Banking, Bankruptcy & Insolvency
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June 19, 2025
FCA sets aside decision that declared Ottawa must fill judicial vacancies ‘within a reasonable time’
A novel Federal Court action that tried to compel Ottawa to fix its chronic tardiness in filling superior court vacancies has been dismissed for lack of jurisdiction by the Federal Court of Appeal; however, the law firm that launched the case to help its clients and other litigants says its efforts were not in vain.
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June 19, 2025
U.S. tariffs will flatline Canadian GDP growth in second quarter, says PBO
The federal Parliamentary Budget Officer (PBO) Yves Giroux is predicting that Canada’s real GDP growth will be flat for the April-to-June quarter (Q2) of 2025, as the effects of pre-tariff stockpiling unwind and new U.S. trade measures begin to weigh on Canadian exports.
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June 19, 2025
CSA amendments tweak regulatory environment for Canadian Securities Exchange
The Canadian Securities Administrators (CSA) have announced amendments to some national instruments and policies to address a number of matters, including the creation of a senior tier by the Canadian Securities Exchange (CSE).
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June 19, 2025
Ottawa quietly reboots Trudeau-era cybersecurity bill passed by Commons but makes changes
The Carney Liberal government has quietly rebooted — with changes — a Trudeau-era cybersecurity bill that proposed new offences, large administrative monetary penalties (AMPs), gags and broad “compliance orders” for businesses, with the stated aim of defending critical infrastructure in the federally regulated sectors of finance, telecommunications, energy and transportation from the rising tide of electronic espionage, ransomware and other “malicious cyber activity.”
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June 18, 2025
G7 summit issues statements on AI, quantum technology, critical minerals and migrant smuggling
Concluding statements on artificial intelligence, quantum technology, critical minerals and migrant smuggling were issued by G7 leaders at the end of the 2025 summit in Kananaskis, Alta.
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June 17, 2025
Canada ramps up sanctions against Russia for Putin regime’s ‘continued aggression’ against Ukraine
Canada announced new sanctions against Russia as leaders of the G7 Western countries met for a second day in Kananaskis, Alta.
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June 17, 2025
CBA backs constitutional amendment to constrain federal use of Charter’s ‘notwithstanding’ clause
In a rare move, the Canadian Bar Association (CBA) has thrown its support behind a Senate public bill (S-218), which proposes a constitutional amendment to restrict and structure the discretion of the federal government to breach Charter rights via the contentious s. 33 “notwithstanding” clause.
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June 17, 2025
Proposed $7M settlement reached in RBC duplicative NSF fee class action
A proposed $7.05-million settlement has been announced in an ongoing class action against Royal Bank of Canada relating to alleged charging of multiple non-sufficient funds (NSF) fees on an attempted transaction.
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June 17, 2025
23andMe data breach a ‘cautionary tale’ for all organizations, warns OPC
The Office of the Privacy Commissioner of Canada (OPC) has warned that the global data breach at 23andMe serves as a “cautionary tale for all organizations about the importance of data protection in an era of growing cyberthreats.”
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June 13, 2025
OSC releases framework for distributing disgorged funds collected to harmed investors
The Ontario Securities Commission (OSC) has issued final rules to “implement a new statutory framework that will facilitate distributing amounts collected by the OSC under disgorgement orders to harmed investors.”