned in the Federal Circuit’s indefiniteness standard for patent claims almost a year ago in Nautilus Inc. v. Biosig Instruments Inc. Recently, on April 27, 2015, the Federal Circuit revisited the issue…more

Algorithms, Amazon, AOL, Claim Construction, DDR Holdings v Hotels.com

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ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP had…more

Advocate General, Anti-Competitive, CFTC, Citigroup, Double Jeopardy

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International Dealers and Issuers Offering Securities to Canadian Investors – New Developments in “Canadian Wrapper Exemptions”: Navigate with Care

On March 23, 2015, the British Columbia Securities Commission (BCSC) adopted BC Instrument 51-512 – Certain Private Placements (BCI 51-512), which provides certain disclosure exemptions in the case of securities offered to…more

British Columbia Securities Commission, Canada, Cross-Border, Disclosure, Issuer Exemption

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The Latest Word From The Supreme Court Of Canada On Conflicts Of Interest: Canadian National Railway Co. V. Mckercher LLP

The Supreme Court of Canada shed a bit more light on the “bright line rule” for determining when a conflict exists when a law firm represents clients whose interests are adverse in the recent decision of Canadian National…more

Attorney-Client Privilege, Bright-Line Rule, Canada, Confidentiality, Conflicts of Interest

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EMIR Pensions Exemption

EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? - The European Market Infrastructure Regulation (EMIR) came into force…more

Counterparties, Derivatives, EMIR, EU, Exemptions

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Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by purchaser…more

Barclays, BNY Mellon, Bonds, BSA/AML, Cayman Islands

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Daishowa-Marubeni: A Tree Fell In The Forest And The SCC Caught It!

In Daishowa-Marubeni International Ltd. v. The Queen, 2013 SCC 29, Justice Rothstein marries tax philosophy and tax practice by asking and answering the question: If a tree falls in the forest and you are not around to…more

Canada, Income Tax Act, Liability, Tax Liability, Tax Structuring

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Client Alert on New Rules on Related Party Transactions for all Azerbaijani Companies

Following recent amendments to the Civil Code, effective from 24 May 2015, new regulations on related party transactions now extend to all Azerbaijani legal entities. Previously, similar regulations existed only for…more

Azerbaijan, Board of Directors, Corporate Officers, Issuers, New Regulations

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Consumer Finance Update: CFPB Proposes to Delay TRID Effective Date to October 1, 2015

On June 17, 2015, the US Consumer Financial Protection Bureau ("CFPB") unexpectedly announced that it is publishing a proposal for public comment to postpone the effective date of the TILA-RESPA Integrated Disclosures Rule…more

CFPB, Financial Institutions, Mortgage Lenders, Mortgages, TILA-RESPA Integrated Disclosure Rule (TRID)

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Are your sponsorship and hospitality controls enough to satisfy the FCPA? Maybe not

On May 20, 2015, the US Securities & Exchange Commission (SEC) settled an administrative proceeding with global mining /commodities producer BHP Billiton, resolving allegations that the company violated the books and records and…more

Anti-Bribery, Anti-Corruption, BHP Billiton, Bribery, Cease and Desist Orders

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Focus on Real Estate - November 2012

In This Issue: - 1 Case Comment: Southcott Estates Inc. v. Toronto Catholic District School Board - 2 Why Landlords Should Think Twice Before Terminating - 3 That’s Unreasonable! Where’s My Consent? - 4 Emphytheusis…more

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Your Partners Are Not Your Employees: Supreme Court Of Canada Clarifies The Application Of The Control/Dependency Test

In 2009, John McCormick, an equity partner in the law firm Fasken Martineau DuMoulin LLP (the “Firm”) filed a complaint with the British Columbia Human Rights Tribunal, alleging the Firm’s requirement that equity partners retire…more

Age Discrimination, Discrimination, Employee Rights, Employer Liability Issues, Law Firm Partners

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The Arbitration Review of the Americas 2013: Arbitral Jurisdiction in Canada: Recent Decisions

Overview - Any consideration of arbitral jurisdiction in Canada must proceed within the governing legislative framework. Legislation in each Canadian province and territory, as well as federal legislation, directs how and…more

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Abu Dhabi is 30 Per Cent More Attractive - Film Commission offers unique rebate to international production companies

The UAE is constantly seeking new and innovative ways to encourage business growth across the Emirates. Film and TV production is one of the diverse range of areas in which the Emirate of Abu Dhabi has actively looked to…more

Corporate Taxes, Entertainment Industry, Film Industry, Music Industry, Television Commercials

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Saudi Arabia Update May 2015

New Saudization Rules Proposed - Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of…more

Hiring & Firing, Private Sector, Recruitment Policies, Saudi Arabia

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New Standards Allow Compassionate Care Leave For Employees

Alberta’s Employment Standards Code, has been amended to provide new minimum standards to allow employees to take compassionate care leave. On February 1, 2014, these amendments will take effect…more

Canada, Caregivers, Paid Leave

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A kiskereskedelmi szektorban történo vasárnapi munkavégzés tilalmáról és a kapcsolódó munkajogi változásokról

Amint arról bizonyára értesült a sajtóból, 2015. március 15-én hatályba lépett a kiskereskedelmi szektorban történo vasárnapi munkavégzés tilalmáról szóló 2014. évi CII. törvény. Kevésbé ismert, hogy e törvény alapján a Munka…more

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Entry into force of the RES Bill

On 4 May 2015 the Act of 20 February 2015 on renewable energy sources (the “RES Bill”) enters into force. The RES Bill is a new act aimed at comprehensively regulating the sector of renewable energy sources (“RES”) which also…more

Offshore Wind, Poland, Power Grid, Renewable Energy

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DC Circuit calls into question legality of Stark Law ban on per-click equipment leases

On June 12, 2015, the US Court of Appeals for the District of Columbia Circuit issued a lengthy decision calling into question the regulatory prohibition on per-click equipment leases under the federal physician self-referral…more

Administrative Procedure Act, CMS, Equipment Lease, Healthcare, HHS

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ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP had…more

Advocate General, Anti-Competitive, CFTC, Citigroup, Double Jeopardy

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Start-up Crowdfunding Exemption Adopted In Certain Canadian Jurisdictions

The Canadian Securities Administrators (“CSA”) and securities regulators of British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia (the “participating jurisdictions”), announced on May 14, 2015, the…more

Canada, Canadian Securities Administration, Crowdfunding, Financial Statements, Investors

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When is enough, enough? Managing difficult employees in the human rights context

Not surprisingly, employers seek to hire individuals who will perform the duties of their job diligently, honestly and faithfully. Unfortunately, instances can occur where employers find themselves facing an unmotivated and/or…more

Disability, Employment Policies, Hiring & Firing, Human Rights, PTO

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First Data gains approval for its Processor BCRs

