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...
What exactly are carbon tokens?
In this short piece, we will examine carbon tokens: a tool of increasing relevance in the battle to address climate change. How are carbon instruments typically structured and traded? In the fight to address climate change, businesses and individuals have...
