Legal Year in Review

In this article ­– “How dense is too dense? Challenges of urban densification” ­– we review key developments in the real estate sector with a focus on the densification of urban real estate. The author also looks at the important legislative responses from government that emerged in 2022 and their implications for the years to come including what the impact of densification might be on all classes of Canadian real estate.

This artic...

In this article – “Clarity on vaccine mandates and other issues for employers in 2022” – we review important the developments in labour and employment in Canada in 2022 including vaccination disputes arising in workplaces a well as some early decisions made by Canadian judges and arbitrators regarding mandatory vaccination policies. The authors also examine disconnecting from work and electronic monitoring policy requirements for O...

In this article – “2023: Time to revisit your equity plan design and disclosure” – we review new Canadian non-GAAP disclosure rules and TSX Venture Exchange listing requirements; anticipated material changes to the design and disclosure of executive compensation arrangements for Canadian issuers listed on U.S. stock exchanges in 2023 and beyond; how National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (NI 5...

In this article – “Capital markets activity slows as regulatory changes appear on the horizon” – the authors look back on a year that saw the slowing of activity levels, with initial public offering and follow-on activity declining to the lowest level in years. They also review key factors impacting businesses which participate in the capital markets and are subject to securities regulations.  

The article is authored by James Brown...

In this article – “Big changes to competition and foreign investment law and policy in Canada” – we review the significant issues that emerged in 2022 regarding competition and foreign investment law in Canada including amendments to the Competition Act, developments in competition litigation, national security reviews and a look ahead to 2023.

This article is authored by Shuli Rodal, partner and Chair, Competition/Antitru...

In this article – “The evolving regulatory landscape of virtual care in Canada” – we review the changing rules related to virtual care including a look at the updating of virtual care policies by several health regulatory authorities and the licensing of extra-provincial virtual care providers, technology standards and the need for protection of personal health information.

This article is authored by Michael Watts and Susan Newell,...

In this article – “Financial services regulation in 2022: Bridging the gaps” – we take a look at how regulators fleshed out details around the major developments in the Canadian financial services space over the past several years and worked towards operationalizing new systems and frameworks. This included payments modernization initiatives; new anti-money laundering measures initially introduced as a response to the protests and ...

In this article – “Canada proposes significant tax amendments to align with OECD BEPS recommendations” – we review significant tax amendments proposed by the federal government during 2022 and examine proposed interest deductibility limits, new anti-hybrid rules, mandatory disclosure rules, international tax reform and the GAAR consultation process.

This article is authored by Patrick Marley, partner and Co-Chair, Tax, Kim Maguire, ...

In this article – “Trade law, sanctions and export controls in a new era of global geopolitics” – we review recent developments relating to trade law, sanctions and export controls as well as key restrictions and the federal government’s response to evolving geopolitical situations, the possibility of a further strengthening of existing sanctions and potential implementation of further measures. The authors also review the possible...

In this article – “Critical minerals: A test for the Canadian mining industry” – we review recent developments related to critical minerals in Canada including the federal government’s focus on the development of a critical minerals strategy and how the strategy is intending to identify new deposits for potential future development. As well, the authors review funding commitments made towards critical minerals research and developm...

In this article – “White-collar crime enforcement in Canada: Making headway?” – we review the significant developments in the regulation and enforcement of white-collar crime in Canada in 2022. These include the first court-approved deferred prosecution agreement in the country, in the SNC-Lavalin case; findings from the final report of the Cullen Commission of Inquiry into Money Laundering in British Columbia; Canada’s impending m...

In this article – “ESG: Increased activity and activism” – we review key factors impacting companies incorporating ESG considerations into their business operations and for those who are facing increasing stakeholder pressure for greater ESG disclosure. The authors cover several issues including several new proposals for climate-related disclosure, shareholder activism focused on ESG-related matters targeting various topics such as...

In this article – “The freight train of privacy legislative reform keeps rolling” – we review developments in Canadian privacy legislative reform in 2022; Québec’s Bill 64 which poses a number of personal information and confidentiality requirements on companies carrying on business in that province; the federal government’s Bill C-27 designed to create a new statutory framework governing personal information practices in the priva...

In this article – “Canadian privacy class actions evolve beyond traditional data breaches” – we review the current state of privacy class actions in Canada and the shift by plaintiffs’ counsel away from traditional data breach claims. The authors also look at how Canadian courts are also continuing to consider and grapple with potential new privacy torts.

This article is authored by Robert Carson, partner, Litigation and Simon Camer...

In this article – “Top Canadian public M&A legal developments in 2022” – we review Canadian M&A activity in 2022; the use of derivatives in toehold accumulation strategies; implications of the delayed appeal of the Cineplex/Cineworld decision; recent developments in Rio Tinto’s proposed take-private acquisition of Turquoise Hill Resources; recent examples of public M&A deals being announced on the basis of term sheets; ...

In this article – “2022: A big year for benchmark interbank offered rate reform” – we review the significant developments regarding the transition of the Canadian benchmark rate, the Canadian Dollar Offered Rate, to the Canadian Overnight Repo Rate Average and the important considerations involved for the year ahead.

This article is authored by Lisa Mantello, partner, and Jasmyn Lee, associate, both in the Banking and Fina...

In this article – “No exit: Force majeure and economic risk allocation during COVID-19” – we review how the pandemic has resulted in an uptick in force majeure cases; litigation between Nieuport Aviation Infrastructure Partners GP and Porter Airlines Inc.; guidance provided to contractual parties by the Ontario Superior Court regarding force majeure; and the Supreme Court of Canada’s interpretation of the application of force majeu...

In this article – “Reverse vesting orders: Popular in Canada and going international?” –  we review the use and benefits of the restructuring mechanism known as the reverse vesting order which insolvency professionals in Canada have been seeking, and courts have been approving, with greater frequency. We also look at the first example of a U.S. court recognizing a Canadian RVO in the United States. 

This article is authored by Marc ...

In this article – “2022 developments in capital markets enforcement” – we review structural changes to the capital markets regulatory landscape in Canada, including the separation of the regulatory and tribunal functions of the Ontario Securities Commission; some of the most notable enforcement actions initiated over the course of the year; the use of circumstantial evidence in insider trading cases; a Québec decision on territoria...