Dentons has advised First Data Corporation (“First Data“), a global leader in payment technology and service solutions, in successfully obtaining approval for its Binding Corporate Rules (“BCRs“) for Data Processors. BCRs are a…more

Canada, EU Data Protection Laws

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Employers Be Aware: OSC Proposes Incentive-Based Whistleblower Program

The Ontario Securities Commission (the OSC) recently published “OSC Staff Consultation Paper 15-401” which sets out a proposed framework for an incentive-based whistleblower program. This program aims at incentivising…more

Canada, Proposed Legislation, Whistleblower Protection Policies, Whistleblowers

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Three African regional economic blocs take major step towards forging a trans-Africa free trade zone

On June 10, 2015, the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) agreed to expedite their efforts to unite into a single,…more

Africa, COMESA, Foreign Investment, Free Trade Zone, GDP

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The Benefits Of Filing A Quick 101-Based CBM Petition

Are you being inundated with charges of infringing business method patents? Are you currently in litigation with a business method patent? Do the settlement amounts exceed your litigation expenses? If so, you should consider…more

Alice Corporation, Patent Infringement, Patent Litigation, Patent Trial and Appeal Board, Patents

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Mining Issuers: Ensure your Websites and Investor Presentations Comply with NI 43-101

Mining issuers have their qualified persons (“QPs”) and occasionally legal counsel review technical disclosure, including news releases and technical reports, to ensure they comply with National Instrument 43-101 Standards of…more

Canada, Disclosure Requirements, Issuers, Mining

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Are Fairness Opinions Admissible on a Plan of Arrangement Hearing?

Differing viewpoints have recently arisen in the Ontario Superior Court of Justice (Commercial List) as to whether fairness opinions are admissible during court approval of plans of arrangement. In Champion Iron Mines Limited…more

Canada, Fairness Hearings, Schemes of Arrangement

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Further development of the competition legislation in Kazakhstan

On 7 May 2015, amendments to certain legislative acts to improve Kazakhstan’s legislation on natural monopolies and regulated markets, competition and development of the transport infrastructure were published. The Law of the…more

Anti-Monopoly, Kazakhstan, Monopolization, Stocks

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Converting Your Convertible Note

If you just invested in the next big thing by way of a convertible promissory note, you will want to ensure that, when it converts, you get all of the equity to which you’re entitled. Does your note convert at the valuation set…more

Convertible Debt, Equity Financing, Financing, Investors, Promissory Notes

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Final Risk Retention Rules: Impact on RMBS

The following is a brief memo outlining the impact of the final risk retention rules on the securitization of residential mortgage loans. Overview - In October 2014, the final Credit Risk Retention rules were adopted…more

ABS, CFPB, Cross-Border Transactions, Dodd-Frank, EHRI

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Proposed New Prospectus Exemption For Distributions To Existing Security Holders Of TSX-V Issuers

On November 21, 2013, the securities regulatory authorities in all Canadian jurisdictions, with the exception of Ontario and Newfoundland and Labrador (the “Participating Jurisdictions”), published for comment Multilateral CSA…more

Accredited Investors, Canada, Canadian Securities Administration, Disclosure Requirements, Exemptions

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Tips For Meeting The Evolving Standard For Indefiniteness

The U.S. Supreme Court reigned in the Federal Circuit’s indefiniteness standard for patent claims almost a year ago in Nautilus Inc. v. Biosig Instruments Inc. Recently, on April 27, 2015, the Federal Circuit revisited the issue…more

Algorithms, Amazon, AOL, Claim Construction, DDR Holdings v Hotels.com

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Entry into force of the RES Bill

On 4 May 2015 the Act of 20 February 2015 on renewable energy sources (the “RES Bill”) enters into force. The RES Bill is a new act aimed at comprehensively regulating the sector of renewable energy sources (“RES”) which also…more

Offshore Wind, Poland, Power Grid, Renewable Energy

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Latest actions of the Polish Ministry of Finance

Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations…more

Dividends, EU, Income Taxes, Ministry of Finance, Poland

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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Europe Under Review: Part 7 Of 8 – Privacy Governance

As the next in our series of “back to privacy basics”, we look at the rules regarding privacy governance. As we will do throughout this series, we take a look at the current position and what is best practice for an…more

Data Processors, Data Protection, Privacy Policy, UK, UK Data Protection Act

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Final Risk Retention Rules: Impact on RMBS

The following is a brief memo outlining the impact of the final risk retention rules on the securitization of residential mortgage loans. Overview - In October 2014, the final Credit Risk Retention rules were adopted…more

ABS, CFPB, Cross-Border Transactions, Dodd-Frank, EHRI

See All Updates »

Latest actions of the Polish Ministry of Finance

Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations…more

Dividends, EU, Income Taxes, Ministry of Finance, Poland

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Entry into force of the RES Bill

On 4 May 2015 the Act of 20 February 2015 on renewable energy sources (the “RES Bill”) enters into force. The RES Bill is a new act aimed at comprehensively regulating the sector of renewable energy sources (“RES”) which also…more

Offshore Wind, Poland, Power Grid, Renewable Energy

See All Updates »

Further development of the competition legislation in Kazakhstan

On 7 May 2015, amendments to certain legislative acts to improve Kazakhstan’s legislation on natural monopolies and regulated markets, competition and development of the transport infrastructure were published. The Law of the…more

Anti-Monopoly, Kazakhstan, Monopolization, Stocks

See All Updates »

Three African regional economic blocs take major step towards forging a trans-Africa free trade zone

On June 10, 2015, the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) agreed to expedite their efforts to unite into a single,…more

Africa, COMESA, Foreign Investment, Free Trade Zone, GDP

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Mandatory Reporting Standards For Payments By Extractive Industry Companies

The Government of Canada recently issued a Consultation Paper regarding proposed mandatory reporting standards (the proposed standards) for payments by extractive industry companies to governments, both domestic and foreign, and…more

Canada, Mining, Natural Resources, Oil & Gas, Reporting Requirements

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Insurance Policy Interpreted In Officers’ Favour

In certain circumstances, directors and officers may find that their claims for indemnification under a directors’ and officers’ insurance policy have been denied by the insurance company as a result of various exclusions…more

Canada, Exclusionary Clauses, Indemnification, Indemnity Insurance

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Three African regional economic blocs take major step towards forging a trans-Africa free trade zone

On June 10, 2015, the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA) agreed to expedite their efforts to unite into a single,…more

Africa, COMESA, Foreign Investment, Free Trade Zone, GDP

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High Court confirms use of contracts to limit pensionable pay

BBC Philharmonic Orchestra clarinettist John Bradbury was an employee of the BBC and a member of the final salary New Benefits Section of the BBC Pension Scheme (the Scheme). In 2010, faced with a £2 billion funding shortfall,…more

BBC, Defined Contribution Plans, Pension Funds, Pension Schemes, Pensions

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The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency Act…more

