
Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Canada | Publication | April 3, 2023
An Ontario licence requires an insurance brokerage to navigate complex compliance issues, including when the insurance brokerage wishes to conduct (or already conducts) other business activities. More specifically, an Ontario licence permits a company to conduct insurance brokerage activities in the province; however, the company becomes regulated in such a way that its other business activities are subject to the approvals of the Registered Insurance Brokers of Ontario (RIBO).
We understand that not all brokerages operating in Ontario are aware of the compliance requirements around “such other business” in Ontario Regulation 991. This legal update reminds insurance brokerages they must consider all of their commercial activities, including those that fall outside the scope of their activities as insurance brokerages, to ensure compliance with Ontario legislation and regulations.
Ontario Regulation 991 provides that RIBO’s qualifications and registration committee (the Committee) has the authority to restrict a licenced insurance brokerage’s other business activities. For example, section 6 of Regulation 991 restricts the other business activities of an incorporated insurance brokerage, unless the Committee grants its approval for those activities. The purpose of the restriction is to prevent real or perceived opportunities for coercion and conflicts of interest with respect to consumers.
When an insurance brokerage applies for approval of its other business activities, the Committee makes its determination on a case-by-case basis. Its decision relies on a number of factors, including the following:
Non-compliance with Ontario Regulation 991 can lead to a variety of issues for an insurance brokerage, including licence suspension. Therefore, insurance brokerages must be aware that their other business activities are subject to the Committee’s approvals when they hold an Ontario licence, in order to prevent unnecessary compliance issues and costs.
As stated above, we understand that not all brokerages operating in Ontario, and elsewhere in Canada, are aware of the complex compliance requirements associated with the various brokerage licences. An insurance brokerage operating in Canadian jurisdictions should discuss compliance requirements with legal counsel, including the requirements in Ontario at issue in this legal update.
Publication
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
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We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
Publication
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
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