First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Business and Legal Issues

Anti-money laundering considerations in cannabis finance

While the right financing structure can be a critical advantage to any cannabis-related business, it is also important to remember that there are legal considerations involved, including in respect of anti-money laundering (AML) matters.

 

, , ,

Fraud and knowing assistance: The Supreme Court of Canada weighs in

Fraud continues to be an issue faced by businesses and individuals in Canada and internationally. In asset recovery, the equitable doctrine of knowing assistance is often used to catch those who were not involved in the fraud but had actual knowledge of it.

 

, ,

Sports and recreation: Risk mitigation and occupiers’ liability

In Ontario, the occupiers’ duties towards people who access their premises is governed by the Occupiers’ Liability Act (“OLA”). The OLA defines an “occupier” as:

 

, ,

OECD principles on artificial intelligence released

On May 22, 2019, the Organization for Economic Cooperation and Development (OECD) approved the OECD Recommendation on Artificial Intelligence.

 

, , ,

NASAA targets ‘cross-selling’ sales tactic in investment and banking sectors

The North American Securities Administrators Association (NASAA) is an association of securities administrators from Canada, the United States of America and Mexico, whose mandate is to protect the investing public. The NASAA recently released an Investor Advisory focused on the practice of “cross-selling” investment products

 

, , , , ,

Assignment of a contract of purchase and sale: Get it in writing

In the recent case of Guraya v Kaila, 2019 BCSC 101 (CanLII), the Plaintiff’s sought to enforce a verbal assignment of a contract of purchase and sale in the face of vendors refusing to complete with the assignee purchasers.

 

, , , , ,

Time (again and still) for the IIA Standards to be correct

Internal audit can assist management by facilitating a fraud risk assessment. Management should make the decision both on the level of risk and whether it is acceptable. Internal audit can provide their opinion and advice on both.

 

, , , , , , , , ,

Québec Commission d’accès à l’information releases guidance on video surveillance

In February 2019, the Québec Commission d’accès à l’information released an updated guide on video surveillance titled, La Vidéosurveillance: Conseils pratiques à l’intention des organismes publics et des entreprises.

 

, , ,

5 key FAQs about Canadian cannabis company “key investor” disclosure requirements

It’s key that all stakeholders clearly understand the Cannabis Regulations’ key investor disclosure obligations to avoid surprises and to ensure compliance. Here are the answers to five key frequently asked questions about cannabis companies’ “key investor” disclosure requirements.

 

, , , , , , ,

Effective monitoring of internal controls is critical

If the most serious internal control violation is a failure to implement internal controls in the first place, the failure to monitor existing internal controls is a close contender. Identify where in the organization effective monitoring occurs and leverage those successes.

 

, , , , , , , , , , , ,

Decision-making and the practitioner

McKinsey has shared three articles with insights into effective decision-making.

 

, , ,

The corporate identification doctrine clarified through an intervention in the Supreme Court of Canada

A corporation is of course an abstract entity. It is a legal person, but can only act through human beings. Certain causes of action, such as fraud or knowing assistance of a breach of trust, have a knowledge requirement: the defendant can only be held liable if he or she – or it, in the case of a corporation – has knowledge of certain facts. How can a corporation be held liable for having certain knowledge if it has no brain to possess that knowledge?

 

, , , , ,

The Financial Services Regulatory Authority of Ontario

Effective June 8, 2019, the Ontario government launched the Financial Services Regulatory Authority of Ontario (FSRA), which is a new independent and self-funded regulator of financial services and pensions that is intended to help reduce regulatory burden, among other things.

 

, , , ,

Update on the promotion of cannabis on social media

Almost six months after our first article on the Promotion of Cannabis on Social Media was originally published, federal licence holders have now received further guidance from Health Canada regarding the regulatory prohibitions on the promotion of cannabis, cannabis accessories, and cannabis-related services in an online context.

 

, , , , ,

Previous Posts