Category: Financial Services Regulatory

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Recent Amendments to Provisions on Hypothecs under Civil Code of Québec

April 22, 2015

  INTRODUCTION   Bill n°28 titled An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (Act) passed on April 20, 2015 and received assent the next day. The Act made changes to hypothecs in the Civil Code of Québec (CCQ), including the amendment of Article 2692…

Amendments to Code of Conduct for Credit and Debit Card Industry

April 14, 2015

  Amendments made to the Code of Conduct for the Credit and Debit Card Industry in Canada (Code) released by the Department of Finance on April 13, 2015, will have interesting repercussions across the entire payment industry affecting not only payment card networks but also, among others, acquirers, issuers and mobile app developers.   The Code came into force in…

Sale of Online Insurance Products: AMF Releases Recommendations

April 13, 2015

  On April 2, 2015, the Autorité des marchés financiers (AMF), the regulatory body responsible for enforcing the legislative framework applicable to the financial sector in Quebec, released a report entitled Internet Insurance Offerings in Québec: Presentation of Consultation Findings and Orientations (Report).   This Report follows a consultation held by the AMF in 2012 through which it sought comments…

New P&C Insurance Demutualization Regulations: Unknown Unknowns

March 11, 2015

  On February 28, 2015, the Department of Finance released draft regulations under the Insurance Companies Act (Act) providing for a framework for the demutualization process applicable to mutual property and casualty insurance companies (P&C insurers). Demutualization is the process through which a mutual company is converted into a corporation with common shares. The Act requires that rules for demutualizing…

Year in Review: Legislation and Guidance for Financial Institutions in 2014

January 20, 2015

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government of Canada introduced a consultation paper recommending a statutory conversion…

Year in Review: Legislation and Guidance for Financial Institutions in 2013

January 20, 2015

The regulatory world for federally regulated financial institutions (FRFIs) continued to get more complex in 2013, with a multitude of legislative and regulatory initiatives being proposed and implemented in the course of the year. We summarize these developments below. POLICY INITIATIVES Canada’s Economic Action Plan 2013 A New Consumer Code On March 21, 2013, the federal government published its Economic…

Lobbying Legislation Changes for Communicating with Ontario and Alberta Governments

January 6, 2015

  Recent amendments to Ontario and Alberta’s lobbying regimes will mean changes for persons who communicate with governments in those jurisdictions. The effective date of Ontario’s legislation has yet to be announced while Alberta’s amendments have already taken effect.     AMENDMENTS TO ONTARIO’S LOBBYISTS REGISTRATION ACT   In August, the Ontario government introduced Bill 8, Public Sector and MPP…

AODA Requirements Coming into Force on January 1, 2015

November 17, 2014

  As described in previous Blakes Bulletins, the Accessibility for Ontarians with Disabilities Act, 2005 (AODA) requires public and private organizations in Ontario to take proactive steps to eliminate barriers to the participation of individuals with disabilities in Ontario society. The Integrated Accessibility Standards Regulation (IASR) enacted under AODA creates obligations in various areas, including information and communications, employment, transportation…

Happy New Year? AODA Requirements Coming into Force on January 1, 2015

November 17, 2014

  As described in previous Blakes Bulletins, the Accessibility for Ontarians with Disabilities Act, 2005 (AODA) requires public and private organizations in Ontario to take proactive steps to eliminate barriers to the participation of individuals with disabilities in Ontario society. The Integrated Accessibility Standards Regulation (IASR) enacted under AODA creates obligations in various areas, including information and communications, employment, transportation…

Commissioner of Lobbying Releases Draft Revised Lobbyists’ Code of Conduct

November 5, 2014

  In October, the federal Commissioner of Lobbying released a revised draft of the Lobbyists’ Code of Conduct (Draft Code) for consultation. The existing Code provides a set of principles and rules outlining the behaviour expected of lobbyists in Canada. The Draft Code proposes several key amendments. Public affairs professionals and other lobbyists should take advantage of the consultation process…

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