News & Analysis as of

Canada Financial Institutions

Blake, Cassels & Graydon LLP

Le ministère des Finances propose une révision du cadre réglementaire régissant le secteur financier du Canada

Le 12 août 2024, la ministre des Finances a lancé une consultation publique visant à recueillir des commentaires sur les mesures proposées afin de réviser le cadre réglementaire du Canada qui s’applique aux institutions...more

Stikeman Elliott LLP

Strengthening Canada’s Financial Sector: Phase 3 of the Federal Consultation Emphasizes Competition and Consumer Interests

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On August 12, 2024, the Department of Finance released its Consultation on Proposals to Strengthen Canada’s Financial Sector, the third phase of the federal government’s ongoing review of Canada’s financial institutions laws....more

Blake, Cassels & Graydon LLP

Department of Finance Proposes Updates to Canada’s Financial Sector Framework

On August 12, 2024, the Department of Finance launched a public consultation seeking views on proposed measures to update Canada’s regulatory framework for financial institutions. This consultation marks the third phase of...more

Stikeman Elliott LLP

Recent Regulatory Developments Impacting the Insurance Sector in Québec

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Over the past few months, there have been a number of regulatory developments in Québec which will have an important impact on the insurance sector. These include: (i) clarifications on how new French language requirements...more

Blake, Cassels & Graydon LLP

Quebec’s Financial Sector Regulator Publishes its Climate Risk Management Guideline

On July 4, 2024, Quebec’s financial sector regulator, the Autorité des marchés financiers (AMF), published its Climate Risk Management Guideline (Guideline). The Guideline aims to build the resilience of the financial sector...more

Stikeman Elliott LLP

Sanctions Evasion: Canada Takes Aim with New FINTRAC Reporting Requirements for Reporting Entities

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Reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) will soon be subject to a new requirement to report transactions suspected to be related to sanctions evasion to the...more

Bennett Jones LLP

Fintech in Canada Q2 2024

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Canada's Consumer-Driven Banking Act (CDBA) has become law. It was enacted on June 20, 2024, when Bill C-69, the Budget Implementation Act, 2024 received royal assent....more

Bennett Jones LLP

Canadian Government (Finally) Provides Certainty on Criminal Interest Rates

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As we have reported in prior blogs, the Government of Canada is moving forward with plans to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the current criminal interest rate, being an...more

Blake, Cassels & Graydon LLP

L’Autorité des marchés financiers publie sa Ligne directrice sur la gestion des risques liés aux changements climatiques

Le 4 juillet 2024, l’Autorité des marchés financiers (l’« Autorité ») a publié la Ligne directrice sur la gestion des risques liés aux changements climatiques (la « Ligne directrice »). Cette dernière vise à renforcer la...more

Bennett Jones LLP

U.S. Private Fund Adviser Rules Struck Down

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After much anticipation from the private funds market, earlier this week on June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the Court) reached a decision in respect of the litigation challenging the Private...more

Bennett Jones LLP

Open Banking: What New Consumer-Driven Banking Legislation Means For Fintechs in Canada

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If your company is a fintech operating or hoping to operate in Canada with a business model that offers financial products, you should be aware that Canada’s federal government has announced its intention to enact legislation...more

Blake, Cassels & Graydon LLP

New Foreign Influence Registry to Impose Heavy Compliance Burden

In response to high-profile concerns about foreign interference in Canadian elections, Canada’s Minister of Public Safety has proposed a new Bill C-70, the Countering Foreign Interference Act (Bill). The Bill makes a number...more

Bennett Jones LLP

An Update on Criminal Interest Rate Amendments in Canada

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On April 16, 2024, the Deputy Prime Minister and Finance Minister presented the Canadian Government’s 2024 budget. The government reiterated that it was “reinforcing its efforts to crack down on predatory lending, and moving...more

Blake, Cassels & Graydon LLP

Budget fédéral 2024 : Points saillants relatifs au secteur des services bancaires et financiers

Le 16 avril 2024, la vice-première ministre et ministre des Finances du Canada, Chrystia Freeland, a dévoilé le budget fédéral de 2024 (le « Budget 2024 »). Intitulé « Une chance équitable pour chaque génération », le Budget...more

Blake, Cassels & Graydon LLP

2024 Federal Budget: Banking, Financial Services Highlights

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland unveiled Budget 2024 (Budget). The Budget, titled “Fairness for every generation,” sets out the federal government’s policy initiatives...more

Bennett Jones LLP

Fintech in Canada Q1 2024

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As we highlighted in our last quarterly Fintech update in 2023, a new regulatory framework under the Retail Payments Activities Act (RPAA) will soon affect all retail payment service providers (PSPs) doing business in Canada....more

American Conference Institute (ACI)

[Event] 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 5th - 6th, Toronto, Ontario, Canada

Hosted by the Canadian Institute, the 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime returns for another exciting year. The event features carefully curated programming providing practical guidance...more

Bennett Jones LLP

Upcoming Retail Payment Activities Act Regulation—Updates from the Bank of Canada

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As we highlighted in our Quarterly Fintech Update in 2023, a significant development in the Canadian retail payments industry is forthcoming within this year—namely, the implementation of a new regulatory framework under the...more

Blake, Cassels & Graydon LLP

Loi sur les activités associées aux paiements de détail : survol des lignes directrices provisoires de la Banque du Canada

Introduction Le 21 février 2024, la Banque du Canada (la « Banque ») a publié des lignes directrices provisoires sur la supervision des paiements de détail (les « lignes directrices ») en vertu de la Loi sur les activités...more

Blake, Cassels & Graydon LLP

Highlights From Bank of Canada’s Draft Guidance on Retail Payment Activities Act

Introduction - On February 21, 2024, the Bank of Canada (BOC) released draft supervisory guidelines (Guidelines) on the Retail Payments Activities Act (RPAA), providing insight into how they will be interpreting the...more

Barnea Jaffa Lande & Co.

Risk to Israeli Entities Posed by International Sanctions – What Is the Exposure and What Are the Dangers?

The executive order signed by United States President Joseph Biden in February 2024 states that the violence being committed by Israeli settlers has reached intolerable levels; poses a serious threat to peace, security, and...more

Blake, Cassels & Graydon LLP

Le BSIF publie un projet de ligne directrice sur la gestion du risque de modélisation lié à l’IA

Le Bureau du surintendant des institutions financières (le « BSIF ») a publié récemment une version révisée de la ligne directrice E-23 - Gestion du risque de modélisation (le « projet de ligne directrice ») énonçant les...more

Blake, Cassels & Graydon LLP

Modernizing Financial Risk Management: OSFI's Draft Guideline on AI Model Risk Management

The Office of the Superintendent of Financial Institutions (OSFI) recently released an updated draft of Guideline E-23 Model Risk Management (Draft Guideline) setting expectations related to enterprise-wide artificial...more

Stikeman Elliott LLP

OSFI Releases Finalized Integrity and Security Guideline

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On January 31, 2024, OSFI released its finalized Integrity and Security Guideline (“Guideline”). The Guideline is a result of the extension of OSFI’s mandate, as of January 1, 2024, to include the oversight of integrity and...more

Cadwalader, Wickersham & Taft LLP

Benchmarks Beyond January 2024 - 2024 Update on the Cessation of CDOR and SIBOR

As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as...more

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