Commercial Bankruptcy, Creditors, Insolvency, Liquidation, Small Business

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The Canadian Retail Report

Our Canadian Retail Report provides you with practical content to keep you current on developments that affect retailers in Canada. In this issue, Timothy M. Banks, the Canadian lead for our Privacy and Security practice,…more

Advertising, AODA, Behavioral Advertising, Canada, Data Protection

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UAE trademark law update

UAE Cabinet Decision No. 9 of 2015 (the Decision) has doubled the official fees for registering trademarks with the Ministry of Economy's trademark office (TMO) in the UAE. The Decision, which takes effect from 29 May 2015,…more

Filing Fees, Trademarks, UAE

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Bill 42: Towards a central portal in labour and employment

On April 15, 2015, the Minister of Labour, Employment and Social Solidarity tabled Bill 42 in the Québec National Assembly. The Bill is titled, An Act to group the Commission de l'équité salariale, the Commission des normes du…more

Arbitration, Canada, Construction Industry, Harassment, Labour Tribunal

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CRA Rocks The Boat: Garber et al. v. The Queen

Readers who were tax practitioners in the mid-80s will well remember the luxury yacht tax shelters, which were sold in 1984, 1985 and 1986 and which were one of the most popular tax shelters of that period. Many of us had…more

Canada, Income Taxes, Tax Shelters

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When The Multinational Meets The Private Family Business : 10 Key Issues For A Successful Negotiation Of An M & A Transaction Between The Two

The vast majority of business enterprises worldwide are “family run”, or purely private entities, where operational management and ownership reside in or are controlled by the same individuals. On the other hand, often…more

Closely Held Businesses, Corporate Culture, Multinationals, Negotiations, Valuation

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Medicaid managed care proposed rule expands program integrity obligations

On June 1, 2015, the US Centers for Medicare & Medicaid Services (“CMS”) published its proposed rule on Medicaid managed care (CMS-2390-P). As noted in our two earlier advisories, which provided an overview of the proposed rule…more

Affordable Care Act, CHIP, CMS, Health Care Providers, Health Insurance

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Bipartisan deal results in trade promotion authority bills that could pave the way to major trade agreements

On April 16, 2015, senior lawmakers reached a bipartisan agreement on a trade promotion authority bill: The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015). The bill was marked up in record…more

Canada, Digital Media, Free Trade Agreement, Human Rights, International Trade Agreements

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IREG Update

State insurance commissioners take on price optimization - To date, four states—California, Florida, Maryland and Ohio—have issued formal bulletins and memoranda, prohibiting the practice of “price optimization” by property…more

Auto Insurance, Big Data, Casualty Insurance, Department of Insurance, Discrimination

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Focus on Real Estate - November 2012

In This Issue: - 1 Case Comment: Southcott Estates Inc. v. Toronto Catholic District School Board - 2 Why Landlords Should Think Twice Before Terminating - 3 That’s Unreasonable! Where’s My Consent? - 4 Emphytheusis…more

See All Updates »

Alberta Announces More Stringent GHG Emission Regulations and Climate Change Policy Review Panel

In her first major policy announcement since taking office five weeks ago, Alberta’s Environment and Parks Minister Shannon Phillips announced today that Alberta’s primary GHG regulation will be renewed and updated. The…more

Canada, Clean Energy, Climate Change, Energy Sector, Greenhouse Gas Emissions

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Client Alert on New Rules on Related Party Transactions for all Azerbaijani Companies

Following recent amendments to the Civil Code, effective from 24 May 2015, new regulations on related party transactions now extend to all Azerbaijani legal entities. Previously, similar regulations existed only for…more

Azerbaijan, Board of Directors, Corporate Officers, Issuers, New Regulations

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SEC proposed rule would require new "pay versus performance" table in proxy statements

As public companies navigate the 2015 proxy season, a potential change to executive compensation disclosure is on the horizon. The US Securities and Exchange Commission (SEC) has proposed new rules to implement the…more

CD&A, Corporate Officers, Dodd-Frank, Executive Compensation, Pay-for-Performance

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Lean Times May Call For Lien Measures – What You Need To Know About Miners’ Liens In Northern Canada

Given the present economic climate of falling metal prices and depressed equity markets for mining companies, many owners and operators of mines are experiencing cash flow and working capital shortages. As a result, contractors…more

Canada, Liens, Mining

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Bill 42: Towards a central portal in labour and employment

On April 15, 2015, the Minister of Labour, Employment and Social Solidarity tabled Bill 42 in the Québec National Assembly. The Bill is titled, An Act to group the Commission de l'équité salariale, the Commission des normes du…more

Arbitration, Canada, Construction Industry, Harassment, Labour Tribunal

See All Updates »

Focus on Real Estate - November 2012

In This Issue: - 1 Case Comment: Southcott Estates Inc. v. Toronto Catholic District School Board - 2 Why Landlords Should Think Twice Before Terminating - 3 That’s Unreasonable! Where’s My Consent? - 4 Emphytheusis…more

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Case Bulletin: R v Karigar, 2014 ONSC 3093

For the first time in Canada, an individual has been sentenced to jail time for bribing a foreign public official. The three-year penitentiary sentence was handed down by the Ontario Court of Justice under the Corruption of…more

Anti-Corruption, Bribery, Canada, CFPOA, Corruption

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Ontario Jury Awards Ex-Employee $1.4 Million For Mistreatment By Former Manager

In a cautionary tale for employers, a jury in Windsor, Ontario awarded $1.4 million in damages to a former Wal-Mart employee who alleged that she had been constructively dismissed after being subjected to intentional infliction…more

Harassment, Intentional Infliction of Emotional Distress, Intentional Torts, Punitive Damages, Termination

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Tightening Control over Prices for Crucial Medicines

Governmental regulation of vital and essential medicines (hereinafter Essential Drugs) in the Russian Federation in the form in which it exists today has been functioning since 2010. The list of Essential Drugs (“EDL List”) has…more

Audits, Essential Drug List, Healthcare, Pharmaceutical, Pharmaceutical Manufacturers

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Focus On Intellectual Property (IP) - March 2012: Counterfeiter’s Beware – Canada Introduces New Law To Deal With Counterfeit And Pirated Products

In This Issue: - Counterfeiter’s Beware – Canada Introduces New Law to Deal with Counterfeit and Pirated Products - A “Sign” of Things to Come – How Bill C-56 Will Change Canadian Trade-Mark Law - Excerpt…more

ACTA, Combating Counterfeit Products Act, Counterfeiting, Customs, Trademarks

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EMIR Pensions Exemption

EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? - The European Market Infrastructure Regulation (EMIR) came into force…more

Counterparties, Derivatives, EMIR, EU, Exemptions

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Why You Should Think About An Anti-Corruption Compliance Program

