Business, Management, Marketing, Money, Tax, Law, People

Data sovereignty has re-emerged as a central concern for Canadian organizations navigating an increasingly complex geopolitical and regulatory environment. At present, the underlying concern involves the power of U.S. government authorities, through the 2018 U.S. Clarifying Lawful Overseas Use of Data Act (CLOUD Act), to access the personal information of Canadians. At its core, the issue of data sovereignty raises a practical and pressing question: to what extent can foreign…

The Canadian Investment Regulatory Organization (CIRO) released its latest annual compliance report (the Report) which details areas of focus for CIRO-regulated dealers in 2026 and beyond. As always, we encourage firms to use the Report as a checklist to conduct a gap analysis of regulatory and compliance priorities. Where Dealer Members may wish to focus In anticipation of CIRO’s enhanced focus on the following topics in upcoming CIRO dealer member…

Venture issuers who meet certain conditions and criteria can now file financial statements and related MD&A on a semi-annual basis (the SAR Pilot) under the Canadian Securities Administrators’ (CSA) new Coordinated Blanket Order 51-933 – Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the Blanket Order). The Blanket Order introduces a voluntary pilot project that is intended to reduce the regulatory burden and costs associated with frequent interim reporting…

Canada’s unique regulatory environment can present opportunities and challenges for U.S. firms looking to offer their funds or services to Canadians. Even the simple task of marketing your fund to a Canadian investor can put you offside Canadian securities law if you do not have a dealer that is authorized or exempt in the relevant jurisdiction of Canada with you at the pitch meetings. Exemptions from Canadian dealer, adviser and…

Bill 97 (the Plan to Protect Ontario Act (Budget Measures), 2026) will introduce significant amendments to Ontario’s freedom of information and privacy framework by updating both the Freedom of Information and Protection of Privacy Act (FIPPA) and the Municipal Freedom of Information and Protection of Privacy Act (MFIPPA). For municipal institutions, school boards, colleges and universities, hospitals, and Crown agencies, these reforms are best understood as a legislative response to…

On March 23, 2026, the Ministry of Public and Business Service Delivery and Procurement published two regulations under the Enhancing Digital Security and Trust Act, 2024 (EDSTA). O. Reg. 51/26 (Cyber Security) and O. Reg. 52/26 (Digital Technology Affecting Individuals Under Age 18) will both come into force on July 1, 2026. These regulations impose new governance, reporting, and transparency obligations on a broad range of Ontario public sector institutions,…

On March 26, 2026, Bill C-15 (Budget 2025 Implementation Act, No. 1) received Royal Assent, bringing into force significant amendments to Canada’s transfer pricing rules under section 247 of the Income Tax Act. These changes have been anticipated since Budget 2025 was released in November 2025, but Royal Assent marks the point at which the proposals become binding law and provides certainty as to how transfer pricing audits and disputes…

Entire agreement clauses are often treated as a contractual safety net: once the definitive agreement is signed, prior drafts, negotiations, and understandings are meant to fall away. Courts have long recognized limited exceptions to that rule, most notably the use of surrounding circumstances as part of the factual matrix to resolve genuine ambiguity in the contract’s language.  In Project Freeway Inc. v ABC Technologies Inc., 2025 ONCA 855, the Ontario…

In January 2025, former Federal Minister of Health, the Honourable Mark Holland, released a Letter to provinces and territories on the importance of upholding the Canada Health Act – 2025. We wrote about it here. In short, Minister Holland released an interpretation of the Canada Health Act (CHA) that charging patients for services provided by any health professional that are typically covered by the province when delivered by a physician,…

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. February 2026 Published Title and Brief Summary Status (if applicable) Office of the Superintendent of Financial Institutions (OSFI) February 26, 2026 Targeted…