Banking, Bankruptcy & Insolvency
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December 11, 2024
Deemed trust amendment shields fresh produce sellers, helps exporters, says industry
Canada's $13 billion fresh produce industry is welcoming an amendment to federal insolvency laws establishing a deemed trust financial protection mechanism for fresh produce sellers.
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December 11, 2024
OSC review finds some crypto asset trading platforms mishandled client accounts
An Ontario Securities Commission (OSC) compliance review is raising red flags over the way some crypto asset trading platforms (CTPs) handle client accounts.
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December 11, 2024
OSC announces new online dashboard for data on exempt market capital raising
The Ontario Securities Commission has announced the launch of an online dashboard that provides data on capital-raising activity by Canadian corporate (non-investment fund) issuers in the province's increasingly important exempt market.
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December 10, 2024
Canada sanctions Russian and Chinese officials, citing human rights violations
The federal government has announced additional sanctions against nine Russian officials and eight Chinese officials allegedly involved in human rights violations.
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December 10, 2024
Feds doubling loan limit to build secondary suites in homes, increasing 30-year amortizations
The federal government has announced that it will double the loan limit under the Canada Secondary Suite Loan Program to $80,000, launching the program in early 2025. This was said to “make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home” to increase density in communities.
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December 06, 2024
No Charter breach when police warrantlessly searched text messages in ‘exigent circumstances’: SCC
The Supreme Court of Canada has dismissed 6-3 an Ontario man’s appeal of his drug trafficking convictions, holding that his Charter rights were not breached because “exigent circumstances” justified police, without a warrant, using a cellphone they seized from a drug dealer to impersonate that dealer and continue his texting with the accused to arrange what police suspected to be a purchase of fentanyl-laced heroin.
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December 05, 2024
Federal privacy commissioner expresses lingering concerns over FINTRAC in report
Canada’s federal privacy commissioner is expressing ongoing concerns about how well the country’s anti-money laundering watchdog is protecting the personal information it gathers as part of its investigations — especially in the wake of two recent information security breaches.
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December 04, 2024
Household debt, cyber vulnerabilities main threats to financial stability, say market participants
Over half of investment dealers and portfolio managers are concerned about the stability of the Canadian financial system, according to a survey by Canadian Securities Administrators (CSA) with household debt, cyber vulnerabilities, the geopolitical environment and the housing crisis being top concerns.
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December 04, 2024
Ontario government appointee to conduct review of OMERS pension fund governance
Former Toronto Port Authority chair Robert Poirier has been hired by the Ontario government to conduct a governance review of the sometimes-challenged Ontario Municipal Employees’ Retirement System (OMERS) — but the largest union with OMERS members is expressing reservations about the pick.
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December 03, 2024
BCSC panel imposes over $18M in sanctions for crypto trading platform fraud
A panel of the British Columbia Securities Commission has imposed a financial sanction of $18.4 million on a B.C.-based crypto trading platform, finding that it lied to customers and diverted $13 million of its assets to gambling.