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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

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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Canadian government’s IP strategy seeks to boost innovation, increase IP literacy, and rein-in patent trolls

The intellectual property (IP) strategy, unveiled by the Government of Canada recently, aims to boost Canadian innovation and presence in the global technological market by enhancing IP awareness and savviness, introducing IP education and advice programs, offering strategic IP tools for growth, and implementing legislative amendments. The government plans to invest $83.5 million over five years to help Canadian businesses understand, protect and access IP.

 

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BC passes legislation to modernize International Commercial Arbitration Act

The legislature passed the International Commercial Arbitration Amendment Act on April 12, 2018 with the goal of updating BC’s International Arbitration Act to reflect current international best practices.

 

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Supreme Court confirms in R. v. Comeau that provinces can restrict interprovincial trade in beer and other goods

On October 6, 2012, New Brunswick resident Gerard Comeau was stopped by the RCMP at the Quebec/New Brunswick border with 354 bottles or cans of beer and two bottles of whiskey. Mr. Comeau stood accused, under section 134(b) of the Liquor Control Act (New Brunswick), of having in his possession an excessive amount of liquor not purchased from the New Brunswick Liquor Corporation (the “Corporation”). Mr. Comeau challenged the constitutionality of this statutory provision by invoking section 121 of the Constitution Act, 1867.

 

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Canadian Securities Administrators provide update on projects aimed at reducing regulatory burden on issuers in the areas of prospectus filings and continuous disclosure

The Staff Notice 51-353 – Update on CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers reports on a consultation paper that the CSA issued last year and summarizes comments received in response to the consultation paper, The Staff Notice identifies six options for initial policy projects to be undertaken by the CSA in the near term.

 

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

Online advisors are digital wealth managers. They use information that an investor provides, usually through an online questionnaire, in order to create an investment recommendation.

 

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Drafting interest rate calculation provisions in corporate finance transactions

If a loan document does not comply with the provision for calculating a “nominal” annual rate of interest in order to comply with section 4 of the Interest Act, then the interest rate is capped at 5% per annum. Commercial practice and appellate jurisprudence had confirmed that such provisions complied with section 4. Section 4 states:

 

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Giving individual investment choice in DC plans is a bad idea

It is no secret that DB plans are too financially risky for individual employers. It is also no secret that, on average, it costs approximately 92% more to provide the same $1 of retirement income under a DC plan than under a DB plan. DB plans are just that much more cost efficient. To provide more satisfactory results, DC plans should take the best features of DB plans.

 

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Update on overtime class actions in Canada

To avoid claims and payments for unpaid overtime, employers should consider methods to control overtime costs such as establishing overtime policies, overtime agreements, or averaging agreements, if permitted by applicable legislation.

 

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Budget Bill 2018: Amendments to Financial Services Statutes

The Budget has provided that, in connection with the current 2019 Bank Act review, certain legislative amendments to implement targeted proposals resulting from the recent review of the federal financial sector framework would be introduced as a priority.

 

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Rejected job applicants obtain disclosure of application records under privacy law

PIPA governs how private organizations handle personal information and creates rules regarding its collection, use, and disclosure. Section 23(1)(a) of PIPA gives individuals the right to access their personal information that is under the control of an organization.

 

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