The following is an overview of key developments in Canadian law
and regulatory practice applicable to private M&A in the oil
and gas industry from January 1 to March 31, 2016.
Oil & Gas Regulatory
The NEB approved, for the first time, a 40-year
liquefied natural gas export licence for the Shell-led LNG Canada
Development facility in Kitimat, British Columbia.
Alberta's NDP announced a summary of a Modernized Royalty
Framework it intends to implement. While important details have yet
to be worked out, industry's preliminary reaction has been
The federal government has already imposed conditions on Enbridge's Northern
Gateway pipeline project, but provincial conditions may also be
forthcoming as a result of a B.C. court's ruling that the
province must fulfil its own duty to consult with affected First
Nations and make its own decision.
The federal budget proposes to introduce a specific regime that
will treat emissions allowances as inventory, which will apply to
emissions allowances acquired in taxation years beginning after
Although the Liberal government had previously promised to change the tax treatment of stock
options, the 2016 budget is silent on this issue, meaning there
will be no changes to taxation of stock options in the upcoming
The Ontario Court of Appeal found that two contractors that worked
exclusively for one company were "dependent" contractors
entitled to notice periods akin to those that similarly situated
employees would receive, even though the company had labelled these
individuals as independent contractors.
The Ontario Court of Appeal held that the confidentiality provisions set
out in the Investment Canada Act do not prevent courts
from ordering companies to disclose the undertakings they are
required to make to the Canadian government in order to obtain ICA
approval for foreign acquisitions.
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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Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
The Government of Alberta recently announced a number of policy changes that will impact the Alberta Electricity Market, composed of its generators, transmitters, distributors, retailers, electricity consumers and wholesale electricity market.
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