First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

consumer protection

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:

 

, , , , , , ,

Alberta proposes significant amendments to consumer protection legislation

Bill 31 makes amendments to consumer protection legislation and addresses a number of items, including negative consumer reviews, ticket sales and resales, veterinary services, car sales and repairs, and changes to the Alberta Motor Vehicle Industry Council. On November 29, 2017, the Government of Alberta introduced Bill 31: A Better Deal for Consumers and Businesses […]

 

, , , ,

Not so happy New Year: Ontario rewards points legislation coming into force January 1, 2018

Ever since Ontario’s legislature passed the Protecting Rewards Points Act (Consumer Protection Amendment), 2016 (Act) prohibiting the expiration of rewards points in consumer loyalty programs, the retail industry has been waiting for the publication of the associated regulation that would provide more detail about the prohibition, along with some exceptions to the prohibition. The wait is now over, as the Ontario government recently published Ontario Regulation 388/17 (the Regulation), which will come into force on January 1, 2018.

 

, , ,

Lenovo and Superfish: Proposed class action proceeds on privacy tort and statutes

It has been reported that a partial settlement may have been reached with Superfish, in a U.S. class action against both defendants. The settlement reportedly includes Superfish’s cooperation with the plaintiffs by disclosing over 2.8 million additional files and providing Superfish witnesses for a potential trial. The Canadian proposed class action is very much in its infancy. It remains to be seen how the class action will evolve in Canada.

 

, , , , , , ,

Test your knowledge of CASL

The current release of Finance and Accounting PolicyPro updates the policy on Canada’s anti-spam legislation (commonly known as “CASL”). Test your knowledge of CASL with the following questions, then review the answers below to see how well you did.

 

, , , , , , , , ,

Review panel recommends creation of new Ontario Financial Services Regulator

On November 4, 2015, a panel appointed by the Government of Ontario to review the mandate of provincial financial services regulators – the Financial Services Commission of Ontario, the Financial Services Tribunal and the Deposit Insurance Corporation of Ontario – published its preliminary position paper “Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario”. The panel recommended the creation of a new provincial financial services regulatory agency (“Financial Services Regulatory Authority” to exercise both prudential and market conduct regulation, essentially replacing FSCO and DICO. Comments on the paper are due by December 14, 2015.

 

, , , , , , , , ,

Corporate social responsibility is dead!

Some organizations might be happy to hear that, but it’s not what you think. According to some, corporate social responsibility (CSR) was never more than a stopgap measure that allowed unsustainable companies to clothe themselves in robes of virtue.

 

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