Demystifying claims assignment in Québec
Introduction Claims assignment is often used in the business world across Canada, particularly in the context of structured financing.[1] In Québec, claims assignments are governed by the Civil Code of Québec (the “C.C.Q.”). In this bulletin, we will review some […]
Point-of-sale financing and buy-now-pay-later plans: A regulatory overview
Developments in technology and the financial services industry have, in recent years, promoted drastic shifts in consumer behaviors. These changes were especially visible throughout the COVID-19 pandemic, during which retail e-commerce sales reached record levels. Accompanying this shift in consumer […]
Recapping ISDA’s Annual Margin Survey
Introduction On May 9, 2023, the International Swaps and Derivatives Association (ISDA) released its annual survey examining the total initial margin (IM) and variation margin (VM) collected by leading derivatives market participants in 2022. ISDA is an international private trade […]
Five things learned during SF Canada 2023
On May 24, 2023, members of Miller Thomson’s Structured Finance and Securitization team had the opportunity to attend the Structured Finance Association (SFA) SF Canada 2023 conference. Miller Thomson team members in attendance were Jason Kroft, Ahmad Adam, Shaun Parekh, […]
Music as an asset: Innovative financing of music catalogues
Interest in the securitization of music royalties rose in the late 1990s and early 2000s, as David Bowie became famous in the financing world when he struck a $55 million deal to issue the first asset securitization backed by future […]
British Columbia’s provincial bill regulating money service businesses
Money service businesses (“MSBs”) will now have greater oversight by the British Columbia Financial Services Authority (“BCFSA”). On March 29, 2023, British Columbia put forward Bill 19 – 2023 Money Services Businesses Act (“Bill 19”) which aims to regulate MSBs […]
Digital asset derivatives: The International Swaps and Derivatives Association, Inc.’s digital asset derivatives definitions
The increased popularity of cryptocurrencies and other digital assets has sparked an evolution in the market for derivative contracts referencing such digital assets. In this piece, we provide a brief introduction to the concept of digital asset derivatives, their uses […]
Incorporating ESG practices and principles in loan transactions
Over the past number of years, there has been a growing emphasis on and push to incorporate Environmental, Social and Governance (“ESG”) principles in lending practices. Conducting business in a sustainable, socially-conscious way may allow lenders to improve their financial […]
A primer on GST/HST costs within a securitization structure
When designing or negotiating a securitization structure, while commercial and non-sales tax issues may take precedence, GST/HST issues should be at the forefront of the structuring discussions in order to avoid tax leakage as a result of sales tax exposure. […]
Anti-money laundering concerns for money service businesses (MSBs)
In our previous article in our series on money service businesses (“MSBs”), we identified the requirements to register as a federal money service business for certain businesses. In this piece, we discuss the compliance reporting obligations for MSBs. Individuals and […]
Tapping into securitization: Oil & gas companies digging for new funding sources
Interest rate hikes and quantitative tightening are causing liquidity to shrink across several markets. In particular, oil & gas companies are hitting roadblocks trying to obtain traditional financing at attractive rates, as higher costs of borrowing are compounded with environmental, […]
Comments sought on short selling activities in Canada
On December 8, 2022, the Canadian Securities Administrators (“CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) published Staff Notice 23-329 – Short Selling in Canada (the “Notice”). The purpose of the Notice is to provide an overview of […]
Trigger rates in Canada: What does this mean for Canadian mortgagors and mortgage-backed securities?
Since March 2022, the Bank of Canada has been periodically increasing the country’s key interest rate. Seven interest rate hikes later the overnight rate is now at a staggering 4.25%, a dramatic increase from the beginning of the year. For […]
Regulating money service businesses in Canada: The not so well known money service business regime
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”) and its related regulations govern money service businesses (“MSBs”) in Canada. MSBs are regulated by the Financial Transactions and Reports Analysis Centre (“FINTRAC”). FINTRAC defines an MSB as […]
True sale principles from Canadian case law
In many structured finance transactions, the commercial intention among the parties is to effect a transaction resulting in a purchase and sale between a buyer (the party contributing funds) and a seller (the party contributing revenue streams from financial assets). Whether […]
Trends from 2022 OSC Investment Fund Survey
On September 9, 2022, the Ontario Securities Commission (“OSC”) published the results of its annual Investment Fund Survey (“IFS”). The IFS gathers input from over 400 investment fund managers (“IFMs”) registered in Ontario to collect data on approximately 5,700 prospectus-qualified […]
The potential blockchain revolution in asset securitization
Blockchain technology is rapidly evolving and continues to transform many aspects of the financial services industry. One such area is securitization – where blockchain can significantly enhance transaction transparency while reducing operational inefficiencies and costs in the securitization process. This […]
