Paul Fitzgerald and Tracey Kernahan have produced a client update on the announcement by the Minister of Finance that the provinces of British Columbia, Ontario, Saskatchewan and New Brunswick and the Canadian federal government have signed a memorandum of agreement formalizing the terms and conditions of a cooperative capital markets regulatory system.
The eight major banks and the smaller banks that are members of the Canadian Bankers Association have made voluntary commitments to provide consumers helpful information when they are shopping for a residential mortgage loan, providing a power of attorney (POA) over their accounts or opening a joint deposit account (JDA).
On September 17, the Commodity Futures Trading Commission (CFTC) will hold its first open meeting under new Chairman Timothy Massad to vote on: 1) a re-proposed rule on margin requirements for uncleared swaps for swap dealers; and 2) a final rule excluding certain swaps with utility special entities from the de minimis calculation for swap dealer registration purposes.
A recent decision denying certification of a proposed class action includes some noteworthy comments regarding the preferable procedure requirement.
In March 2013, the U.S. Financial Crimes Enforcement Network (FinCEN) issued a statement that convertible virtual currency administrators and exchangers would be considered money transmitters and would be required to register as such with FinCEN.
LawPro can breathe a sigh of relief – a recent decision suggest that clients are unlikely to succeed in certifying class actions against their former lawyers based on the terms of their retainer agreements.
Canadian courts routinely certify the interpretation of contracts as common issues in class actions. Following the Supreme Court of Canada’s recent decision in Sattva Capital Corp v Creston Moly Corp, however, this practice may come into question. Though Sattva was not a class action, it may nevertheless open the door to arguments that contractual interpretation raises individual variability and should not be certified as a common issue.
In Ontario, the motion for leave to commence a claim under the Ontario Securities Act (“OSA”) is usually heard at the same time as the certification motion in a prospective class action.