Canadian Liquid Alternatives: The Next Market Disruptor

June 2018 | Michael Ginelli, Alexandra Krystal and Robert Lemon, CIBC Capital Markets

The Canadian mutual fund market, like the markets for European Alternative UCITS, and US ’40 Act Liquid Alts before it, is on the verge of historic change with proposed amendments to National Instrument 81-102 (the “Proposal”), which introduces a framework for offering greater choice to retail investors. This innovation is an extremely positive outcome for all participants, and should the proposals put forth by the Canadian Securities Administrators (“CSA”) be adopted, strategies, that were not readily accessible to retail investors will become available.

Canadian Taxation of Cryptocurrency … So Far

February 2018 | Mariam Al-Shikarchy, Steven Baum and Laura Gheorghiu, Gowling WLG

Cryptocurrency is digital "money" that utilises encryption techniques to regulate the issuance of units and verify their transfer. Cryptocurrency operates without the participation of a central bank or other government agency.

Use of ‘Private’ Mutual Fund Trusts for Employees’ Investments through an RRSP

November 2016 | Éric Gélinas, Professor, Taxation Department, Sherbrooke University, of Counsel Lavery De Billy LLP

An increasing number of employers are looking at the possibility of creating investment vehicles to allow their employees to make investments in the employer corporation or a portfolio managed by the employer that will qualify for inclusion in, inter alia, registered retirement savings plans (RRSP), registered retirement income funds (RRIF), registered education savings plans (RESP) and tax-free savings accounts (TFSA) (collectively referred to hereinafter as the ‘Registered Plans’).

The AIFMD Third Country Passport – An Update

September 2016 | Monica Gogna, Michelle Moran, Anand Damodaran, Matthew Judd and John Young, Ropes & Gray

The European Securities and Markets Authority (ESMA) published on 19 July 2016 its final advice to the European Commission (the Commission) on the extension of the marketing passport under the Alternative Investment Fund Managers Directive (AIFMD) to 12 non-EEA countries, including the United States. This note is intended to highlight ESMA’s advice to the Commission and set out the steps firms would need to consider when applying for a third country passport.

Growth of Islamic Finance in Canada

February 2015 | Rehan Huda, Amana Canada Holdings

Though relatively underdeveloped compared to some other Western jurisdictions, namely the UK and the US, Islamic finance is making small but steady strides in the Canadian market. Rehan Huda discusses the correlation between the growth in size and affluence of the Canadian Muslim community and growth in the level of observance, leading to more vocal demand for Islamic financial products and services.

Canadian Regulators Propose Standard Deviation as the Mandatory Risk Measurement for Canadian Investment Funds

February 2014 | Anick Morin , Eric Lapierre , Rebecca A. Cowdery and Francesca F. Smirnakis, Borden Ladner Gervais

On December 12, 2013, the Canadian Securities Administrators (CSA) published CSA Notice 81-324 Proposed CSA Mutual Fund Risk Classification Methodology for Use in Fund Facts. The CSA propose to mandate (or adopt as guidance only) that all Canadian mutual funds use standard deviation as the measurement of risk and for risk classification purposes. Once a fund’s standard deviation has been calculated, the fund manager will be required to slot the fund into one of six standardised risk bands proposed by the CSA for the purposes of the simplified prospectus and Fund Facts disclosure. Notably, the CSA have not published proposed rule amendments – the Notice describes the CSA’s proposed methodology, including its proposals for enhanced disclosure, and is designed to elicit feedback on the proposals in advance of rule-making.

Canada: Will Slow and Steady Win the Race?

November 2013 | Rehan Huda, Amana Canada Holdings

Though relatively underdeveloped compared to some other western jurisdictions, namely the UK and US, Islamic finance is making small but steady strides in the Canadian market. Rehan Huda discusses the increasingly attractive Islamic market in the country.

Hedge Fund Managers: Your 2013 Annual Compliance Check-Up – Quick Tips on Doing a Self-Diagnosis

November 2013 | Ronald M. Kosonic and Sarah K. Gardiner, Borden Ladner Gervais

Canada, in keeping with the rest of the world, has seen unprecedented change in the regulation of the financial markets over the past five years – not only in scope and detail, but also in speed of implementation. At the same time, regulators have stepped up their oversight with both broad-based and targeted compliance audits, resulting in the need for financial services participants to place an increasing focus on compliance.

Socially Responsible Investing in Canada

December 2008 | Eugene Ellmen, Social Investment Organization

Buoyed by climate change and other issues, the socially responsible investment (SRI) industry in Canada has grown significantly in the last few years. New companies have entered the market launching new funds and other products and grabbing attention from the media, policymakers and financial heavyweights.

Islamic Finance (Finally) Taking Root in North America

June 2007 | Stephen Lange Ranzini, University Bancorp

Despite the reported US$276 billion in assets that Islamic finance holds globally (according to a recent KPMG study), the industry has only recently broken the billion dollar mark in the wealthiest and most diverse nation in the world, which although predominantly Christian, has the largest Muslim population outside the Muslim nations. While the size of the Muslim population in the US and Canada is not known because government statistics, including census data, by law cannot collect religious affiliations to prevent discrimination on the basis of religion, it is estimated by researchers to be nearly 10 million strong.