Banking, Bankruptcy & Insolvency
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April 10, 2025
Constitutional clash brewing as Ottawa targets immigration bar with up to $1.5 million in admin penalties
Bar organizations are warning Ottawa that a new administrative monetary penalty regime to be applied to legal professionals — featuring penalties of up to $1.5 million for immigration and refugee lawyers determined by federal officials to have participated in clients’ misrepresentations — will be constitutionally challenged if lawyers are not exempted from the proposed regulations, which are expected to come into force later this year.
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April 09, 2025
B.C. Court of Appeal overturns $10-million ruling against B.C. over misfeasance in public office
The B.C. Court of Appeal has overturned a $10-million damages award against the province for misfeasance in public office, ruling that misconduct by government officials did not cause the financial losses claimed by the plaintiff.
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April 08, 2025
Joint Forum of Financial Market Regulators discuss responsible use of AI
Canadian financial market regulators from across multiple sectors wrapped up their annual meeting April 8 in Calgary after examining the growing use of artificial intelligence (AI) systems by market participants, among other issues.
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April 07, 2025
B.C. court certifies class action over public guardian’s failure to secure benefits for children in care
The B.C. Supreme Court has certified a class action against the province's Public Guardian and Trustee (PGT), alleging that it was negligent and breached its fiduciary duty to children in care by failing to obtain no-cost federal and provincial education benefits for them.
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April 04, 2025
B.C. Court of Appeal rejects SEC appeal over Mareva injunction variation
The B.C. Court of Appeal has denied the U.S. Securities and Exchange Commission (SEC) permission to challenge a ruling that varied a Mareva injunction, allowing an individual ordered to pay over $11 million in a stock manipulation case to use frozen funds for legal and personal expenses.
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April 04, 2025
New report finds businesses not succession ready as many owners retire
Canada is facing a wave of small business closures amid “economic uncertainty and tariff wars,” partly driven by the number of retiring baby boomer entrepreneurs, according to a new report by consulting firm MNP, which found that nearly two-thirds (64.1 per cent) of Canadian businesses have no succession plan.
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April 03, 2025
Alberta Court of Appeal rejects trust claims over airport fees held by insolvent airline
The Alberta Court of Appeal has ruled that airport improvement fees collected by a now-insolvent airline are not held in trust for certain airport authorities. The court cited a provision in the agreement between the parties that explicitly disclaimed any intention to create a trust relationship.
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April 03, 2025
Carney announces 25 per cent retaliatory tariff on U.S. autos
Prime Minister Mark Carney has vowed to fight U.S. tariffs on all fronts, including in the courts and with a new 25 per cent tariff on U.S.-made automobiles in direct response to a 25 per cent U.S. tariff on Canadian vehicles that went into effect at midnight on April 3.
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April 03, 2025
New rules, regulations for mortgage brokers in Newfoundland and Labrador
New rules and regulations are now in play for mortgage brokers in Newfoundland and Labrador. “New rules for the mortgage broker industry” came into effect April 1, according to a news release; they come via the Mortgage Brokerages and Brokers Act and Regulations.
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April 01, 2025
Canadian securities regulators delegate registration authority to CIRO
Effective April 1, securities regulators in Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and Yukon are delegating certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO).