Category: Financial Services Regulatory

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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…

AML in Canada:Where are we?

April 3, 2018

In a recent Consultation Paper, the Department of Finance proposed some major changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Hear more about the proposed changes, the upcoming new regulations and what they mean for your business. Speakers Jacqueline Shinfield, Partner Valdimir Shatiryan, Associate Mandatory Continuing Education This program contains 1 hour of Substantive content.

FCAC Concludes No Widespread Mis-Selling by the “Big Six” Banks

March 27, 2018

In early 2017, following media allegations that Canadian banks were using high-pressure tactics and practices to sell a broad range of products and services to Canadian customers, the Financial Consumer Agency of Canada (FCAC) began a review of domestic retail sales practices of Canada’s six largest banks. The review took place between May and November 2017 and involved a significant…

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…

Competition Bureau Releases Final Fintech Market Study

December 22, 2017

The Competition Bureau (Bureau) recently released the final report from its market study, titled Technology-led innovation and emerging services in the Canadian financial services sector (Report), analyzing the regulatory and non-regulatory issues faced by the fintech industry in Canada. The Report makes recommendations to address these issues, many of which are a departure from the current paradigm informing the regulation…

Bill 141: New Governance Rules for Certain Quebec Companies

December 11, 2017

Directors of Quebec insurers, trust and savings companies and deposit institutions will have increased duties regarding the development and enforcement of “sound commercial practices” and “sound and prudent management practices” in order to comply with new regulations enacted by Bill 141. The bill, titled An Act mainly to improve the regulation of the financial sector, the protection of deposits of…

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