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...
Securitisation: Canada
Mondaq Comparative Guides
Jason Kroft and Alfred Apps, with contributions from Ahmad Adam, Ron Choudhury, Simon Igelman, Asim Iqbal, Luc-Antoine Manneh, Shaun Parekh and Margaret Shodeinde, author the Canada chapter for Mondaq’s Securitisation Comparative Guide. The guide provides a detailed analysis and comparison...
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...
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...
