Canadian Market to Benefit from True Sale Ruling

by Martin Fingerhut Blake, Cassels & Graydon LLP

Canadian Securitization ended the year on a high note with the release of the first securitization case ever to reach the Canadian courts. The BC Tel decision upheld the transaction as a true sale, and thus validated the customary one-step Canadian structure, which may be contrasted to the two-tier approach common to the U.S.