Banking, Bankruptcy & Insolvency
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May 22, 2024
New sanctions aimed at Russia–N. Korea arms trade for weapons used in illegal war on Ukraine
Two Russians and six Russian entities are targeted by the latest sanctions Canada has imposed in response to the Putin regime’s illegal war of aggression against Ukraine.
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May 16, 2024
Canada sanctions ‘extremist Israeli settlers’ for violence against Palestinians in the West Bank
Ottawa has for the first time sanctioned “extremist Israeli settlers” with dealings and entry bans for “the grave breach of international peace and security posed by their violent and destabilizing actions against Palestinian civilians and their property in the West Bank.”
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May 16, 2024
3 new office managing partners at Bennett Jones
Bennett Jones announced new office managing partners, Preet Gill, Kwang Lim and Pascale Dionne-Bourassa, to its Toronto, Vancouver and Montreal offices, respectively.
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May 16, 2024
B.C. court rules lessor cannot sue lessee after seizing collateral motorcycle
The B.C. Court of Appeal has ruled that a lessor who seized a lessee’s motorcycle for default could not sue the lessee over unpaid lease payments, rejecting claims that a security agreement estopped the lessee from submitting that the motorcycle was a consumer good.
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May 15, 2024
FINTRAC: Cryptocurrency ATMs increasingly used for money laundering
Virtual currency automated teller machines (ATMs) are increasingly being used for money laundering, with the Greater Toronto Area, Greater Montreal and Metro Vancouver emerging as hotspots for suspicious transactions, according to Canada’s financial intelligence unit.
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May 14, 2024
Financial Consumer Agency of Canada releases business plan for 2024-25
The Financial Consumer Agency of Canada (FCAC) has released its business plan for 2024-2025, building on a number of strategic goals and paving the way for the federal government's vision for an open banking system.
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May 10, 2024
Supreme Court of Canada clarifies how to assess compensation for constructive expropriation
The Supreme Court of Canada has explained how to assess compensation payable for constructive expropriation of private land by public authorities in a unanimous decision that reverses a ruling below that pegged what the City of St. John’s owes to a property owner to the land’s prospective market value if it were permitted to be developed for residential use, rather than to its much lower market value as land which is currently zoned “watershed,” with only limited discretionary agriculture, forestry and public utility uses.
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May 10, 2024
FINTRAC imposes $6M administrative monetary penalty on Binance
A $6 million administrative monetary penalty has been imposed on cryptocurrency company Binance Holdings Limited for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
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May 09, 2024
OSC initiative: Early-stage businesses can raise up to $3M without registration as dealer
The Ontario Securities Commission (OSC) has announced a series of initiatives aimed at enhancing access to capital for early-stage businesses in Ontario, including exempting early-stage businesses from being registered as dealers under the Securities Act when raising capital to $3 million.
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May 07, 2024
Sweeping national security bill would boost state investigative powers; expand & create crimes, AMPs
The federal government has introduced a sweeping national security bill that would create a publicly accessible “foreign influence transparency” registry; expand the warrant, production and disclosure powers of the Canadian Security Intelligence Agency (CSIS); affect criminal accused or judicial review applicants seeking access to relevant “information related to international relations, national defence or national security”; expand the current “sabotage” offence; and create new “foreign interference” offences, along with administrative monetary penalties (AMPs) of up to $5 million and five years in prison, including for knowingly obstructing the operations of the office of a proposed new “Foreign Influence Transparency Commissioner.”