On October 20, 2016, an Ontario member of provincial parliament introduced Bill 47, Protecting Rewards Points Act (Consumer Protection Amendment), 2016 (Bill). The Bill’s purpose is primarily to prohibit the expiry of rewards...more
On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2, received first reading. Division 5 of Bill C-29 will, if passed, consolidate the consumer provisions under the Bank Act. This is a result of successive...more
On August 9, 2016, the Office of the Superintendent of Financial Institutions (OSFI) posted revised transaction instructions on its website for reinsurance on an assumption basis (Assumption Reinsurance). OSFI stated that the...more
Finance Minister William Morneau tabled his first budget on March 22, 2016 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework...more
Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions...more
Canada has a highly concentrated financial sector with six large Canadian domestic banks holding 93 per cent of all bank assets — one of the highest concentration levels in G7 countries, according to the International...more
Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more
1/21/2016
/ Anti-Money Laundering ,
Canada ,
Capital Requirements ,
Credit Cards ,
Debit Cards ,
Derivatives ,
FCAC ,
Financial Institutions ,
FSB ,
IAIS ,
IFRS ,
Insurance Industry ,
Life Insurance ,
Mortgages ,
National Housing Act (NHA) ,
OSFI ,
Payment Systems ,
PIPEDA ,
Popular ,
Recapitalization ,
Risk Assessment ,
Risk Management ,
Shareholders
On December 11, 2015, the Canadian Department of Finance, the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage Housing Corporation (CMHC) announced forthcoming changes to existing federal...more
British Columbia’s Financial Institutions Commission (FICOM) has issued Information Bulletin INS-15-002?, which sets out FICOM’s expectations for insurers, exempt sellers and creditors regarding creditor’s group insurance...more
On August 20, 2015, the Office of the Superintendent of Financial Institutions (OSFI) released Draft Guideline E-21: Operational Risk Management (Draft Guideline) for comments. With the Draft Guideline, OSFI aims to provide a...more
On February 28, 2015, the Department of Finance released draft regulations under the Insurance Companies Act (Act) providing for a framework for the demutualization process applicable to mutual property and casualty insurance...more
2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more
1/21/2015
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Canada ,
Capital Requirements ,
Compliance ,
Corporate Governance ,
Derivatives ,
FATCA ,
FCAC ,
Global Systemically Important Banks (G-SIBs) ,
International Monetary Fund ,
Life Insurance ,
Liquidity Coverage Ratio ,
Mortgage Insurance ,
OSFI ,
Payment Systems ,
Prudential Regulation Authority (PRA) ,
Russia ,
Sanctions ,
Ukraine