On July 22, 2014, the government of Alberta passed the supporting regulations to the province’s new Employment Pension Plans Act (the “EPPA”), legislation enacted in December 2012 following recommendations from a 2008 report by the Alberta and British Columbia Joint Expert Panel on Pension Standards regarding pension reform in those two provinces. The new EPPA…
Industry: Financial Services
Divisional Court Upholds Jan Wong’s Obligation to Repay Settlement Funds for Breach of Confidentiality
The Ontario Divisional Court has unanimously upheld Arbitrator Louisa Davie’s decision that Jan Wong breached her confidentiality obligations under a settlement with her former employer, The Globe and Mail (the “Globe”) and is bound by the repayment obligation she agreed to as part of the settlement. The Court held that Ms Wong lacked standing to…
Omnibus Workplace Laws Bill Amended at Committee Stage (Bill 18)
On November 4, 2014, Bill 18, the Stronger Workplaces for a Stronger Economy Act, 2014 (“Bill 18”) was reported back to the Legislature as amended by the Standing Committee on General Government, and has been ordered for Third Reading. Among other things, the Committee’s amendments will accelerate the coming into force of key amendments, including the following…
Federal Government Proposes Amendments to Temporary Foreign Worker Program
On October 23, 2014, the federal government introduced Bill C-43, Economic Action Plan 2014 Act, No. 2, omnibus legislation intended to further implement measures first announced in its Budget 2014, Economic Action Plan 2014. Among other matters, Division 24 of Part 4 of Bill C-43 would amend the Immigration and Refugee Protection Act (“Act”) to support a…
FSCO Consultation on Proposed Investment Guidance Note (Prudent Investment Practices for Derivatives)
On October 24, 2014, the Financial Services Commission of Ontario (“FSCO”) published a new proposed Investment Guidance Note in respect of Prudent Investment Practices for Derivatives (“Derivatives Guidance Note”). Once finalized, the Derivatives Guidance Note will provide plan administrators detailed guidance with respect to prudent investment practices related to derivatives. The Derivatives Guidance Note sets out…
FSCO Consultation on Proposed Investment Guidance Notes (Buy-In Annuities)
On October 7, 2014, the Financial Services Commission of Ontario (“FSCO”) announced that it will be publishing Investment Guidance Notes (“Guidance Notes”) with respect to various investment activities of Ontario registered pension plans. The Guidance Notes will set out FSCO’s expectations and identify issues that plan administrators should consider and address in respect of the…
Ontario Releases Proposed PBA Regulations for Consultation
This past Spring, the Ontario government released proposed amendments to Regulation 909 (the “Regulations”) of the Pension Benefits Act (“PBA”) in respect of four previously announced pension reform initiatives (“April Proposals”). The April Proposals – which described the content of the proposed changes to the Regulations – are summarized in our FTR Now of April…
Court of Appeal Dismisses Overtime Eligibility Class Action Certification Appeal
On October 6, 2014, the Court of Appeal for Ontario unanimously dismissed an appeal from the Ontario Divisional Court’s decision[1] dated April 23, 2013 which in turn dismissed an appeal from a decision dated April 27, 2012, dismissing a motion for certification of a claim regarding eligibility for overtime pay as a class action.[2] The…
Disclosure Reforms and New Defined Contribution Payment Option for Federally Regulated Pension Plans
On September 19, 2014, the federal government released proposed amendments to the Pension Benefits Standards Regulations, 1985 (“PBSR”). Proposals relating to the pension investment rules that apply more broadly – to federally regulated pension plans[1] as well as pension plans that are regulated by the provincial pension legislation in Ontario, Alberta, British Columbia, Manitoba, Newfoundland…
Five PRPP-Licenced Insurers Now Registered for Implementation
On October 7, 2014, the federal government announced that the following five insurance companies have been given licences under the federal Pooled Registered Pension Plan (“PRPP”) framework and have been registered with the Office of the Superintendent of Financial Institutions and the Canada Revenue Agency: Sun Life, Great West Life, Manulife, Standard Life and Industrial-Alliance….