Category: Banking

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The Good, the Bad and the Ugly: Revised Regulations to PCMLTFA

June 12, 2018

The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. In addition, the life insurance sector is to become subject to…

Quebec Unveils Draft Regulations, Proposes New Changes to Further Strengthen Consumer Protections

April 30, 2018

The Quebec government is further revising and strengthening its consumer protection regime and is seeking industry feedback on its recently released draft Regulation respecting the application of the Consumer Protection Act (Draft Regulation) and Bill 178, An Act to amend various legislative provisions concerning protection (Bill 178). Many of the changes contemplated by Bill 134, An Act mainly to modernize…

FSCO’s Draft Guideline for Financial Services: 8 Principles for Fair Treatment

April 27, 2018

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 Proposed Guideline is to ensure there is common understanding between FSCO and the businesses and individuals it regulates (Licensees) as to what it means to treat consumers fairly. To that end, the…

Financial Sector Legislative Reform Continues

April 4, 2018

On March 27, 2018, the federal government introduced Bill C-74, Budget Implementation Act, 2018, No. 1 (Bill), which includes proposed legislative changes that will be of interest to Canada’s financial sector. The Bill provides the government’s response to consultations undertaken in 2016 (see our August 2016 Blakes Bulletin: Canada’s Financial Sector: Legislation for the Future) and 2017 (see our August…

2018 Federal Budget: Selected Tax Measures

February 28, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…

Department of Finance Reviewing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime

February 12, 2018

On February 7, 2018, the Department of Finance released a consultation paper (Paper) reviewing Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF). The Paper is intended to support parliament’s upcoming prescribed five-year review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and sets out policy considerations that call for amendments to the current AML/ATF regime. The…

Year in Review: Legislation and Guidance for Federal Financial Institutions in 2017

January 29, 2018

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 consultation process to renew the federal financial sector legislation, proposed modernization of Canada’s payments systems, regulatory studies on the regulation of fintechs, new bail-in legislation, changes to the Basel…

Bill 31: Alberta Beefs Up Its Consumer Protection Legislation

December 6, 2017

On November 29, 2017, the Alberta government introduced Bill 31: A Better Deal for Consumers and Businesses Act (Bill 31), which proposes a number of amendments to the Fair Trading Act (Act). The Alberta government simultaneously issued a statement to explain and provide additional context for the amendments (Statement). The proposed changes are in response to a consultation held from…

Bank of Canada Gets More Serious About Issuing a Digital Currency

December 6, 2017

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 forms of payment in lieu of physical currency, the white paper explores the possible economic benefits of a CBDC and whether such benefits would justify the…

A Look Inside OSFI’s Draft New Corporate Governance Guideline

December 5, 2017

­­­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 Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. In the draft CG Guideline, OSFI provides a…

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