Banking, Bankruptcy & Insolvency
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September 26, 2024
Competition Bureau gives green light to $5B National Bank takeover of Canadian Western Bank
The Competition Bureau has cleared the way for Montreal-based National Bank of Canada’s $5 billion acquisition of Edmonton-based Canadian Western Bank (CWB), despite the federal government’s stated goal to increase competition in the financial sector.
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September 25, 2024
OSC Study: AI-enhanced scams pose greater threat to Canadian investors
Artificial Intelligence (AI) enhanced scams pose a greater risk to Canadian investors than conventional scams, according to a study by the Ontario Securities Commission (OSC).
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September 24, 2024
Survey: Half of Canadian small businesses face fraud attempts, victims lose $7,800 on average
Half of all small businesses in Canada experienced either attempted or successful fraud in the past 12 months, with 36 per cent of those that actually fell victim to fraud losing an average of $7,800 as a result, according to a survey by the Canadian Federation of Independent Business (CFIB) and Interac.
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September 24, 2024
Appeal court finds insurance policy barred claims from previous employee class action
The Ontario Court of Appeal has ruled that an insurance policy provided to directors and officers of an insolvent company barred coverage for claims asserted in an employment class action brought against the company.
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September 19, 2024
Treasury Board president Anita Anand gets second Cabinet post as transport minister
Liberal MP Anita Anand, the president of the federal Treasury Board and former defence minister in the Liberal government, has taken on the additional post of minister of transportation.
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September 18, 2024
B.C. Supreme Court rules lawyer did not owe a duty of care in real estate transactions
In a case combining contract law and a lawyer's duty of care, the Supreme Court of British Columbia has dismissed an action against a lawyer who allegedly released funds from a trust account before closing three real estate transactions, ruling that the governing contract permitted him to do so.
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September 17, 2024
Capital Markets Tribunal shortens timeline for issuing decisions in simple cases
Ontario’s Capital Markets Tribunal has shortened the interval standard for issuing reasons in simple matters to 45 days after the receipt of the last submissions from the previous standard of 90 days, according to a release.
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September 16, 2024
Ottawa raises insured mortgage cap, expands eligibility for 30-year amortizations
The federal government has announced an increase in the home price cap for insured mortgages to $1.5 million and an expansion of eligibility for 30-year mortgage amortizations to include first-time homebuyers and all buyers of new builds.
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September 13, 2024
Appeal court finds ‘largest custodial bank’ breached contract in market pricing data agreement
The Ontario Court of Appeal has allowed a cross-appeal in a dispute over who the "client” was in a 1999 contract in which the “world’s largest hedge fund administrator” provided market data to the world's largest custodial bank and securities services provider.
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September 12, 2024
Canadian securities regulators issue guidance on new business conduct rules for derivatives market
The Canadian Securities Administrators (CSA) has published a staff notice addressing frequently asked questions (FAQ) from derivatives market participants related to business conduct rules set to come into force on Sept. 28, 2024.