Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of December 18, 2023.

1. Department of Finance publishes its Feedback Statement on the National Discretions contained within MiCA

Outcome of the UK government's market consultation and the likely shape and impact of the proposed regime

October found relief for both non-executive director’s and the D&O insurance market as the Carillion non-executive director 'test case' was abandoned the day before trial.

In a recent opinion, the Fifth Circuit reaffirmed and applied its holding from OGA Charters. In doing so, it blocked (via a bankruptcy adversary proceeding) one set of plaintiffs from keeping an insured’s entire policy limit, which the insurer paid as per Texas’ “first come first served” approach to time-limited policy limits demands.

As discussed in our post last month, it was a long road for Arrowood Indemnity to be placed into liquidation in Delaware.

The United States Supreme Court recently accepted review of In re Kaiser Gypsum Co., Inc., 60 F.4th 73 (4th Cir.

The UK Government's abandonment of the case will come as a relief to non-executive directors who feared being held to unrealistic standards

The Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, commenced disqualification proceedings against five former non-executive directors (NEDs) of Carillion plc in January 2021, following the compulsory liquidation of the Carillion Group in January 2018. Last month on the eve of trial, the IS discontinued its disqualification proceedings against the NEDs.

The Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, commenced disqualification proceedings against five former non-executive directors (NEDs) of Carillion plc in January 2021, following the compulsory liquidation of the Carillion Group in January 2018. Last month on the eve of trial, the IS discontinued its disqualification proceedings against the NEDs.

1. SOLVENCY II 1.1 Solvency II Directive review: ECON agrees position on Solvency II Directive review On 27 July 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on its agreed position on the Proposal for a Directive amending the Solvency II Directive1 (Proposed Directive).