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An uptick in performance in recent fundraising In this bulletin we provide our view on positive trends in the Canadian private equity market, discuss liquidity options being used in the current environment, and share three critical points that clients should keep in mind when negotiating private equity deals in 2026. The start of 2025 saw a positive development in a subdued Canadian private equity environment. During the first five months…

The most recent amendments to Ontario’s Construction Act are now effective (as of January 1, 2026). The most significant implication of these amendments are to the administration of the statutory holdback and the requirement for the annual release of holdback going forward for construction projects in Ontario. The amendments were introduced through Building Ontario for You Act (Budget Measures) (Bill 216). An overview of key amendments under Bill 216 is set…

In VanMar Constructors ON 1028 Inc. v Travelers Insurance Company of Canada, 2025 ONSC 6959, the Ontario Superior Court found that a performance bond action by a contractor was commenced after expiry of the bond limitation period, and dismissed the action. While the facts were straightforward, the court's analysis provides important guidance on the interpretation and enforcement of limitation periods under performance bonds. Background VanMar Constructors ON 1028 Inc. (VanMar)…

On January 1, 2026, the European Union (EU) formally launched the world’s first carbon border levy. After a transitional period of over two years and a flurry of additional legislation required to operationalize the levy in late 2025, the EU’s Carbon Border Adjustment Measure (CBAM) is now in full force. Critics have disparaged CBAM for the costs imposed on producers outside of the EU and labelled it as a protectionist…

Artificial intelligence is making its mark across all sectors, including in the workplace. In the past year, AI-powered smart glasses have evolved from being a novelty to becoming the focus of serious pilot programs. Meta’s Ray-Ban lineup has introduced enhanced AI features, fuelling enterprise trials even amid ongoing privacy debates. Meanwhile, the augmented reality landscape is shifting: Microsoft has paused development of new HoloLens hardware, while Google, collaborating with XREAL,…

Canada’s implementation of the Organisation for Economic Co-operation and Development’s Common Reporting Standard under Part XIX of the Income Tax Act (CRS) imposes due diligence and reporting obligations on financial institutions. Financial institutions with CRS obligations include a wide array of entities such as banks, credit unions, insurance companies, trust companies, custodians, securities dealers, portfolio managers and collective investment vehicles (including, but not limited to, mutual funds, exchange traded funds,…

The Government of British Columbia has published the Restricted Insurance Agent Licence Regulation, introducing a new restricted licensing framework for businesses that sell insurance incidentally to their primary goods or services. Certain non-insurance businesses previously exempt from licensure must now apply for a Restricted Insurance Agency (RIA) Licence to continue selling eligible insurance products.to sell insurance products. The new regime will take effect January 1, 2027. This change represents a…

The Ontario Securities Commission’s (OSC) Corporate Finance Division 2025 Annual Report (Report) provides essential updates, regulatory guidance, and emerging trends for reporting issuers and companies considering going public. Takeaways $58.4 Billion Raised in the Exempt Market. Institutional investors were the most significant investors in 2025; however, individuals contributed nearly $3 billion to the exempt market. The accredited investor exemption accounted for 90% of all exempt capital raised. Continuous Disclosure is…

On Nov. 20, 2025, the Capital Markets Tribunal (the Tribunal) dismissed an application by Katanga Mining Limited (Katanga) under s. 17 of the Securities Act (the Act) for authorization to disclose confidential investigative documents to its parent company, Glencore plc (Glencore) otherwise prohibited from disclosure under s. 16 of the Act, for use in ongoing civil proceedings before the U.K. High Court of Justice. The decision—Katanga Mining Limited v Ontario…

The Federal Financial Institutions Legislative and Regulatory Reporter (the Reporter) provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered. November 2025 Published Title and Brief Summary Status (if applicable) Office of the Superintendent…

The murky waters of the new digital economy are fertile ground for financial criminals: a careless click on a phishing link, or a single call to a gullible recipient can allow the threat actor to reel in the “catch of the day”, leaving numerous victims in their wake. Where the threat actor gains access to the victim’s email account and initiates payment to a vendor, who bears the loss between…

In a recent article, BLG lawyers discussed the recent Memorandum of Understanding (MoU) between the Government of Canada and the Province of Alberta in the context of pipeline development, carbon management, and leveraging Alberta’s resources in pursuit of energy competitiveness. The MoU also signals some encouraging trends for proponents of data centres and AI infrastructure, which have been reinforced by provincial legislation and policy developments including the recently-introduced Bill 8. Electricity…

Alberta Premier Danielle Smith and Prime Minister Mark Carney signed the historic Canada-Alberta Memorandum of Understanding (the MoU) on Nov. 27, 2025, in Calgary. On Nov. 28, 2025, BLG published an article exploring the implications for the Oil & Gas industry including the Carbon Capture, Utilization and Storage (CCUS) market.  This overview will focus on the MoU’s implications for electricity generation, transmission and carbon policy in Alberta. The MoU commits Alberta…