With anti-corruption enforcement intensifying around the world, companies (particularly those operating in regions where corrupt practices are widespread) are implementing and reviewing anti-corruption programs to ensure…more

Anti-Corruption, Compliance, Risk Management

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Federal Court Of Appeal Deals A Blow To The Canada Revenue Agency: Full Disclosure Must Be Made On Ex Parte Applications

On February 21, 2013, the Federal Court of Appeal released two decisions related to the obligations of the Minister of National Revenue when making ex parte applications under subsection 231.2(3) of the Income Tax Act (the…more

Appeals, CRA, Disclosure Requirements, Ex Parte, Income Tax Act

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Project Manager for Metron Construction convicted of criminal negligence in Christmas Eve fatalities. Three individuals and two companies now convicted

The project manager who supervised the four workers who died after a swing stage scaffold collapsed on Christmas Eve, 2009, has been found guilty on four counts of criminal negligence causing death and one count of criminal…more

Construction Industry, Criminal Code, Criminal Negligence, Ministry of Labour, OHSA

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International Dealers and Issuers Offering Securities to Canadian Investors – New Developments in “Canadian Wrapper Exemptions”: Navigate with Care

On March 23, 2015, the British Columbia Securities Commission (BCSC) adopted BC Instrument 51-512 – Certain Private Placements (BCI 51-512), which provides certain disclosure exemptions in the case of securities offered to…more

British Columbia Securities Commission, Canada, Cross-Border, Disclosure, Issuer Exemption

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Emerging Markets: Non-EU Investment Funds Eligible For Withholding Tax Refund

In Emerging Markets Series of DFA Investment Trust Company (C -190/12), the European Court of Justice (ECJ) confirmed that investment funds based outside the European Union (EU) should benefit from the EU free movement of…more

CJEU, ECJ, Emerging Markets, EU, Foreign Investment

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#Monkey-Selfie

The dispute between Wikipedia and the British photographer David Slater recently reported in various news outlets is not new. It is actually the continuation of a dispute that began in July 2011 between the UK based Caters News…more

Copyright, Photographs, Wikipedia

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On the Radar Screen: the Stronger Workplaces for a Stronger Economy Act, 2014

As we reported in a previous blog post that can be found here, the Stronger Workplaces for a Stronger Economy Act, 2014 makes some significant changes to several Ontario statutes.  The legislation received Royal Assent on…more

Canada, Employer Mandates, Joint Employers, Minimum Wage, New Legislation

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The Small Business, Enterprise and Employment Act - Corporate restructuring and insolvency changes come into effect

Four important changes to the Insolvency Act 1986 (IA86) will come into force this week (26 May 2015). They do so without transitional provisions and so will apply automatically to existing corporate insolvency proceedings…more

Commercial Bankruptcy, Creditors, Insolvency, Small Business, Small Business Enterprise and Employment Act

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The deadline for the submission of information on the ultimate beneficial owner of a legal entity has been extended (Ukrainian)

As we have already informed, on 25 May 2015 the deadline for Ukrainian legal entities to submit information on their ultimate beneficial owners was expected to expire. However, due to the fact that a large number of companies…more

Beneficial Owner, Religious Institutions, Small Business, Ukraine

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ISS Adopts Updates To Canadian Corporate Governance Policy For 2014

Institutional Shareholder Services (“ISS”) has adopted updates to its Canadian Corporate Governance Policy (“CCGP”), which will take effect for shareholder meetings held on or after February 1, 2014. ISS is a leading and…more

Canada, Corporate Governance, ISS, Shareholders

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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IREG Update

Commercial Accountable Care Organizations - Models of health care delivery are evolving on many fronts, driven by the overriding goals of lowering the cost of health care and increasing its quality. Traditional private…more

ACOs, Affordable Care Act, CMS, Health Care Providers, Health Insurance

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Entry into force of the RES Bill

On 4 May 2015 the Act of 20 February 2015 on renewable energy sources (the “RES Bill”) enters into force. The RES Bill is a new act aimed at comprehensively regulating the sector of renewable energy sources (“RES”) which also…more

Offshore Wind, Poland, Power Grid, Renewable Energy

See All Updates »

Voluntary Global Standard For Occupational Health And Safety Coming Soon

In August, the International Organization for Standardization(“ISO”), the world’s largest global developer of voluntary international standards, approved the creation of a project committee who will develop an international…more

Canada, ISOs, OHSA, Safety Precautions

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Milestone Law amending Feed-In Tariff in Ukraine

On June 4, 2015, the Ukrainian parliament adopted Draft Law on Introduction of Changes to Certain Laws of Ukraine with respect to Securing Competitive Conditions for Production of Electricity from Alternative Energy Sources, No…more

Electricity, Energy Sector, Feed-in-Tariffs, Renewable Energy, Tariffs

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Highlights from the Toronto Centre CRA & Professionals Group Breakfast Seminar – February 19, 2015

On February 19, 2015, at the Toronto Centre CRA & Professionals Group Breakfast Seminar CRA representatives provided an update on two topics: 1) online CRA e-services, and 2) Regulation 102 and Regulation 105 waivers for…more

Canada, Canadian Revenue Agency, Professional Development

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New UAE Commercial Companies Law - Debt Capital Markets

On 31 March 2015, the new Federal Law (No. 2 of 2015) concerning Commercial Companies (the NCCL) was issued and published in Federal Gazette No. 577 in the United Arab Emirates (the UAE) (the Official Gazette). The NCCL comes…more

Bonds, Capital Markets, Financial Markets, Securities, Stocks

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The Benefits Of Filing A Quick 101-Based CBM Petition

Are you being inundated with charges of infringing business method patents? Are you currently in litigation with a business method patent? Do the settlement amounts exceed your litigation expenses? If so, you should consider…more

Alice Corporation, Patent Infringement, Patent Litigation, Patent Trial and Appeal Board, Patents

See All Updates »

BP Canada: CRA Entitled to Tax Accrual Working Papers

In BP Canada Energy Company v. Minister of National Revenue (2015 FC 714), the Minister brought an application pursuant to subsection 231.7(1) of the Income Tax Act (Canada) (the “Act”) before the Federal Court of…more

Audits, BP, Canada, Canadian Revenue Agency, Corporate Taxes

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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Tax Topics - March 21, 2013: "You Can't Always Get What You Want (But If You Try Sometimes, You Might Get What You Need)"

Originally Published in CCH Canadian Ltd. on March 21, 2013. One might think that it would go without saying, but obviously not, that the Tax Court of Canada is neither a court of equity nor a section 96 court. That is,…more

Canada, CRA, Income Taxes, Tax Assessment

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Update regarding BE-10 report of US Direct Investment Abroad - Submission deadline extended to June 30, 2015, for "new" filers

On November 20, 2014, the Commerce Department's Bureau of Economic Analysis (BEA) issued its final rule regarding the requirement for US companies with investments via affiliates abroad to participate in the quinquennial…more

