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The report sets out its recommendations in very general terms
that are not likely to provide much in the way of specific guidance
for local regulators. It recommends for example the
establishment of minimum standards for the registration or
licensing of DMIs. Relevant material information on licensed or
registered DMIs should be publically available. According to
the recommendations, market authorities should also consider
imposing some form of capital or other financial resources
requirements for DMIs that are not prudentially regulated.
The report also recommends that DMIs be subject to business
conduct standards tailored to the OTC derivatives market. DMIs
would also be required to have effective corporate governance
frameworks in place, supervisory policies and procedures to manage
their OTC derivatives operations, and risk management systems
to manage OTC derivatives related business risks.
Ultimately, the report is intended to
further G-20 Leaders' objective of reforming the
OTC derivatives market to improve transparency, mitigate
systemic risk and protect against market abuse. Of more
interest to Canadian market participants will be the CSA
consultation paper on market intermediary regulations to be
published later this summer.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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On May 13, 2013, the Ontario Court of Appeal released its highly-anticipated decision in Royal Bank of Canada v. Samson Management & Solutions, a case concerning the enforceability of a "plain-vanilla standard form bank guarantee" in the context of a business loan.
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Short term investors are extremely risk-adverse, and as we have seen, a large enough flight can turn into a stampede which can cause significant collateral damage.
In Kasten Energy Inc. v. Shamrock Oil & Gas Ltd., 2013 ABQB 63, the Alberta Court of Queen’s Bench considered the application of Kasten Energy Inc. to appoint a receiver over all of the assets and undertakings of Shamrock Oil & Gas Ltd..
Canadian managers of funds that are currently marketed into the European Union should be aware of the broad ambit of the Alternative Investment Fund Managers Directive and of the restrictions the AIFM Directive may impose as of July 22, 2013 on their activities in the EU.
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