Banking and Financial Services Banking and Financial Services

Bank error in your favour – The $900 million wire transfer mistake: Practical implications in the Canadian lending context

In August 2020 an unprecedented black swan event occurred when Citibank N.A. (Citibank), acting as an administrative agent in a loan facility,...

FSRA streamlines fair treatment of customers approach for insurance industry

Governments and financial regulators appear to be continuing their efforts to reduce overlapping, duplicative regulatory requirements on those they...

Impact on Canadian companies: U.S. Anti-Money Laundering Reform Establishes beneficial ownership registry and strengthens subpoenas

In the waning days of 2020, many Canadians watched the political events unfolding in the United States, including  Congress’s first and...

Federal Court of Appeal decides that Visa services to CIBC are exempt financial services, not administrative services for GST/HST purposes

On January 22, 2021 the Federal Court of Appeal released its reasons in Canadian Imperial Bank of Commerce v. The Queen, 2021 FCA 10, overturning the...

Novel hybrid debt issuances by Canadian banks

Hybrid debt is debt with embedded equity features that are added to meet requirements imposed by a regulator, rating agency or some other third party...

Flexibility in the financial market in response to major changes

This year, financial market participants have been subject to many unprecedented changes that have forced them to show a great deal of flexibility....

A new approach to deference? Quadrexx and appeals from the Ontario Securities Commission

In a recent decision, Quadrexx Hedge Capital Management Ltd v Ontario Securities Commission (the “Quadrexx Appeal”), the Ontario...

OECD releases blueprint reports on international tax reform (Pillar One and Pillar Two) and launches public consultation

The OECD recently released blueprint reports on Pillar One and Pillar Two and launched a public consultation process on its two-pillar approach to...

Osler comments on Capital Markets Modernization Taskforce consultation report

On September 7, 2020, in a comprehensive letter to the Government of Ontario Capital Markets Modernization Taskforce (the Taskforce), we expressed...

Capital markets regulator embracing renewal in the shadow of “unprecedented change”

Canada’s largest provincial capital markets regulator, the Ontario Securities Commission (the “OSC”),  while offering needed...