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News and discussion on implementing risk management

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Finance and Accounting

Conference update: Virtual currency exchanges, beneficial ownership and other developments in Canadian anti-money laundering regulations

anti-money laundering

On February 7, 2018, the Canadian federal government had released a consultation paper for comments that has potentially far-reaching implications for compliance with Canadian anti-money laundering (AML) requirements. At the recently concluded 17th Annual Forum on Anti-Money Laundering & Financial Crime in Toronto, some interesting observations were made by various speakers (including representatives from certain Canadian regulators). A number of these observations touched on topics covered by the above-mentioned consultation paper. This article sets out some key highlights.

 

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Jim Comey and the practitioner’s dilemma

It is often difficult to make the right decision when facing challenges in an organization. Maintaining integrity, standing your ground and doing what you believe to be right and part of your responsibilities can be difficult and can make you question the decisions you make.

 

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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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New compensation rules will affect all Ontario employers

New compensation rules are coming to Ontario and will affect Ontario employers. Shortly before the Ontario legislature closed for business pending the outcome of the June 7 election, Ontario enacted Bill 3, which imposes new obligations on employers relating to the hiring process and the reporting of workplace compensation. This law presents some new risks […]

 

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Improve internal controls over fixed assets (Part 2)

A failure to satisfy proper cut-off, completeness, existence, accuracy and ownership are common problems arising from weak or non-existent fixed asset policies. The overarching approach to satisfying these issues is to design and implement internal controls in proper policies and procedures.

 

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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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514-BILLETS gets billed by the CRTC for CASL violations

This case reminds organizations that CASL applies to any form of CEM, even text messages, used to promote products and services, and that the CRTC is actively monitoring and responding to complaints involving different types of CEMs.

 

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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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Commercial financing: Common security types

The purpose of this article is to summarize the features of some of the more common security types used in commercial financing transactions. In any particular transaction, the security used depends on the asset types.

 

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Changes to Montreal’s class action division shows move toward harmonization with Ontario procedure

This new class action process has widely been seen as a welcomed step towards creating greater efficiency and predictability

 

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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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The risks of complaining on social media: When airing grievances attracts damages

Social media users are well cautioned to appreciate the difference between a fair and legally justified expression of opinion and reflection of experiences and when posts cross into the defamatory realm of maliciousness and/or untruthfulness.

 

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Don’t forget to audit controls!

It’s best to have management detect issues and for audit to assess whether those detective controls are adequate.

 

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Changes to loyalty programs and rewards points in Ontario and Québec

Merchants offering loyalty programs will be required to provide consumers with pre-disclosure information prescribed by Regulation, which include the terms and conditions applicable to earning and exchanging exchange units, as well as the terms surrounding the expiry of exchange units.

 

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