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Inside Internal Controls

News and discussion on implementing risk management

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Author Archive - McCarthy Tétrault LLP

McCarthy Tétrault is a Canadian law firm that delivers integrated business law, litigation services, tax law, real property law, labour and employment law nationally and globally. McCarthy publishes a series of blogs to share information with companies to help them comply and manage their businesses. On the Inside Internal Controls blog we will share some of those blog posts sharing their expertise among others, in the areas of Competition/Anti-trust, Corporate and Commercial Law, Intellectual Property, Privacy, Environmental Law, Technology and Litigation. Read more here

CASL enforcement: Recent trend

It can be relatively difficult to read the tea leaves in the CRTC’s approach to CASL enforcement, because there is little public record of those enforcement activities. This was noted by the Standing Committee on Industry, Science and Technology, in its statutory review of the Act. However, what signs do exist suggest that enforcement activities are accelerating. In 2016 and 2017, the CRTC announced only one undertaking in a CASL proceeding. By contrast, in the first quarter of 2018, there have already been two.

 

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Wade-ing into the limits on post-contractual conduct: BC Court of Appeal confirms post-contractual conduct may be considered only if contract contains ambiguity

Attempts by litigants to rely on post-contractual conduct are not uncommon in commercial litigation involving contractual interpretation. However, in the case of Wade v. Duck, an important reminder is offered that Canadian contract law places strict limits on the circumstances in which courts may have recourse to post-contractual conduct when interpreting a contract.

 

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FCAC releases report on best practices in financial consumer protection

The Report on Best Practices in Financial Consumer Protection published by the Financial Consumer Agency of Canada outlines several best practices for financial consumer protection regimes.

 

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Recent SEC settlement is cautionary tale for Canadian public issuers on disclosure of cyberincidents and related risks

The Securities and Exchange Commission’s (SEC) first enforcement action against a public issuer for failure to make timely disclosure of cyberincidents may be a wake-up call for Canadian public issuers and their directors and officers.

 

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CASL enforcement: Recent trend

It can be relatively difficult to read the tea leaves in the CRTC’s approach to CASL enforcement, because there is little public record of those enforcement activities. This was noted by the Standing Committee on Industry, Science and Technology, in its statutory review of the Act. However, what signs do exist suggest that the enforcement activities of the CRTC are accelerating.

 

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B.C. Supreme Court approves wind-up of Richmond Strata, issues guidance on ensuring a fair sale process

In this case, the Court concluded that it was in the best interests of the owners that the Resolution be confirmed and that it would probably cause greater unfairness, confusion, and uncertainty if the Resolution were not confirmed.

 

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Department of Finance Canada issues consultation paper on review of the Canadian Payments Act

A recent Consultation Paper sought comments on whether the 2015 Amendments had been successful in better enabling Payments Canada to meet its mandate to promote the efficiency, safety, and soundness of its systems while taking into account the interests of users.

 

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Online advisors: Stand-alone investment managers or tools for portfolio managers?

While the use of technology can lower the cost of investment advisory services, the introduction of algorithmic technology or other forms of artificial intelligence into the investment advice process introduces new risks to investors which raises questions.

 

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A cautionary tale: Saskatchewan Court refuses to approve $20 million class action settlement

Subject to the outcome of any appeal, Perdikaris v. Purdue Pharma et al., serves as a cautionary tale to class action parties entering into a settlement that they keep in mind the reasonableness of the proposed settlement before concluding it.

 

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Target 2030 and beyond: BC government unveils legislation to update greenhouse gas reduction targets

The British Columbia government has emphasized its intention to “remove barriers, and make it attractive and affordable for people, communities and industry to move to lower-carbon alternatives” while at the same time “grow[ing] an economy that’s stronger, cleaner, more diverse and more resilient.”

 

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European commission releases proposal to regulate crowdfunding

Crowdfunding Service Providers (CSPs) can provide businesses and individuals with a digital platform to reach out to potential investors for funding. Presently, some EU countries have their own national legislation on crowdfunding while others require CSPs to be licensed and operate under EU frameworks.

 

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Government of Ontario announces plans for Fintech Accelerator Office

On May 2, 2018, the Government of Ontario announced plans to open the Fintech Accelerator Office. The Federal Government has also indicated interest in assisting emerging Fintech companies. In a recent Consultation Paper, the Department of Finance proposed establishing an advisory service for small payment service provider firms.

 

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BCCA rules overdraft fees exceeding $5 constituted “interest” under Criminal Code

Can a financial institution’s “overdraft charges” be considered criminal “interest”? In this case, the judge declared that the overdraft fees constituted “interest” under the Criminal Code, but the credit unions appealed.

 

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New International Mobility Program options under Canada-EU Comprehensive Economic and Trade Agreement

The Comprehensive Economic and Trade Agreement (“CETA”) is a new agreement between Canada and the European Union (“EU”), which is now in force. Chapter 10 of CETA removes the requirement for a Labour Market Impact Assessment for three categories of EU foreign nationals entering Canada for business purposes.

 

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British Columbia proposes significant legislative amendments to “modernize” class proceedings in the province

Proposed amendments to the Class Proceedings Act will 1) switch BC from an “opt in” to an “opt out” jurisdiction and 2) establish a framework for the certification of multi-jurisdictional class proceedings. If enacted, the amendments will have significant consequences for both current and future class proceedings in the province.

 

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