The Office of the Commissioner of Lobbying of Canada (the OCLC) has changed its interpretation of the registration threshold for corporations engaging in lobbying. The new threshold is much lower and only allows for eight hours of lobbying before a corporation is required to register with the OCLC. By contrast, the previous “20 per cent rule” allowed for an organization to engage in approximately 32 hours of lobbying in any…

On December 2, 2025, the Québec Minister of Justice tabled Bill 10, An Act to protect consumers against abusive practices in ticket reselling and online subscription renewal (the Bill), which proposes multiple amendments to the Consumer Protection Act (CPA). The Bill targets key areas that have seen a rise in consumer complaints, including online subscription renewals, ticket reselling practices, and the right of consumers to post reviews or share feedback.…

The Federal Financial Institutions Legislative and Regulatory Reporter (the Reporter) provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered. August 2025 Published Title and Brief Summary Status (if applicable) Office of the Superintendent…

The Federal Financial Institutions Legislative and Regulatory Reporter (the Reporter) provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered. September 2025  Published Title and Brief Summary Status (if applicable) Office of the Superintendent…

Unveiled at last On Dec. 10, 2025, the Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) published their much-anticipated findings from recent regulatory compliance sweeps of 105 registered firms in Staff Notice 31-368 Client Focused Reforms: Review of Registrants’ Know Your Client, Know Your Product and Suitability Determination Practices and Additional Guidance (the Report).   Casting a spotlight on compliance programs The Report summarizes findings and provides guidance…

The Federal Financial Institutions Legislative and Regulatory Reporter (the Reporter) provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered. October 2025 Published Title and Brief Summary Status (if applicable) Office of the Superintendent…

Maritime law practitioners and industry stakeholders gathered in Montréal on Dec. 5, 2025, for BLG's flagship maritime event BLG's Shipping Group recently hosted its 37th Annual Maritime Law Seminar in Montréal, bringing together leading maritime law practitioners, industry representatives, and government officials to discuss the latest legal developments affecting Canada's shipping sector. The seminar featured four focused sessions covering critical topics from marine casualty response to evolving trade regulations, container…

In Carcillo v. Ontario Major Junior Hockey League, the Court of Appeal for Ontario upheld the motion judge’s decision refusing certification of a proposed class action alleging systemic abuse of young players in major junior hockey leagues. The Court of Appeal held that the proposed class action was of “an unprecedented scale and complexity” and that the lack of a workable litigation plan meant that the motion judge was justified…

Introduction Infringement by common design was established for the first time in Canada by the Federal Court (FC) in the decision Adeia Guides Inc. v. Videotron Ltd, released on Nov. 14, 2025. The FC found Videotron liable for infringement of two patents on the theory of common design. Discussing the concept of infringement by common design, the FC stated at paragraph 476: The concept stems from the principle of holding…

On November 27, 2025, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102) and its Companion Policy, and issued a related consultation paper. Why now? In 2020, the CSA issued CSA Staff Notice 81-333 Guidance on Effective Liquidity Risk Management for Investment Funds (LRM Guidance). In 2022, the International Organization of Securities Commissions (IOSCO) published a report assessing how IOSCO’s member…

Further to our recent article discussing the Building Canada Act and the announcement by the federal government to launch the Major Projects Office (MPO) to facilitate the advancement of major infrastructure and energy projects that are of national interest, the federal government has announced the first and second tranches of nation-building projects that have been referred to the MPO. Per the federal government’s recent statement, the projects referred to the MPO…

In November 2025, Alberta’s Superintendent of Insurance (the Superintendent) updated two important guidelines related to licencing and capital requirements for the captive insurance industry in Alberta: the Captive Insurance Company Licensing Guide and the Capital Guideline for Captive Insurance Companies. For those unfamiliar with captive insurance companies (Captives), these entities can be established as an alternative to traditional insurers, providing strategic insurance coverage for the organizations that create and own…

ISS Guidance (ISS) has published policy updates for its 2026 Global Proxy Voting Guidelines (Guidelines) which include key clarifications specifically for Canadian issuers with respect to (i) advance notice provisions (ANPs), (ii) amendments to equity-based compensation plans, and (iii) non-employee director (NED) deferred share unit (DSU) plans. The updated Guidelines also provide general policy updates applicable to all global issuers with respect to environmental and social-related (E&S) shareholder proposals and…

On November 17, 2025, the Ontario Information and Privacy Commissioner (IPC) released a complaint report arising from the December 2024 cyberattack against the PowerSchool Student Information System (SIS). The report is the IPC’s most current guidance on the obligations of Ontario public sector institutions that outsource systems for processing personal information. The findings Twenty public school boards reported the PowerSchool incident to the IPC. A threat actor used compromised credentials…

Canada’s minority Liberal Government presented Federal Budget 2025 – some eight months later than usual – on November 4. Having survived a Confidence vote, on November 18, the Government tabled Bill C-15, its first omnibus Budget implementation bill. We will have more to say on the bill as it moves through the House. For now, we offer brief comments on key elements of the Budget Plan. This is not a…

