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Aircraft lessors and financiers may be held liable for Canadian air navigation and airport service charges incurred by airlines operating the aircraft as a result of a recent decision by the Supreme Court of Canada.

As we recently discussed, on October 15, 2010, the Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 31-103 – Registration Requirements and Exemptions (NI 31-103) related to the registration of (i) investment fund managers who carry out investment fund management activities from a location outside of Canada (International IFMs), and (ii) domestic Canadian investment fund managers with a head office in one Canadian province or territory and who carry ou