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Welcome Tax Measures Announced at the PDAC 2015 Convention

On Sunday March 1, 2015, the Honourable Joe Oliver, Federal Minister of Finance addressed the Prospectors & Developers Association of Canada (“PDAC”) at the annual PDAC Convention in Toronto and announced certain proposals aimed…more

Canada, Corporate Taxes, Exploration and Production Assets, Investors, Mining

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What the Government Expects to Find in an Anti-Corruption Compliance Program

Similar to Foreign Corrupt Practices Act enforcement generally, the federal government has expanded what it expects to find in an anti-corruption compliance program. U.S.-connected companies operating internationally face…more

Anti-Corruption, Chief Compliance Officers, Code of Conduct, Compliance, DOJ

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The Arbitration Review of the Americas 2013: Arbitral Jurisdiction in Canada: Recent Decisions

Overview - Any consideration of arbitral jurisdiction in Canada must proceed within the governing legislative framework. Legislation in each Canadian province and territory, as well as federal legislation, directs how and…more

See All Updates »

Final Risk Retention Rules: Impact on RMBS

The following is a brief memo outlining the impact of the final risk retention rules on the securitization of residential mortgage loans. Overview - In October 2014, the final Credit Risk Retention rules were adopted…more

ABS, CFPB, Cross-Border Transactions, Dodd-Frank, EHRI

See All Updates »

IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York…more

Annuities, Broker-Dealer, Cybersecurity, Elizabeth Warren, Financial Institutions

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#Monkey-Selfie

The dispute between Wikipedia and the British photographer David Slater recently reported in various news outlets is not new. It is actually the continuation of a dispute that began in July 2011 between the UK based Caters News…more

Copyright, Photographs, Wikipedia

See All Updates »

ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP had…more

Advocate General, Anti-Competitive, CFTC, Citigroup, Double Jeopardy

See All Updates »

New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule…more

Distressed Debt, Insolvency, Pending Legislation, Spain

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Court Limits Plaintiff’s Ability to Access Corporate Documents in Securities Class Action

In Mask v. Silvercorp Metals Inc. released on July 18, 2014, the Ontario Superior Court of Justice considered whether a plaintiff seeking leave to commence a secondary market liability action under the Securities Act is…more

Canada, Class Action, Confidential Documents, Ontario Securities Act

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High Court confirms use of contracts to limit pensionable pay

BBC Philharmonic Orchestra clarinettist John Bradbury was an employee of the BBC and a member of the final salary New Benefits Section of the BBC Pension Scheme (the Scheme). In 2010, faced with a £2 billion funding shortfall,…more

BBC, Defined Contribution Plans, Pension Funds, Pension Schemes, Pensions

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Balancing the Budget …and Balancing Copyright

The Government of Canada’s Budget Plan for 2015 proposes various measures within the expected areas of tax relief, job creation and economic growth measures.  It also includes a very unexpected proposal to extend the copyright…more

Audio Recording, Canada, Federal Budget, Music, Music Industry

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The International Comparative Legal Guide to: Cartels & Leniency 2013, 6th Edition: Chapter 9: CANADA

1 The Legislative Framework of the Cartel Prohibition: 1.1 What is the legal basis and general nature of the cartel prohibition, e.g. is it civil and/or criminal? The legal basis of cartel prohibition in Canada is…more

Cartels, Competition, Sanctions, Whistleblowers

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Fight Over Reduction Of GM Retiree Benefits Not Over

General Motors of Canada suffered a blow this summer when an Ontario court held that GM was not entitled to reduce benefits it had promised to its retired workers…more

Canada, Class Action, Employee Benefits, Employee Handbooks, General Motors

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Upcoming Employment Standards Blitz – Precarious Employment

Beginning in May 2015, the Ontario Ministry of Labour will begin a province-wide employment standards workplace inspection blitz targeting the janitorial, security, business services, fitness and recreation centres, amusement,…more

Canada, Employer Liability Issues, Ministry of Labour, Strategic Enforcement Plan

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Private equity transactions in the UK: the essential differences from the US market

A US private equity fund seeking to acquire a target in the UK will soon notice a number of differences from the US market. It is important to be aware of these differences if you are competing against UK private equity houses…more

Acquisitions, Antitrust Provisions, Chapter 11, Equity Financing, MACs

See All Updates »

Competition News June 2015 International French

The French Competition Authority departs substantially from its method for calculating fines in the poultry cartel cases - In its poultry cartel decision of May 6, 2015, the French Competition Authority was forced to bend…more

See All Updates »

SCC Clarifies Law on Admissibility of Expert Evidence

The Supreme Court has released its decision in White Burgess Langille Inman v. Abbott and Haliburton (2015 SCC 23) in which it considered whether the standards for admissibility of expert evidence should take into account the…more

Canada, Evidence, Expert Witness, Impartiality, Supreme Court of Canada

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EMIR Pensions Exemption

EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? - The European Market Infrastructure Regulation (EMIR) came into force…more

Counterparties, Derivatives, EMIR, EU, Exemptions

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Latest actions of the Polish Ministry of Finance

Recently the Polish Ministry of Finance has presented a new bill introducing amendments to the Tax Ordinance and proposed amendments to the income tax regulations…more

Dividends, EU, Income Taxes, Ministry of Finance, Poland

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Prince v ACE: Extra-Territorial Effect Of U.S. Tax Laws?

Should a Canadian court exercise its jurisdiction to hear a class action lawsuit against Air Canada for improperly collecting U.S. travel taxes on ticket purchases in Canada and on air travel in Canada?…more

Canada, Extraterritoriality Rules, Foreign Jurisdictions, International Tax Issues, Jurisdiction

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Not Quite An Eye For An Eye – Judge Rules That Employee’s “Kick In The Butt” Excuses Co-Worker’s Punch In The Mouth

Does a “kick in the butt” excuse a punch in the mouth? That was the question facing the Court in the recent case of Li v Furguson, 2013 CanLII 91746 (Ont. Sm. Cl. Ct.). Peng Li and Winston Furguson worked in the shipping…more

Battery, Employer Liability Issues, Workplace Violence

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Joint working group launches pilot project for the privatization of State-owned agricultural enterprises (Ukrainian)

According to the information published on the official web-site of the Ministry of Agrarian Policy of Ukraine, the Ministry of Agrarian Policy and Food of Ukraine, the State Property Fund of Ukraine and the Fund for Innovations…more

Agricultural Land, Cattle, Farms, Livestock Protocol, Ukraine

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Trustee Exemption Clauses: Redundant Or Required? By Archie J. Rabinowitz, B.A., L.L.B.*

1. Introduction - Many testamentary instruments include clauses which are intended to relieve trustees from liability in the execution of their duties. Such exemption clauses, as they will be referred to in this paper, take…more

