Skip to content

Canada's Business and Tech Newsroom

  • Professional Subscription
  • Partnerships & Advertising
  • Licensing & Syndication
Log In Subscribe
Welcome,
  • My Account
  • Log Out
  • Business
  • Tech
  • National
  • The Big Read
  • Briefings
  • Commentary
Search
Log In Subscribe
Welcome,
  • My Account
  • Log Out
News

Who, us? Investment managers react to emergency orders to stop funding convoy protests

The federal government’s emergency orders meant to throttle funding for convoy protests in Canada imposed obligations on practically any institution in the country that handles people’s money.

News

Who, us? Investment managers react to emergency orders to stop funding convoy protests

By David Reevely
A man walks past signs attached to the wall surrounding Parliament Hill in February 2022 in Ottawa. Photo: Adrian Wyld/The Canadian Press
Feb 16, 2022
A A
A Small A Medium A Large
Share

Share

The federal government’s emergency orders meant to throttle funding for convoy protests in Canada imposed obligations on practically any institution in the country that handles people’s money.

The orders revealed late Tuesday require them to “determine on a continuing basis whether they are in possession or control of property that is owned, held or controlled” by anyone participating in a blockade or occupation.

On Wednesday, that was still news to some of the people ordered to act.

What the emergency orders do: One set forbids demonstrations that obstruct the movement of people or goods, or interfere with critical infrastructure. A second set forbids financial institutions from transacting with anyone violating the first set.

Who’s covered: Banks, trust companies, crowdfunding platforms, portfolio managers, credit unions, payment processors and more. Insurance companies are allowed to maintain coverage, except policies for vehicles involved in blockades.

What they need to do: Besides stopping transactions with people engaged in illegal protests—freezing their accounts, essentially—financial institutions are required to report to the RCMP or CSIS “without delay” if they have funds belonging to someone they think is involved in such a protest. The Mounties sent a “cryptocurrency alert” to crypto-trading platforms, which The Logic obtained, listing numerous addresses the platforms are barred from dealing with and demanding to be informed of any transaction or proposed transaction involving them.

How they reacted: Protesters’ bank accounts are the obvious big target. Individual banks let their trade association speak for them, and the Canadian Bankers Association issued a statement saying they would comply: “All financial-service providers, including banks, covered by the federal Emergencies Act will need to diligently implement the required measures, as stipulated by the government in the corresponding Emergency Economic Measures Order, which are not expected to impact the vast majority of customers.”

But other players in the financial system seemed taken aback. “This really affects banks, crowdsourcing firms and their payment providers rather than firms like ours,” wrote Peter Kahnert, senior vice-president of corporate communications and marketing at investment firm Raymond James, in an email to The Logic, though securities dealers, portfolio managers and investment counsellors are specifically named in the orders.

Allan Small, an investment advisor in Toronto, said in an interview he doesn’t typically check what clients are going to do with money they withdraw, beyond filling out a standard form with lines like “Buy a car” or “Take a vacation.”

The government’s crackdown “hasn’t really reached the stock market or the investment world,” Small said. He added he hasn’t heard from the government or the larger financial firms he deals with about any new demands.

“I think it’s Big Brother watching us,” Small said, “I think a lot of people would have a problem with that.”

#cryptocurrency #Emergencies Act #federal government #protests

Sponsored Content

The road to risk-smart regulation

By Deborah Aarts

Why cybersecurity needs to match pace with AI

By Jessica Aftimus Rosa

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa
Paid promotional content

Loading...

Thanks for sharing!

You have shared 5 articles this month and reached the maximum amount of shares available.

Close
This account has reached its share limit.

If you would like to purchase a sharing license please contact The Logic support at [email protected].

Close
Want to share this article?

Upgrade to all-access now

Close
Gift the full article!

You have gifted 0 article(s) this month and have 5 remaining.

Copy link and gift
Copy Link
Email to a friend
Send Email
Gift on Social Media

Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.

Photo: Adrian Wyld/The Canadian Press

Most Popular This Week

A close-up image of the Cohere logo on a black and red background.
News

Cohere plans to acquire cyber startup Aisle and set up a new security division

By Catherine McIntyre
A low-angle shot of a truck carrying vehicles across the bridge at the Canada-U.S. border in Sarnia, Ont. The U.S. and Canadian flags are flying in the foreground.
News

Canadian entrepreneurs are chasing growth again, despite trade uncertainty

By Catherine McIntyre
A shot of a freight truck passing beneath a gantry that bears signs directing traffic through the Port of Belfast.
News

A tech firm born from post-Brexit trade chaos sets its sights on Canada

By Joanna Smith
News

Norway’s Vianode eyes Canadian backers as it mulls a partnership or sale

By Anita Balakrishnan

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

A man in glasses and a blue knit sweater outdoors on a city street, with brick buildings softly blurred behind him
The Big Read

Beacon is building an AI empire by fixing Main Street’s software

By Murad Hemmadi

Briefing

Inflation edges higher ahead of next BoC rate decision

By Kevin Carmichael   |   Oct 19, 2026 | 9:59 AM ET

EverWind plans $10B data centre and wind development in Nova Scotia

By Catherine McIntyre   |   Oct 16, 2026

Canada ready to force Stelco to sell its Canadian operations, Joly says

By Joanna Smith   |   Oct 16, 2026

Best business newsletter in Canada

Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

Exclusive events

See the bigger picture with reporters and industry experts in subscriber-exclusive events.

Membership in The Logic Council

Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

Recent Popular Stories

News

India wants to buy less Canadian uranium. Canada’s nuclear lab is helping

By David Reevely   |   Oct 9, 2026
A low-angle photo of the cooling tower of a nuclear power station. There are tree fronds and an Indian flag in the foreground.
News

ApplyBoard was the worst-performing Canadian startup in Fidelity’s portfolio in 2026

By Claire Brownell   |   Oct 6, 2026
Commentary

Carmichael: Canadian ignorance about India is a strategic weakness

By Kevin Carmichael   |   Oct 10, 2026
News

Tech firms want AI models to create better versions of themselves

By Murad Hemmadi   |   Oct 14, 2026
News

A tech firm born from post-Brexit trade chaos sets its sights on Canada

By Joanna Smith   |   Oct 13, 2026
A shot of a freight truck passing beneath a gantry that bears signs directing traffic through the Port of Belfast.
News

Canada’s banking regulator weighs new rules for AI risks

By Chaimae Chouiekh   |   Oct 7, 2026

Canada's most influential executives and policymakers are reading The Logic

  • CPP Investments
  • Sun Life Financial
  • C100
  • Amazon
  • Telus
  • Mastercard
  • bdc
  • Shopify
  • Rogers
  • RBC
  • General Motors
  • MaRS
  • Government of Canada
  • Uber
  • Loblaw Companies Limited
logic-logo

Canada's Business and Tech Newsroom

100% human-crafted journalism

Newsroom

  • News Tips
  • AI Policy
  • Editorial Disclosures
  • Story Pitches

Company

  • About Us
  • Terms of Service
  • Privacy Statement
  • Corporate Information

Contact

  • Contact Us
  • Advertise
  • FAQs
  • Work at The Logic

© 2026 The Logic Inc. All Rights Reserved.

Trusted by leaders

Error

Account creation failed.

Please email us at [email protected].

Create Account

[wppb-register form_name=”cozmo-registration-form-for-modal”]

I do have an account
Login
or

[wppb-login]

I don’t have an account