Worldwide: Finance and Banking

Private equity sponsors are increasingly using continuation vehicles to extend ownership of high-conviction assets while providing liquidity options to existing investors. This comprehensive analysis examines the strategic considerations, structural mechanics, and critical risk factors that sponsors, limited partners, and new investors must navigate when evaluating continuation vehicles as an alternative to traditional exit strategies.

Project finance raises long-term debt and equity against the project's assets and future cash flows rather than against sponsor balance sheets. Lenders will not commit capital...

Infrastructure projects delivered through collaborative models like alliances and IPD face a fundamental challenge: reconciling shared-risk governance with traditional project finance requirements. This analysis examines practical financing structures—from progressive P3s and government backstops to catalytic capital and holdco arrangements—that bridge the gap between collaborative delivery principles and lender bankability expectations.

When a borrower takes possession of leased farm equipment, uses it for a full harvest season, and makes payments—but never signs the certificate of acceptance—can the lease still be enforced? The Saskatchewan Court of Appeal addressed this exact question in Millhouse Farms Inc. v De Lage Landen Financial Services Canada Inc., reaffirming that acceptance by conduct can complete a contract even when formal paperwork remains incomplete.

Major changes to Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "Act") came into effect on April 1, 2025.

In November 2024, draft amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA") were published. These amendments were not unexpected...

This monthly summary tracks Canadian federal legislative and regulatory developments affecting federally regulated financial institutions, covering updates from OSFI, FINTRAC, Payments Canada...

This monthly summary tracks Canadian federal legislative and regulatory developments affecting federally regulated financial institutions, covering updates from OSFI, Bank of Canada, FINTRAC, and international bodies.

The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

Section 160 of the Income Tax Act (ITA) is one of the most potent collection tools available to the Canada Revenue Agency (CRA). While most tax liabilities are personal to the individual who earned the income, section 160 creates a form of “derivative” or secondary liability.

On June 24, the Canadian Investment Regulatory Organization (CIRO) published new Guidance on the Fit and Proper Test for Approved Persons (GN-9200-26-001) (the Guidance), replacing the Oct. 14, 2021, IIROC Guidance Note on this issue

Picture this: a borrower is relying on a revolving credit facility to meet working capital needs. Suddenly, it is told by its lender that a “material adverse event” has occurred, and the facility is now being frozen or called. What does this mean, and what can the borrower do?