
Publication
Calming the storm after the SVB collapse: Prudential policy the key to stability
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
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Canada | Publication | November 2019
We have recently reviewed redacted correspondence from the BCFSA (BC Financial Services Authority, formerly FICOM), the regulator of the Insurance Act, to a registered charity in British Columbia that advises that:
The letter goes on to direct that information be added to the charity’s website regarding the inability of BC residents to donate life insurance policies.
Certainly this is a matter of grave concern for charities and advisors, as gifts of life insurance policies are routinely considered in gift and estate planning discussions. We are aware that a number of organizations are reviewing the matter and considering submissions to the BCFSA on the issue. However, at the present time, charities should be aware of and consider the BCFSA’s position. At this time, we recommend charities in British Columbia remove information regarding donations of life insurance policies from their websites and suspend any discussions with potential donors of life insurance policies until more information is forthcoming.
Publication
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
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