Buying or Selling a Business Requires Due Diligence
Winnipeg Free Press › August 10, 2009
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Summary
She also noted that dentists are subject to "numerous regulations concerning privacy." Without other findings from the Commissioner or guidance from the courts on this point, it is uncertain whether a business not covered by "numerous regulations concerning privacy" can disclose personal information in the course of due diligence investigations.
PIPEDA does not apply in other provinces such as Alberta, B.C. and Quebec, which each have their own "substantially similar" provincial privacy laws that supersede PIPEDA. The Alberta privacy law has business transaction provisions that clarify for businesses what the rules are for due diligence investigations. Until Manitoba and other provinces enact their own provincial privacy laws, PIPEDA remains the law of the land.Active steps to comply with the privacy rules include entering privacy agreements with possible purchasers, and updating privacy policies and customer consent notices to contemplate the sale of your business. You should also determine whether other rules -- such as securities laws -- will impact the transaction.See the full content of this document
Extract
Buying or Selling a Business Requires Due Diligence
On the Cutting Edge / Brian T. D. Bowman
DO you think that you might ever sell your business? Then you should read this column.There has been much confusion in the business community over the privacy rules that regula...See the full content of this document
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