Category: Banking

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Banking Cannabis Clients Under Canada’s Anti-Money Laundering Regime

May 25, 2017

Unlike the United States, where the sale of cannabis remains illegal federally, the sale of cannabis for medicinal purposes has been legalized in Canada. Following a recent announcement by the Canadian government, legislation has now been proposed that would expand access to cannabis by legalizing the sale of recreational cannabis by registered dealers in Canada. Under the proposed legislation, the…

Take Two: Quebec Introduces Bill 134 to Modernize the Consumer Protection Act

May 11, 2017

On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…

Financial Consumer Agency of Canada Publishes New Supervision Framework

May 3, 2017

The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Among other things, the Supervision Framework implements FCAC’s vision for robust and effective oversight of the entities that it regulates, including federally regulated financial…

Trends That Are Changing the Business Landscape

March 23, 2017

In our series on current trends, we provide insight into those that are shaping key industries: Trends in Technology: Key Insight on Fintech and Cybersecurity Trends in Banking: Steps Towards Modernization Trends in Insurance: From the Internet of Things to InsurTech Trends in Life Sciences: From Data Protection to Drug Pricing

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…

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

January 9, 2017

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology entrants. The intent of these partnerships varies but they generally aim to expand the incumbent bank’s customer service offerings, improve its customer/user experience (or UX) or accelerate…

OSFI Releases Draft Guidance on Model Risk Management

January 4, 2017

On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…

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…

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