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The Compliance Function Under MiFID 2

Previous articles in our MiFID 2 series have considered the effects of MiFID 2 on dealings with customers, and on transparency. This third article, by Christina Pope and Emma Radmore, looks at how MiFID 2 will affect how firms…more

Compliance, ESMA, EU, FCA, Financial Institutions

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April 1, 2015: New Working at Heights Training Requirements on Construction Projects

Falls from heights are one of the leading causes of critical injuries and fatalities in Ontario workplaces according to the Ministry of Labour. As a result, beginning April 1, 2015, employers in Ontario must ensure that workers…more

Canada, Construction Industry, Construction Site, Construction Workers, Contractors

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Private equity transactions in the UK: the essential differences from the US market

A US private equity fund seeking to acquire a target in the UK will soon notice a number of differences from the US market. It is important to be aware of these differences if you are competing against UK private equity houses…more

Acquisitions, Antitrust Provisions, Chapter 11, Equity Financing, MACs

See All Updates »

When is enough, enough? Managing difficult employees in the human rights context

Not surprisingly, employers seek to hire individuals who will perform the duties of their job diligently, honestly and faithfully. Unfortunately, instances can occur where employers find themselves facing an unmotivated and/or…more

Disability, Employment Policies, Hiring & Firing, Human Rights, PTO

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The Canadian Retail Report

Our Canadian Retail Report provides you with practical content to keep you current on developments that affect retailers in Canada. In this issue, Timothy M. Banks, the Canadian lead for our Privacy and Security practice,…more

Advertising, AODA, Behavioral Advertising, Canada, Data Protection

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"Responsible Energy Development Act – A Sea Change In Energy Project Regulation? Stay Tuned", Focus On Energy, January 2013

On October 24, 2012, the Alberta Minister of Energy introduced Bill 2 – the Responsible Energy Development Act (“Responsible Energy Act”) in the Alberta Legislature. On November 21, 2012, Bill 2 passed third reading and was…more

Environmental Policies, Oil & Gas, Oil Sands, Responsible Energy Act

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New UAE Commercial Companies Law - Debt Capital Markets

On 31 March 2015, the new Federal Law (No. 2 of 2015) concerning Commercial Companies (the NCCL) was issued and published in Federal Gazette No. 577 in the United Arab Emirates (the UAE) (the Official Gazette). The NCCL comes…more

Bonds, Capital Markets, Financial Markets, Securities, Stocks

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Seeking clearer waters? EPA aims to clarify federal jurisdiction in the new "Waters of the United States" rule

On May 27, 2015, the US Environmental Protection Agency and the Army Corps of Engineers jointly released a final rule, "Clean Water Rule: Definition of 'Waters of the United States'" (the Rule). The Rule, which becomes…more

Clean Water Act, EPA, Flood Zones, Navigable Waters, US Army Corps of Engineers

See All Updates »

ESMA Guidelines on the application of Sections C6 and C7 of Annex I to MiFID I

EMSA has recently published Guidelines on which commodity derivatives fall within the definition of "financial instrument" for the purposes of MiFID I. The Guidelines give clarity on the status of forwards, and guidance on the…more

Derivatives, ESMA, EU, Financial Instruments, Forward Contracts

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Important Changes to Offerings to Existing Security Holders and Rights Offerings and their Impact on the Mining Sector in Canada

Two important developments were announced today that affect how Canadian reporting issuers can raise capital from their existing security holders: - The Ontario Securities Commission (“OSC”) announced the introduction of…more

Canada, Issuers, Mining, Offerings

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Start-up Crowdfunding Exemption Adopted In Certain Canadian Jurisdictions

The Canadian Securities Administrators (“CSA”) and securities regulators of British Columbia, Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia (the “participating jurisdictions”), announced on May 14, 2015, the…more

Canada, Canadian Securities Administration, Crowdfunding, Financial Statements, Investors

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UPDATE: Zungui Class Action Settlements Against Remaining Defendants Approved By Court

On August 27, 2013, Justice Perell released his decision (2013 ONSC 5490) approving three settlements valued at $10.85 million, bringing the class action against Zungui Haixi Corp. (“Zungui”) and others to a close. Under the…more

Canada, Class Action, Investors, Settlement, Shareholder Litigation

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Employing foreign workers in Israel

Immigration for non-citizens into Israel is governed by the Entry into Israel Law (1952). Since the 1990’s, hundreds of thousands of immigrant workers have come to Israel to be employed in various capacities as temporary…more

Agricultural Workers, Construction Industry, Foreign Workers, Healthcare, Hiring & Firing

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Legislative Alert: Bill S-4, an Act to amend Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) passed in House of Commons.

On June 18, 2015, Bill S-4, the Digital Privacy Act was passed by Canada’s House of Commons vote. Bill S-4 was previously passed by Canada’s Senate. The Digital Privacy Act includes important amendments to the Personal…more

Canada, Compliance, Cybersecurity, Data Collection, Data Protection

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Income tax consequences of US visas

Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences. A little advance planning with tax and immigration professionals can go a long way towards mitigating income taxes…more

Earned Income Tax, Estate Tax, Gift Tax, Hiring & Firing, Income Taxes

See All Updates »

Slicing Pie - Review

Many start-ups use equity to compensate key employees and to fund early stage activities…more

Entrepreneurs, Financing, Private Equity, Startups

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New NBU “anti-crisis” measures (Ukrainian)

New Resolutions No. 354 and No. 355 of the Board of the National Bank of Ukraine (“NBU”) dated 3 June 2015 enter into force as of 4 June 2015. Resolution No. 354 was adopted to replace the earlier “anti-crisis” Resolution…more

Board Resolutions, National Bank of Ukraine, Ukraine

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Focus On Competition, Antitrust And Foreign Investment - January 2013: "Investment Canada And Competition Law – 2012 In Review and Outlook for 2013"

In This Issue: - Investment Canada ..State-Owned Enterprises Under Scrutiny - Competition Act ..Mergers ..Cartels And Bid-Rigging ..Price Maintenance ..Abuse Of Dominance ..Competition Bureau…more

Abuse of Dominance, Bid Rigging, Cartels, Competition Act, Investment Canada Act

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Are your sponsorship and hospitality controls enough to satisfy the FCPA? Maybe not

On May 20, 2015, the US Securities & Exchange Commission (SEC) settled an administrative proceeding with global mining /commodities producer BHP Billiton, resolving allegations that the company violated the books and records and…more

Anti-Bribery, Anti-Corruption, BHP Billiton, Bribery, Cease and Desist Orders

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Canadian securities regulators reach consensus on more target-friendly take-over bid legislation

The Canadian Securities Administrators (“CSA”) have announced that they intend to publish a new proposal for changes to the regulation of take-over bids, replacing the two alternative proposals published for comment in March…more

