snIP/ITs Insights on Canadian Technology and Intellectual Property Law

Monthly Archives: December 2016

Update: CETA Ratification to Implement Changes to the Patent Act, PM(NOC) Regime and Trade-marks Act Moving Swiftly in Canada

Posted in Uncategorized

Canada’s sweeping trade deal with the European Union is expected to be implemented early next year. As reported previously, the government of Canada has tabled Bill C-30 to ratify CETA, which proposes significant changes to the Patent Act and the PM(NOC) regime, as well as  geographic indications under the Trade-marks Act.

Bill C-30 will receive Royal Assent, and become law in Canada, once it passes through both the House of Commons and the Senate.

On December 13, 2013, Bill C-30 passed a second reading in the House of Commons by a comfortable margin of 266 to 39. Bill C-30 … Continue Reading

Ontario Enacts Ban on the Expiry of Rewards Points

Posted in Fintech, Regulatory Compliance

On December 6, 2016, Bill 47 – Protecting Rewards Points Act (the “Act”), amending Ontario’s Consumer Protection Act, 2002 (the “CPA”), received Royal Assent.  The Act was first introduced on October 20 as a private member’s bill.

The primary effect – and stated purpose – of the Act is to prohibit the expiry of rewards points under consumer agreement due to the passage of time. Any provision to the contrary in any consumer agreement will be rendered void, with retroactive effect to October 1, 2016, such that all points purporting to expire after October 1, 2016, will need to be … Continue Reading

US Exploring Special Purpose National Bank Charters for Fintech Entities

Posted in Fintech

On December 2, 2016, the United States’ Office of the Comptroller of the Currency (OCC) announced that it would move forward with considering applications from Fintech companies to become special purpose national banks. The OCC also published a paper discussing the issues and conditions that it will consider in granting special purpose national bank charters (the “OCC Paper”).… Continue Reading

Government of Ontario Announces Launch of Consultations to Cut Red Tape in Financial Services and Insurance Regulation

Posted in Fintech

On December 1st, the Ontario Government announced it was launching consultations seeking public input to identify any “unclear, outdated, redundant or unnecessarily costly” financial services or insurance regulation in Ontario, with the aim to modernize and improve such regulation and achieve a regulatory regime that supports innovation and growth, while at the same time protecting the public interest. These consultations specifically include the following:

  • Provincial credit union legislation
  • Provincial mortgage brokering legislation
  • Provincial loan and trust corporations legislation
  • Provincial insurance legislation
  • the Financial Services Commission of Ontario (“FSCO”) Act.

The consultations come as Ontario is in the process … Continue Reading

Chatbots, Open Data and Sandboxes: Trending Topics from the 2016 Money20/20 Conference

Posted in Fintech

With 10,000+ attendees, including more than three thousand companies from seventy-five countries, Money20/20 is the largest annual global event focusing on payments and financial services innovation. The 2016 conference in Las Vegas this October featured a packed agenda of talks by industry and thought leaders on a broad range of current and emerging Fintech issues, as well as an exhibition area featuring Fintech companies, investors, incubators, venture capitalists, consultants, regulators and lawyers. A team of McCarthy lawyers attended again this year and report back on some of the hottest topics of the 2016 conference: machine learning and artificial intelligence (AI), … Continue Reading