Prime Minister Justin Trudeau’s emergency orders aimed at cutting off funds to protesters have cast a wide net across the Canadian financial industry, forcing portfolio managers and securities firms to take a harder look at who they are doing business with.
The new rules make demands of a broad list of entities -- including banks, investment firms, credit unions, loan companies, securities dealers, fundraising platforms, insurance companies and fraternal benefit societies. They must determine whether they’re in “possession or control of property” of a person who’s attending an illegal protest or providing supplies to demonstrators, according to orders published by the government late Tuesday night.
