What does the hype around AI really mean for business? As AI regulations in Canada and elsewhere are only just beginning to emerge, AI systems are creating blind spots in risk management. Artificial intelligence is transforming how companies across sectors do business and manage legal concerns, with areas such as employment, privacy and cybersecurity taking high priority for boards and management. In this Torys Quarterly, we map out some of the most common questions we are being asked to help organizations turn AI unknowns into strategies: https://bit.ly/4gr7gAr #artificialintelligence #AI #cybersecurity #technology #innovation #law #TorysQuarterly2024 #TorysAInsight
About us
At Torys, we are in the constant pursuit of earning and building the trust of our clients through superior results and novel solutions. Torys is known for sophisticated counsel, best-in-class client service and the most cohesive cross-border team in the market. We are proud of the caliber of our thinking. We bring together the sharpest legal minds to solve clients’ toughest problems and help them stay ahead of the curve. For over 80 years we have been working in partnership with clients in this way, and our track record speaks for itself. Through our offices in Toronto, New York, Calgary, Montréal and Halifax, we offer clients on-the-ground regional experience together with our single-team, cohesive approach to work.
- Website
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http://www.torys.com
External link for Torys LLP
- Industry
- Law Practice
- Company size
- 501-1,000 employees
- Headquarters
- Toronto, Ontario
- Type
- Partnership
- Founded
- 1941
- Specialties
- Competition and Antitrust, Corporate and Capital Markets, Environmental and Climate Change, Infrastructure and Energy, Intellectual Property, Life Sciences, Litigation and Dispute Resolution, Mergers and Acquisitions, Oil and Gas, Restructuring & Insolvency, and Tax
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Employees at Torys LLP
Updates
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For fund sponsors and investors, forming a private fund raises various considerations. We often get asked about the merits of using an Ontario limited partnership for private funds, and how it compares to other common jurisdictions, particularly Delaware, the Cayman Islands, Manitoba and Québec. We believe there are several benefits to selecting Ontario over other jurisdictions for establishing a private fund, and in this article, we explore the reasons: https://bit.ly/3U0zOqI #privateequity #capitalmarkets #financialservices #investments Lauren Hulme | Ian Lee | Saira Bhojani | Cameron Koziskie | Aaron Emes | Guillaume Lavoie, MBA | Scott Semer | Max Shakin | Andrew Beck
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The Competition Bureau has issued preliminary enforcement guidance outlining its strict approach to property controls on commercial real estate. The guidance specifically examines exclusivity clauses in commercial leases and restrictive contracts that apply to lands. Businesses should expect increased scrutiny of standard and long-standing tools related to the protection of retail owners and tenants. Caution is advised when using such tools, and it will be important for parties to take this guidance into account – details in our bulletin: https://bit.ly/4h5Y2d4 #competition #investment #realestate #advisory Charlene Schafer | Nooreen Bhanji | Ian Li | Robin Asgari | Omar Wakil | Dany Assaf
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Taxes are one of the most important considerations that drive the structure and terms of co-investments. Whether a proposed co-investment has a structure optimized for the particular tax profile of an investor will often determine whether the co-investment is viable from both a return and process perspective. In our bulletin, Scott Semer, Stefan Stauder, and Jared Fontaine examine three main issues that the tax structure of a co-investment must address: 1) the investment must be structured to successfully obtain the expected tax treatment of the investment returns 2) the investment must protect the tax status of the investor 3) the investment must have a solution for issues surrounding tax processes Read more: https://bit.ly/3zZTjJk #investment #transactions #privateequity #financialservices #tax Scott Semer | Stefan Stauder | Jared Fontaine
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While ESG-type metrics continue to form part of fund sponsor and institutional investor decision-making criteria, there has been debate and backlash surrounding ESG metrics. In this video, Lauren Hulme and Keira McKee examine ESG compliance considerations. Learn more: https://bit.ly/3A37spd #ESG #governance #advisory #regulatory Lauren Hulme | Keira McKee
