In previous publications, we provided an overview of the process
for registering security interests over railcars or rolling stock
in Canada and outlined considerations to be mindful of when taking
railcar security in Canada, including considerations relating to
the recent introduction of the online railway search tool.
Generally, the registration of security agreements, leases and
other documents relating to railcars in Canada is governed by the
Canada Transportation Act1 (the
"CTA"). Registration of a document associated with
railways or rolling stock under the CTA is intended to provide
public notice of the interests contained in the documents
deposited. Earlier this year, Industry Canada launched a new
railway search tool which allows the database of railway documents
to be searched online. For a fulsome discussion of railcar security
interests in Canada and the online search tool, please refer to our
On September 30, 2014, Industry Canada will launch an additional
online tool which will facilitate the electronic deposit of railway
documents with the Registrar General of Canada. Concurrently with
the introduction of the new online deposit tool, the previous
method of registering railcar security in Canada will be obsolete
and paper documents will no longer be accepted at the offices of
Corporations Canada in Ottawa, Ontario.
Although the details of the online deposit tool are not yet
available, the introduction of this new tool marks another
considerable improvement in the system governing security over
rolling stock in Canada, making the system more efficient and less
expensive for clients.
We will publish an additional e-lert once the details of the
online deposit system are available.
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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The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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