Search Results for: CREDIT UNIONS

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

March 21, 2016

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 and Caisses Populaires Act, 1994 (Credit Unions Act). In its 2016 Ontario Budget, the Ontario government confirmed its intention to implement the Report’s recommendations, which aim to align…

New Canadian Sanctions Legislation in Effect: Sergei Magnitsky Law

November 7, 2017

On November 3, 2017, the Government of Canada introduced regulations under the recently enacted Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML) imposing an asset freeze on a number of foreign nationals identified by the government to be responsible for, or complicit in, significant corruption or gross violations of human rights. Like other Canadian sanctions laws,…

A Primer on Canadian Sanctions Legislation

November 7, 2017

Canada, like other major jurisdictions, has introduced a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations. Given that Canada is in many ways a trading nation, and many Canadian businesses have ties elsewhere, sanctions laws have a significant impact not only on the target countries but also on Canadian…

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

October 10, 2017

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec’s financial sector and strengthen…

Canadian Economic Sanctions Update: New Sanctions Against Venezuela and Other Developments

October 3, 2017

Two recent developments in the Canadian economic sanctions regime are notable for Canadian financial institutions and businesses engaged in international trade: Canada has imposed new sanctions against Venezuela under the Special Economic Measures Act (SEMA) and removed the export ban it had in place against Belarus since 2006. VENEZUELA SEMA REGULATIONS The SEMA is the federal legislation through which Canada…

Back to the Future: Finance Canada Releases Second Consultation on Financial Sector Legislation

August 23, 2017

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 second consultation paper, titled “Potential Policy Measures to Support a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” (Consultation Paper). Finance Canada is consulting…

Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules

April 24, 2017

On April 4, 2017, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule), which would impose a range of business conduct requirements on Canadian and foreign persons engaged in the business of trading in over-the-counter derivatives (derivatives) with Canadian clients (Derivatives Dealers) or advising Canadian clients in connection with transacting…

Year in Review: Legislation and Guidance for Financial Institutions in 2016

January 18, 2017

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…

A New Financial Consumer Framework – Does this Change Everything?

October 26, 2016

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 governments’ promises to enact a comprehensive federal “consumer code” for banks, federal credit unions and foreign bank branches. It also reflects a response…

2016 Federal Budget – Financial Services Highlights

March 24, 2016

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 for banks, an extended timeline for renewal of financial sector legislation, a bank recapitalization (“bail-in”) framework, increased housing sector oversight and legislative measures for federal credit unions….

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