AMF Authorization, Canada, Canadian Securities Administration, Financial Regulatory Reform, Takeover Bids

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Focus on Securities|Corporate Finance - March 2013: Ontario Court Decision Highlights Importance Of Termination Rights In Bought Deal Letters

A recent decision of the Ontario Superior Court in Stetson Oil & Gas Ltd. v. Stifel Nicolaus Canada Inc. highlights the importance of including termination rights in bought deal letters and other engagement letters used in…more

Bought Deal Letters, Termination Clauses, Underwriting Agreements

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The Oman Update - The Official Gazette 1103

Ministerial Decisions - Ministry of Sports Affairs - Ministerial Decision No. 152/2015 - Amending some provisions of the regulations on honouring sporting achievers (Ministerial Decision…more

Industrial Space, Liquidation, Manufacturers, Oman, Sports

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IREG Update

With the rise of the so-called "sharing economy" comes a rise in risks to participants of all kinds, and to the companies that provide platforms for such "sharing." Over the last few years, the insurance risks evident in the…more

AirBnB, Auto Insurance, Craigslist, eBay, Insurance Industry

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Europe under Review: Part 8 of 8 – Individual Rights

This week we look at the last topic in our series of “back to data privacy basics”: individual rights. Rights of individuals at the heart of data protection - As we have seen over this series, the protection of…more

Data Protection, EU, EU Data Protection Laws, Internet, Right to Be Forgotten

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Changes to the regulation of pharmaceutical business in Kazakhstan: implications for pharmaceutical companies

A significant number of amendments have been introduced to the Healthcare Code* of the Republic of Kazakhstan on 6 April 2015 by the adoption of the Law On Introduction of Amendments and Additions to Certain Legal Acts of the…more

Advertising, Healthcare, Kazakhstan, Labeling, Medical Devices

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Fixed term contracts in Poland—material changes in law coming soon

A major change in Polish labor law is imminent. In essence, Parliament is seeking to eliminate some differences in protection enjoyed by employees on indefinite term contracts and those working on fixed term contracts…more

Employment Contract, EU, European Court of Justice, Fixed-Term Labor Contracts, Hiring & Firing

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Crowdfunding Alert: OSC Allows Equity Crowdfunding Platform For Ontario Accredited Investors

In an important step towards establishing equity crowdfunding in Canada, the Ontario Securities Commission (the “OSC”) has released a significant decision which allows MaRS VX, a not-for-profit entity and a wholly-owned…more

Accredited Investors, Canada, Crowdfunding, OSC

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Production Of Documents From Court-Appointed Receivers

Originally published in International Law Office, January 2013: In its recent decision in SA Capital Growth Corp v Mander Estate the Ontario Court of Appeal considered whether the appellant, who was facing proceedings…more

Court-Appointed Receivers, Document Productions, Forum, Interlocutory Orders, Ontario Securities Commission

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File inventor oaths/declarations early in US national stage applications

Since the implementation of the America Invents Act, the United States Patent and Trademark Office (USPTO) has allowed applicants in utility patent applications to postpone the filing of an inventor’s oath or declaration until…more

America Invents Act, Hague Agreement, Patent Prosecution, Patents, USPTO

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Tax Court Of Canada Issues A Comprehensive Ruling On Privilege Issues And The Appropriate Exercise Of Remedies To Address Deficient Lists Of Documents

In a recent Tax Court of Canada ruling on a motion heard in Imperial Tobacco Canada Limited v. The Queen, 2013 TCC 144 the Court considered a motion for an Order directing the Appellant to attend and be cross-examined on its…more

Canada, Cross Examination, Documentation, Privilege Waivers, Remedies

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Oh Canada - Significant Developments In Canadian Energy: February 2013

In This Issue: - Oil Sands News - East Coast News - West Coast News - Canadian Arctic News - Alternative Energy News - On the Horizon - Abbreviations - Excerpt from Oil Sands News: Enbridge…more

Canada, Energy Exploration, Licenses, Pipelines, Renewable Energy

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The Complexities of Canada’s Extension of Copyright Protection for Sound Recordings

On June 23, 2015, Royal Assent was given to Parliament’s Bill C-59, otherwise known as the Economic Action Plan 2015 Act, No. 1, otherwise known as the federal government’s 2015 budget. Contained in the legislation are…more

Copyright, Economic Action Plan, Music, Music Industry, Sound Recording Copyrights

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A kiskereskedelmi szektorban történo vasárnapi munkavégzés tilalmáról és a kapcsolódó munkajogi változásokról

Amint arról bizonyára értesült a sajtóból, 2015. március 15-én hatályba lépett a kiskereskedelmi szektorban történo vasárnapi munkavégzés tilalmáról szóló 2014. évi CII. törvény. Kevésbé ismert, hogy e törvény alapján a Munka…more

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Dubai launches new design and e-commerce hubs

A cornerstone of Dubai's success in attracting businesses and encouraging growth across a diverse range of sectors has been the continued establishment of free zones. These special economic zones offer business-friendly…more

Business Development, Dubai, E-Commerce, Fashion Industry, Tax Exemptions

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Securities Regulators Propose Amendments To Oil & Gas Disclosure Standards

The Canadian Securities Administrators (CSA) have published for comment proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) and Companion Policy 51-101CP Standards of…more

Canada, Disclosure Requirements, Oil & Gas

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File inventor oaths/declarations early in US national stage applications

Since the implementation of the America Invents Act, the United States Patent and Trademark Office (USPTO) has allowed applicants in utility patent applications to postpone the filing of an inventor’s oath or declaration until…more

America Invents Act, Hague Agreement, Patent Prosecution, Patents, USPTO

See All Updates »

Focus On Ontario - Not-For-Profit Corporations Act, March 2013: Transitioning To The ONCA

In This Issue: - Transitioning to the ONCA - Excerpt from Transitioning to the ONCA: The Ontario Not-for-Profit Corporations Act, 2010 (“ONCA”) is targeted to come into effect on July 1, 2013. The new Act is…more

Bylaws, Canada, Corporate Governance, Duty of Care, Financial Accounting

See All Updates »

Competition News June 2015 International French

The French Competition Authority departs substantially from its method for calculating fines in the poultry cartel cases - In its poultry cartel decision of May 6, 2015, the French Competition Authority was forced to bend…more

See All Updates »

Europe Under Review: Part 1 Of 8 – Registration

Over the next few weeks we will be going back to data privacy basics in our eight part “Europe under Review” blog series. We will be comparing current data privacy laws and best practice in the UK with the proposed new state of…more

Data Protection, EU, EU Data Protection Laws, ICO, Privacy Laws

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SEC proposed rule would require new "pay versus performance" table in proxy statements

As public companies navigate the 2015 proxy season, a potential change to executive compensation disclosure is on the horizon. The US Securities and Exchange Commission (SEC) has proposed new rules to implement the…more

CD&A, Corporate Officers, Dodd-Frank, Executive Compensation, Pay-for-Performance

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New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule…more

Distressed Debt, Insolvency, Pending Legislation, Spain

See All Updates »

Daishowa-Marubeni: A Tree Fell In The Forest And The SCC Caught It!

