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ARTICLE · 01 JULY 2016

Canadian Bank Bail-In Amendments Affecting Netting Laws Passed And In Force

Stikeman Elliott LLP
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Bill C-15, including the proposed amendments to the Canada Deposit Insurance Corporation Act (CDIC Act) passed and received Royal Assent on June 22.

CanadaFinance and Banking
Stikeman Elliott LLP
Stikeman Elliott LLP
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Bill C-15, including the proposed amendments to the Canada Deposit Insurance Corporation Act (CDIC Act) passed and received Royal Assent on June 22. Other than certain provisions relating to domestically systemically important institutions the amendments are now in force. The changes enhance the resolution powers of CDIC and are intended to make Canada a Protocol-Eligible Regime under the ISDA 2015 Universal Stay Protocol. It's now time to update those netting opinions to address the changes to the eligible financial contracts safe-harbour (EFC exemption). What follows is a brief summary of the changes relevant to eligible financial contracts, which largely repeats our earlier post on this subject.

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