BLG was recently successful at the Court of Appeal for Ontario in McCormack v. Evans, 2025 ONCA 767. McCormack was a unanimous decision, upholding the dismissal at trial of the plaintiff’s action against several police defendants, including claims for negligent investigation, malicious prosecution, misfeasance in public office, and Charter damages. Finding no error in the trial judge’s reasoning, the Court reaffirmed and clarified how judges must approach questions of evidentiary…

Globally, attempts at AI governance continue to evolve: On September 26, 2025, Canada’s federal government announced the launch of a new AI Strategy Task Force, whose preliminary recommendations are expected to be released later this month and are expected to inform Canada’s anticipated federal AI legislation. South of the border, California became the first U.S. state to enact a comprehensive suite of AI laws, which will govern a wide range…

The Ontario Superior Court of Justice recently released its decision in His Majesty the King v RSA, confirming a duty to defend on the part of two insurers that provided historical comprehensive general liability (CGL) coverage to the Province of Ontario from 1975 to 1984, notwithstanding that the bridge collapse at issue did not occur until 2018. The allocation of defence costs was based on time on risk, thereby limiting…

What you need to know On Nov. 12, 2025, in one of the most consequential cases in the Canadian gaming sector in decades, the Court of Appeal for Ontario (the Court) released its long-awaited decision on Ontario’s reference question regarding international “pooled liquidity”. A strong majority of the Court (4:1) ruled in favour of Ontario’s position and agreed that legal online gaming (or iGaming) would remain lawful under the Criminal…

This article was originally published in the Ontario Expropriation Association’s Newsletter. Introduction Few decisions in recent times have meaningfully challenged long-held assumptions about the security of public land as Kosicki v. Toronto (City), 2025 SCC 28 ("Kosicki").1 For generations, municipalities, conservation agencies and the provincial Crown have acted on the assumption that once land had been expropriated or otherwise dedicated for public use, it was effectively immune from private use through…

On Nov. 4, 2025 (Budget Day), the Honourable François-Philippe Champagne tabled the federal budget titled “Budget 2025: Canada Strong” (Budget 2025). Budget 2025 includes several notable tax changes, which are more fully described in our main budget analysis. This Insight focuses only on the proposed changes to the qualified investments regime that were announced in Budget 2025. The proposed changes arose from the consultation (Consultation) that was initiated by “Budget…

A conversation with Melinda Park, Marina Paperny and Sonya Savage In October, BLG and the Association of Corporate Counsel (ACC) Alberta hosted an engaging session titled: Boardroom Evolution: Strategy, Law and Governance in 2025, drawing on the diverse perspectives of BLG leaders, Melinda Park K.C., Hon. Marina Paperny K.C., and Hon. Sonya Savage K.C., moderated by Makiko Hata, Assistant General Counsel, ATB Financial. The panel explored timely issues shaping Alberta and beyond,…

The Government of Alberta has reaffirmed its commitment to its Artificial Intelligence & Data Centre Strategy (Strategy), doubling down on its ambition to make Alberta a leading North American hub for AI and AI infrastructure by leveraging Alberta’s strengths in power capacity, sustainable cooling, provincial wide fibre-optic, and economic growth. To advance implementation, the Province has committed to several initiatives, including modernizing regulatory frameworks, establishing a purpose-built data centre concierge,…

Canadian businesses are enhancing their approaches to preventing and reducing the risk that forced or child labour is used in their activities and supply chains by taking additional steps to assess and manage those risks. Public Safety Canada’s 2025 annual report to Parliament on the Fighting Against Forced Labour and Child Labour in Supply Chains Act (the Act)1 provides insights into the risks of forced or child labour that reporting…

The 2024 Annual Compliance Report Card (the Report Card) published by the British Columbia Securities Commission (BCSC) summarizes the findings of the BCSC compliance teams arising from their reviews of the compliance programs of B.C.-based portfolio managers, investment fund managers, and exempt market dealers in 2024. The Report Card provides guidance to firms and chief compliance officers to improve their compliance programs. Of note, the Report Card provides an early…

Under Canadian privacy law, “de-identified” data can be used for research, product development and other such “secondary purposes” without individual consent and without the normal protections that apply to personal information. On October 15, 2025, the Information and Privacy Commissioner/Ontario updated its guidance on the de-identification of personal information. The new guidance is set out in a 96-page document entitled De-Identification Guidelines for Structured Data; Updated and Expanded. This new…

The Ontario Not-for-Profit Corporations Act, 2010 (the ONCA), proclaimed in force on Oct. 19, 2021, is now the foundational corporate governance legislation for most Ontario Hospitals. In 2021, BLG worked with the Ontario Hospital Association to create new ONCA-compliant prototype governance documents to assist Hospitals in transitioning to ONCA, and to take advantage of flexibility and protections provided by ONCA. Most hospitals used these templates to assist in completing their…