In Daishowa-Marubeni International Ltd. v. The Queen, 2013 SCC 29, Justice Rothstein marries tax philosophy and tax practice by asking and answering the question: If a tree falls in the forest and you are not around to…more

Canada, Income Tax Act, Liability, Tax Liability, Tax Structuring

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ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP had…more

Advocate General, Anti-Competitive, CFTC, Citigroup, Double Jeopardy

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New Bill Heightens Potential For More Investment Canada Reviews Of SOE Acquisitions

Last week the Canadian Government introduced amendments to the Investment Canada Act (ICA) to implement its revised policy towards state-owned enterprises (SOEs) which it announced in December last year…more

Canada, Investment Canada Act, National Security, State-Owned Enterprises

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Abu Dhabi is 30 Per Cent More Attractive - Film Commission offers unique rebate to international production companies

The UAE is constantly seeking new and innovative ways to encourage business growth across the Emirates. Film and TV production is one of the diverse range of areas in which the Emirate of Abu Dhabi has actively looked to…more

Corporate Taxes, Entertainment Industry, Film Industry, Music Industry, Television Commercials

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Senate adopts Iran Nuclear Agreement Review Act

On May 7, 2015, the US Senate voted 98-1 to adopt the Iran Nuclear Agreement Review Act of 2015 (the "Act"). The Act is the culmination of months of legislative maneuvering and a debate over foreign policy and separation of…more

China, Compliance, Foreign Policy, France, Germany

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DC Circuit calls into question legality of Stark Law ban on per-click equipment leases

On June 12, 2015, the US Court of Appeals for the District of Columbia Circuit issued a lengthy decision calling into question the regulatory prohibition on per-click equipment leases under the federal physician self-referral…more

Administrative Procedure Act, CMS, Equipment Lease, Healthcare, HHS

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Update on changes to WHMIS requirements and transition period

Work Safe Alberta has released an Occupational Health and Safety bulletin to assist Alberta employers and workers understand the impact of the recent amendments to the federal WHMIS legislation ( see my earlier blog post Federal…more

Amended Regulation, Canada, Hazardous Substances, OHSA, Workplace Safety

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"Restrictive Covenants - The Final Chapter (For Now) - Part 2"

Originally published in CCH Canadian Ltd, February 7. 2013. In This Issue: - Introduction - Subsection 56.4(7)— The “Realization of Goodwill Amount” and “Disposition of Property” Exceptions - Areas of Concern -…more

Anti-Avoidance, Residency Requirements, Restrictive Covenants

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Focus on Real Estate - November 2012

In This Issue: - 1 Case Comment: Southcott Estates Inc. v. Toronto Catholic District School Board - 2 Why Landlords Should Think Twice Before Terminating - 3 That’s Unreasonable! Where’s My Consent? - 4 Emphytheusis…more

See All Updates »

IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York…more

Annuities, Broker-Dealer, Cybersecurity, Elizabeth Warren, Financial Institutions

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Focus on International Trade - December 2012: Bill S-11, Safe Food for Canadians Act

On November 22, 2012, Bill S-11, Safe Food for Canadians Act (the Act) received royal assent. The Act is the most recent attempt by the Canadian government to modernize the Canada’s food regulatory scheme administered and…more

Canadian Food Inspection Agency, FDA, Food Commodities

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TSX Staff Notice Guidance Impacts IPO Plans

On November 7, 2013, the Toronto Stock Exchange (“TSX”) issued a Staff Notice to Applicants, Listed Issuers, Securities Lawyers and Participating Organizations (“Staff Notice”) that provides guidance for companies considering a…more

Canada, GAAP, IPO, Listing Standards, Mineral Exploration

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Consumer Finance Update: CFPB Proposes to Delay TRID Effective Date to October 1, 2015

On June 17, 2015, the US Consumer Financial Protection Bureau ("CFPB") unexpectedly announced that it is publishing a proposal for public comment to postpone the effective date of the TILA-RESPA Integrated Disclosures Rule…more

CFPB, Financial Institutions, Mortgage Lenders, Mortgages, TILA-RESPA Integrated Disclosure Rule (TRID)

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Seeking clearer waters? EPA aims to clarify federal jurisdiction in the new "Waters of the United States" rule

On May 27, 2015, the US Environmental Protection Agency and the Army Corps of Engineers jointly released a final rule, "Clean Water Rule: Definition of 'Waters of the United States'" (the Rule). The Rule, which becomes…more

Clean Water Act, EPA, Flood Zones, Navigable Waters, US Army Corps of Engineers

See All Updates »

"Ontario Speech From The Throne", Focus On Public Policy, February 2013

On Tuesday, February 19th, 2013, the Honourable David Onley, Ontario's Lieutenant Governor, delivered the Wynne government’s Speech from the Throne in the Ontario legislature. Entitled The Way Forward, this speech officially…more

Casinos, Coal-Fired Generation, Compliance, Deficit Reduction, Fraud

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Client Alert on New Rules on Related Party Transactions for all Azerbaijani Companies

Following recent amendments to the Civil Code, effective from 24 May 2015, new regulations on related party transactions now extend to all Azerbaijani legal entities. Previously, similar regulations existed only for…more

Azerbaijan, Board of Directors, Corporate Officers, Issuers, New Regulations

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Former Employee’s Facebook Post About Settlement Breached Confidentiality Provision In Settlement Agreement: Tribunal Reduced Employee’s Monetary Award

Trish-Ann Tremblay had entered into a settlement agreement with her former employer, 1168531 Ontario Inc., on September 13, 2011, with respect to the Human Rights Application she had filed against 1168531 Ontario Inc.. The…more

Confidentiality Agreements, Facebook, Human Rights, Mediation, Minutes of Settlement

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Medicaid managed care proposed rule expands program integrity obligations

On June 1, 2015, the US Centers for Medicare & Medicaid Services (“CMS”) published its proposed rule on Medicaid managed care (CMS-2390-P). As noted in our two earlier advisories, which provided an overview of the proposed rule…more

Affordable Care Act, CHIP, CMS, Health Care Providers, Health Insurance

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Senate adopts Iran Nuclear Agreement Review Act

On May 7, 2015, the US Senate voted 98-1 to adopt the Iran Nuclear Agreement Review Act of 2015 (the "Act"). The Act is the culmination of months of legislative maneuvering and a debate over foreign policy and separation of…more

China, Compliance, Foreign Policy, France, Germany

See All Updates »

Contact

77 King Street West Suite 400, Toronto-Dominion Centre
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Contact: Samantha Francis

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