Le 11 juin 2020, le Bureau du surintendant des institutions financières (le « BSIF ») a mis à jour sa FAQ relative à la COVID-19 afin d’aborder la restriction sur l’augmentation des dividendes applicable aux institutions de...more
On June 11, 2020, the Office of the Superintendent of Financial Institutions (OSFI) updated its COVID-19 FAQs to address the dividend increase restriction applicable to federally regulated deposit-taking institutions and...more
On May 1, 2020, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s prudential banking regulator, issued guidance on the use of internal capital buffers by small and medium-sized banks (SMS Banks) and...more
Key changes marking a significant shift in the Financial Consumer Agency of Canada’s (FCAC) enforcement powers and mandate came into force on April 30, 2020. Financial institutions will need to recalibrate their reputation...more
On April 9, 2020, the Office of the Superintendent of Financial Institutions (OSFI) announced further measures to support the financial and operational resilience of Canada’s federally regulated financial institutions as they...more
On April 4, 2020, the Basel Committee on Banking Supervision (Basel Committee) announced new measures aimed at alleviating the impact of COVID-19 on the global banking system. The Office of the Superintendent of Financial...more
On March 27, 2020, and March 30, 2020, the Office of the Superintendent of Financial Institutions (OSFI) announced additional measures to support the financial and operational resilience of federally regulated financial...more
The Government of Canada has announced a sweeping package of relief and liquidity support for Canadian businesses in response to the COVID-19 pandemic.
A number of details regarding implementation remain outstanding. While...more
At close of business on March 13, 2020, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s prudential regulator, announced several actions to support the stability of the Canadian financial system in...more
The Advisory Committee on Open Banking (Committee), appointed by the Department of Finance Canada (Finance) in November 2018 to lead a two-phase consultation evaluating the merits of an open banking framework for Canada,...more
On December 5, 2019, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of the updated Guideline B-6: Liquidity Principles (Guideline). The Guideline applies to banks and federally...more
The provinces of Saskatchewan and Nova Scotia recently introduced changes to their respective lobbying legislation.
SASKATCHEWAN -
Bill 615, The Lobbyists Amendment Act, 2019 (Bill 615) was introduced on March 7, 2019...more
On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year. The 2019 Budget includes several proposals that impact federally regulated financial...more
In 2018, financial institutions in Canada witnessed yet another year of significant expansion in legislation and regulatory guidance impacting their operations....more
The Department of Finance is requesting input from the public and other stakeholders on a consultation paper entitled A Review into the Merits of Open Banking (Consultation Paper). The Consultation Paper seeks to affirm...more
On September 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its revised Corporate Governance Guideline (Revised CG Guideline), following consultations in late 2017....more
The Financial Services Commission of Ontario (FSCO) recently requested industry feedback on a proposed Superintendent Guideline, titled Treating Financial Services Consumers Fairly (Proposed Guideline). The purpose of the...more
2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada.
The new wave of initiatives in 2017 included the second stage of the...more
2/8/2018
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The Competition Bureau (Bureau) recently released the final report from its market study, titled Technology-led innovation and emerging services in the Canadian financial services sector (Report), analyzing the regulatory and...more
On November 30, 2017, the Bank of Canada (BoC) released a staff white paper cautiously in favour of creating a central bank-issued digital currency (CBDC) for Canada. Referencing the continuing trend toward using electronic...more
In November 2017, the Office of the Superintendent of Financial Institutions (OSFI) released for public comment a revised draft of its Corporate Governance Guideline (CG Guideline). The proposed revisions follow...more
On August 11, 2017, Canada’s Department of Finance (Finance Canada) launched the second stage of its consultation process to review the legislative and regulatory framework of the federal financial sector, by releasing its...more
In June 2017, the Supreme Court of Canada (SCC) released its decision in Douez v. Facebook (Douez). The case concerned the application of a choice of forum clause included in Facebook’s terms of use to stay a class action...more
On June 30, 2017, the Office of the Superintendent of Financial Institutions Canada (OSFI) issued an advisory (Advisory) regarding the Bank Act (Canada) restrictions on the use of the words “bank”, “banker” and “banking” and...more
Technology’s Impact on the Industry: Until recently, most investments in insurance technology focused on distribution, policy administration, internal controls and security. Now, telematics, data analytics, wearables and...more