This blog is authored by members of the Osler Banking & Financial Services Practice Group. The Group consists of more than 30 practitioners, plus a number of additional lawyers from related practice areas who are cross-appointed to our Group. With their network of offices across Canada and in New York, they seamlessly navigate between U.S., international and Canadian lending environments, anticipate and address industry-specific issues and provide integrated banking and debt finance expertise on domestic and cross-border transactions.
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The Wage Earner Protection Program (the “Program”) is a government-sponsored program in Canada that provides the higher of $3000 or an amount equal to four times an eligible employee’s maximum weekly insurable earnings under the Employment Insurance Act (Canada) to compensate such...
Financial Institutions and Cloud Computing: An Update from OSFI on Guideline B-10 - Reading Their Message Between the Lines
It would not be an exaggeration to say that a number of technology companies (and their customers) see Cloud Computing as an important development on the question of how to store ever increasing amounts of data at a reasonable price and at the same time permit the accessing of that data in an...
From time to time, we receive inquiries from foreign banks that do not have a presence in Canada on whether there are any Canadian banking regulatory restrictions on lending to Canadian borrowers. Under the Bank Act (Canada), a foreign bank can lend to Canadian borrowers by: establishing a...
On January 1, 2012, the Prescribed Entities and Classes of Mortgages and Hypothecs Regulations (the “Regulations”) under the Interest Act (Canada) (the “Act”) came into force. The Regulations expand the class of “prescribed entities” that are exempted from the...
In December 2011, the federal government launched a consultation aimed at updating Canada’s regime for combating money laundering and terrorist financing. The Department of Finance released a consultation paper setting out proposals to strengthen Canada’s anti-money laundering and...
Lenders should be cognizant that the granting of security by a debtor may be subject to challenge as a fraudulent preference in the event the debtor subsequently files for liquidation or proposal proceedings under the Bankruptcy and Insolvency Act (Canada) (the “BIA”) or restructuring...
At the American Securitization Forum annual conference last month, a panel discussed the future of U.S. mortgage finance. Following the 2007 financial crisis and the collapse in U.S. housing values, there has been a transfer of U.S. mortgage funding from private sources of capital to government...
A working group of the Personal Property Security Law Sub-Committee of the Ontario Bar Association’s Business Law Section has developed a proposal for amendments to the Ontario Personal Property Security Act to provide for perfection by control of deposit accounts and other forms of cash...
Lenders should be aware that when taking security in certain goods with serial numbers in Canada, the rules regarding registration of financing statements vary across provincial jurisdictions; a detail that, if overlooked, could impact the priority of the lender’s security interest. In...
Loan agreements governed by Ontario law commonly include a provision that is intended to address the maximum effective annual rate of interest that is chargeable thereunder without contravening the usury provisions of the Criminal Code (Canada). For purposes of the Criminal Code (Canada),...