Finance Law and Banking Law

The Canadian Investment Regulatory Organization (CIRO) has published rule amendments to harmonize advisor compensation (the Amendments). Following CIRO’s 2024 position paper that consulted on three potential regulatory approaches to allow payment of advisor compensation to advisor-owned corporations for all CIRO-regulated dealer members (Dealers), the Amendments propose to adopt the Incorporated Approved Person compensation option.

Liability management exercises (LMEs) enable borrowers to restructure debt outside formal insolvency proceedings by exploiting flexible loan documentation. As Canadian companies increasingly access U.S. debt markets with permissive covenant packages, understanding drop-down, uptiering, and double-dip structures becomes essential for lenders seeking to protect their interests.

The Canadian Securities Administrators has launched its most comprehensive review of public company regulation in over a decade, proposing fundamental changes to how issuers determine their disclosure obligations and how institutional capital is raised. The consultation explores five key areas including a potential new institutional purchaser exemption that would eliminate hold periods on private placements, a rethinking of the venture versus non-venture issuer framework, and whether Canada should align wit