Category: Banking

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Deposit Insurance Review: Improving the Current Framework

September 23, 2016

On September 16, 2016, Canada’s Department of Finance (Finance Canada) published for comment the Deposit Insurance Review (Consultation Paper). The Consultation Paper ensues from the Budget 2014 announcement of the launch of a comprehensive review of Canada’s deposit insurance framework to ensure that the framework provides adequate protection for the savings of Canadians. The consultation period runs until November 30,…

Canada’s Financial Sector: Legislation for the Future

August 29, 2016

On August 26, 2016, Canada’s Department of Finance (Finance Canada) launched a consultation process to review the legislative and regulatory framework of the federal financial sector. This follows the extension of the sunset provisions under the Bank Act, the Insurance Companies Act and the Trust and Loan Companies Act from 2017 to 2019.   As the first of a two-stage…

Assumption Reinsurance Refresher

August 22, 2016

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 information requirements and administrative guidance contained in the revised transaction instructions have been updated in line with OSFI’s current expectations and views regarding Assumption Reinsurance. Notably, in the…

FCAC Issues New and Amended Code of Conduct Guidance

August 4, 2016

On July 29, 2016, the Financial Consumer Agency of Canada (FCAC) published the following guidance documents on its website: Amended Commissioner’s Guidance 10 (CG-10) – Increased Disclosure in Sales and Business Practices and Cancellation of Contracts without Penalty Commissioner’s Guidance 15 (CG-15) – Information Summary Box examples for the Code of Conduct for the Credit and Debit Card Industry in…

Amendments to Canada’s Anti-Money Laundering Legislation: The First Step

June 27, 2016

On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). For the most part, the final Regulations are similar to the July 2015 draft regulations. They will be published in the June 29, 2016 Canada Gazette, Part II. Currently,…

Default Interest Rates on Mortgages Structured as Discounts for Timely Payment Prohibited by Section 8 of Interest Act

May 31, 2016

Section 8 of the Interest Act (Canada) (Section 8) prevents lenders from charging a higher rate of interest after default on a mortgage of real property than that charged prior to default. In other words, if a mortgage with a rate of interest of five per cent during its term is increased to 10 per cent should the borrower fail…

Alberta’s Oil and Gas Licensing Regime Found to be Unconstitutional

May 20, 2016

In Redwater Energy Corporation (Re) (Redwater Energy), the Court of Queen’s Bench of Alberta (Court) held that certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act (PA) are inoperative to the extent that they are used by the Alberta Energy Regulator (AER) to prevent the abandonment or renunciation of an insolvent debtor’s assets by a court-appointed…

Amendments to Canada’s Bank Restructuring Legislation: Bail-In and Financial Contract Safe Harbours

May 9, 2016

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act). Among other things, Bill C-15 will give a new authority to the Canada Deposit Insurance Corporation (CDIC) to bail-in certain liabilities of Canada’s…

Your Guide to the 2016 Federal Budget

April 15, 2016

We have summarized key aspects of the Liberal government’s 2016 federal budget that may impact your business. Please see 2016 Federal Budget – Selected Tax Measures for more information. For pension-related matters, see Federal Budget 2016 – Pension Issues. For financial services, see 2016 Federal Budget – Financial Services Highlights. For infrastructure, see Change Orders: Analyzing Proposed New Infrastructure Spending in 2016 Budget. In…

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