Banking, Bankruptcy & Insolvency
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September 18, 2024
B.C. Supreme Court rules lawyer did not owe a duty of care in real estate transactions
In a case combining contract law and a lawyer's duty of care, the Supreme Court of British Columbia has dismissed an action against a lawyer who allegedly released funds from a trust account before closing three real estate transactions, ruling that the governing contract permitted him to do so.
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September 17, 2024
Capital Markets Tribunal shortens timeline for issuing decisions in simple cases
Ontario’s Capital Markets Tribunal has shortened the interval standard for issuing reasons in simple matters to 45 days after the receipt of the last submissions from the previous standard of 90 days, according to a release.
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September 16, 2024
Ottawa raises insured mortgage cap, expands eligibility for 30-year amortizations
The federal government has announced an increase in the home price cap for insured mortgages to $1.5 million and an expansion of eligibility for 30-year mortgage amortizations to include first-time homebuyers and all buyers of new builds.
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September 13, 2024
Appeal court finds ‘largest custodial bank’ breached contract in market pricing data agreement
The Ontario Court of Appeal has allowed a cross-appeal in a dispute over who the "client” was in a 1999 contract in which the “world’s largest hedge fund administrator” provided market data to the world's largest custodial bank and securities services provider.
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September 12, 2024
Canadian securities regulators issue guidance on new business conduct rules for derivatives market
The Canadian Securities Administrators (CSA) has published a staff notice addressing frequently asked questions (FAQ) from derivatives market participants related to business conduct rules set to come into force on Sept. 28, 2024.
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September 12, 2024
Aird & Berlis expands with 2 new partners
Aird & Berlis recently announced the addition of new partners John Munnis and Andrea Kroetch, a recent news release stated.
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September 11, 2024
Federal Court quashes CRA decision to reassess taxpayer after accepting voluntary disclosure
The Federal Court has quashed a decision by the minister of national revenue to reassess a taxpayer without justification after accepting disclosure by the taxpayer under the Voluntary Disclosures Program (VDP) as complete.
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September 10, 2024
Securities panel discusses trends in emerging AI for retail investors
Artificial intelligence (AI) is being developed for the benefit of investors at the end-user stage, with a focus on offering accurate and helpful financial advice and services, according to a panel at the North American Securities Administrators Association (NASAA) conference on Sept. 9, hosted for the first time in Canada since 2000.
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September 10, 2024
Federal government announces public consultation as it eyes surtaxes on more Chinese goods
Amid rising trade tensions with China, Canada has launched another public consultation as a potential precursor to imposing additional surtaxes on Chinese goods.
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September 09, 2024
Court overturns summary dismissal of claim concerning stolen funds used to purchase Bitcoin
The Saskatchewan Court of Appeal has set aside the summary dismissal of claims related to the sale of Bitcoin using fraudulently obtained funds, finding that the lower court erred in rejecting evidence relevant to when the seller learned about the origin of the funds.