snIP/ITs Insights on Canadian Technology and Intellectual Property Law

Monthly Archives: July 2017

Financial Stability Board Issues Report on Fintech Credit Platforms

Posted in Fintech

On 22 May 2017, the Financial Stability Board (FSB)[1] and the Committee on the Global Financial System (CGFS)[2] released a report entitled “FinTech credit: Market Structure, Business Models and Financial Stability Implications” (the “Report”).  The Report aims to provide an accurate picture of the extent and nature of Fintech credit activity by analysing the functioning of Fintech credit markets, including the size, growth, and nature of such activities, and the benefits and risks of Fintech credit platforms.… Continue Reading

Canada Gets Ready To Introduce Patent Term Restoration For The First Time

Posted in Intellectual Property, Patents

As a part of its obligations under CETA, Canada plans to introduce patent term restoration for up to two years when research or regulatory delays have consumed part of the 20-year term of a pharmaceutical patent. Patent term restoration will occur via the grant of a so-called certificate of supplementary protection (“CSP”).

On July 15, 2017, the government of Canada published its proposed Certificate of Supplementary Protection Regulations (“CSP Regulations”) which, in conjunction with amendments to the Patent Act, will create the framework for the issuance of CSPs which will be administered by Canada’s Minister … Continue Reading

Ten Significant Changes to Canada’s NOC Regulations

Posted in Intellectual Property, Patents

On July 15, 2017, the Canadian government published (link) its proposed amendments to the NOC Regulations. These amendments will implement sweeping changes to pharmaceutical patent litigation in Canada pursuant to obligations imposed under CETA. There will be a 15-day comment period, after which, the amendments will be published in final form. The finalized amendments are expected to be in force around late September 2017. These revamped NOC Regulations will apply to Notices of Allegation (“NOAs”) served on or after the date the revamped NOC Regulations come into force.

Overall, the revamped NOC RegulationsContinue Reading

European Banking Authority Publishes Draft Recommendations for Cloud Computing

Posted in Fintech, Regulatory Compliance

In March 2017, the European Commission (EC) issued a public consultation document on Fintech. Cloud computing is a major area covered by the EC request for comment and requires delicate balancing between innovation and risk minimization. On one hand, cloud is an easily scalable and cost effective way for financial institutions to manage their data storage and processing.  However, cloud also presents major banks with increased cybersecurity and compliance risk.  The topic of cloud is particularly relevant because certain Fintech enterprises may not be subject to the same regulatory constraints as major financial institutions.

The European Banking Authority (EBA) published … Continue Reading

Funding your Start-Up: One Clause That Could Cost You Your Start-Up

Posted in Startups

Venture Capital firms (or VC’s) often invest in early-stage start-ups with uncertain valuations. The terms of a VC’s investment will often be heavily weighted in favour of the VC and may include downside protection. This means that the VC’s investment will be protected in the event that the valuation of your start-up decreases in subsequent financings. One common method used by VC’s for downside protection is known as a “ratchet” clause. A “ratchet” clause is an anti-dilution clause that works to protect, and in some circumstances can even increase, the VC’s proportionate ownership of your start-up, if the value of … Continue Reading

SCOTUS Agrees to Hear Constitutional Challenge of Inter Partes Review Procedure for Patents

Posted in Intellectual Property, Litigation, Patents

Canadian hydraulic fracturing technology (“fracking”) is at the center of a controversial US case about inter partes review (“IPR”) of patents.[1] The IPR procedure can be a useful defense against patent infringement actions brought by non-practicing entities or “patent trolls.” However, on June 12, the United States Supreme Court agreed to hear the case challenging the constitutionality of the IPR procedure. A SCOTUS decision abolishing or curtailing the IPR procedure, and the ensuing patent troll activity, could have ramifications for Canadian business, including in the fracking industry.… Continue Reading