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A false invoicing scheme spearheaded by corporate insiders siphoning away tens of millions of dollars from two debtor construction companies has led to a landmark ruling from the Supreme Court of Canada that will change the bankruptcy and corporate law landscapes. Torys acted for the successful respondent in Aquino v. Bondfield Construction Co. Aquino clears the path for insolvent companies to recover funds from company insiders who defrauded or diverted money out of the company leading up to its insolvency. The decision is now also the leading case on corporate attribution, concluding that the rules for determining what a company intends or the knowledge it possesses must be determined contextually. Learn more from our litigators involved in this important case: https://bit.ly/3BOcp5I Jeremy Opolsky | Scott Bomhof | Craig Gilchrist | Alex Bogach #litigation #disputeresolution #appellate #insolvency #commerciallitigation
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The Department of Finance is seeking feedback on whether the FI Acts (Canada’s Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act) should be amended to prohibit or restrict interlocking directorates. Specifically when a director of a federally regulated financial institution (FRFI) has interests in, or holds other roles in another firm within the financial sector. While the Department of Finance has invited commentary, given the unique role of FRFIs in the Canadian economy, we do not believe these specific amendments to the FI Acts are necessary or desirable because: · The Office of the Superintendent of Financial Institutions (OSFI) has considerable oversight in the corporate governance practices of FRFIs · The scope of potential prohibition/restriction on interlocking directorates would be extraordinarily difficult to articulate by statute, resulting in additional difficulty to adapting to evolving market factors · Competition and other corporate laws providing additional safeguards to ensure the independence of FRFI board decision-making In our bulletin, we detail these points further: https://bit.ly/3zdH8bA #banking #insurance #regulatory #advisory #governance #financialservices Blair Keefe | Eli Monas | Rima Ramchandani | David Forrester | Pat Chapman | Omar Wakil
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In Privacy Commissioner of Canada v. Facebook, the Federal Court of Appeal overturned a 2023 Federal Court decision, holding that Facebook did breach the Personal Information Protection and Electronic Documents Act (PIPEDA) by failing to obtain meaningful consent from users when disclosing data to third parties and failing to adequately safeguard user data. The case arose after the Office of the Privacy Commissioner of Canada (OPC) investigated Facebook for its data practices dating back to 2007, in which Facebook launched “Platform”. Platform allowed third parties to build applications on Facebook, used by its Facebook users. In turn, it enabled third parties to receive Facebook user data, share their data, and also that of their Facebook friends. The Court analyzed whether meaningful consent had been obtained from both the Facebook users directly using the third-party applications and from those users’ friends, to which it found that the latter group had no opportunity provide consent to the disclosure of their data. Business should note the high bar set for meaningful consent – we examine the full details of the case and its appeal: https://bit.ly/3UcDsOt #cyberrisk #cybersecurity #privacy #dataprotection #litigation #disputeresolution Nic Wall | Molly Reynolds | Rosalie Jetté | Gabrielle da Silva
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The IESO's LT2 RFP sets forth a proposed new framework for how the IESO will procure energy generation services to meet the province's long-term needs. In our bulletin, we highlight the framework’s new requirements and the challenges for suppliers to consider for future project proposals: https://bit.ly/4e4jxsl #energy #infrastructure #mining #environmental #ESG #regulatory Huw Evans | Ian T. D. Thomson
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The federal Conflict of Interest and Ethics Commissioner, the Hon. Konrad von Finckenstein, released two reports with respect to Sustainable Development Technology Canada (SDTC). The reports further build the body of decisions of the Conflict of Interest and Ethics Commissioner when interpreting the Conflict of Interest Act (Canada) (COIA), while providing important guidance for directors and corporate secretaries of federal Crown corporations. The reports themselves focus on the actions of the Chair of SDTC and another director in participating in decisions regarding grants to companies with which they had relationships. We summarize the takeaways from the reports in our bulletin: https://bit.ly/409xYrx #advisory #governance #sustainability #regulatory Thomas Yeo