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Inside Internal Controls

News and discussion on implementing risk management

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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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When liability waivers are upheld

This case illustrates that waivers can be a complete bar to the right to sue and that participants being provided a waiver have the option to opt out of the activity if they are not comfortable with solely bearing the risk associated with it.

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Reporting on risk to the board

Those charged with reporting on risk to the board and to the executive team should understand what they are trying to achieve, what information they need to be successful and how they can help.

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Back to school: A new world for foreign universities

The system of rules imposed on registered charities are complex and are imposed both on the collection of revenue and its spending. In theory, all of these rules now apply to foreign universities.

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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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Talking sense about technology risk and cyber

You have to have sponsorship from the CEO and throughout the company to really understand and diagnose IT risks, data security risks and business risks, and then prioritize them.

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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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Improve internal controls over fixed assets (Part 1)

Many organizations face challenges with recording and physically safeguarding fixed assets. Organizations must also meet disclosure and other requirements when they prepare audited or other financial statements, corporate tax returns (applicable to for-profit organizations) and T3010 Registered Charity Information Returns (applicable to charitable organizations). Accounting processes and procedures must facilitate these activities.

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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When a party breaches a settlement agreement: Being made whole

A party that breaches a settlement agreement risks both being forced to complete the agreement and having to pay the legal costs of the party seeking to enforce the agreement.

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