Category: Financial Services Regulatory

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Federal Election 2015: New Contribution Limits and Identification Requirements

July 29, 2015

  With a federal election scheduled for October 19, 2015, recent amendments to the Canada Elections Act will soon be put into practice. The Fair Elections Act (FEA) passed on June 12, 2014, has increased individual contribution limits and changed elector identification requirements.    CONTRIBUTION LIMITS   Contributions to political parties, associations or candidates by persons or entities other than…

Federal Election 2015: New Contribution Limits and Identification Requirements

July 27, 2015

  With a federal election scheduled for October 19, 2015, recent amendments to the Canada Elections Act will soon be put into practice. The Fair Elections Act (FEA) passed on June 12, 2014, has increased individual contribution limits and changed elector identification requirements.    CONTRIBUTION LIMITS   Contributions to political parties, associations or candidates by persons or entities other than…

Solicitor-Client Privilege: The Quebec Securities Regulator Can Summon In-House Counsel to Testify in an Investigation

July 20, 2015

  On July 16, 2015, the Supreme Court of Canada (SCC) denied leave to appeal to an in-house counsel (referred to as Ms. X to protect her identity) in the case of X v. Autorité des marchés financiers. The SCC thus maintained the decision of the Quebec Court of Appeal, which had ruled that an in-house counsel could not claim…

Amendments to Canada’s Anti-Money Laundering Legislation: What’s New and What’s Next

July 6, 2015

On July 4, 2015, the federal government released amended regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). While there are some additional regulatory burdens imposed on regulated entities in respect of domestic politically exposed persons (PEPs), and additional components to be considered in risk assessments, many of the proposed changes will be welcomed by…

Stronger Protections for Financial Services Consumers in Ontario?

June 25, 2015

On June 15, 2015, Ontario’s Ministry of Government and Consumer Services (Ministry) issued a consultation paper, “Strengthening Consumer Financial Protection,” (consultation paper) which offers a discussion of potential approaches to strengthening protection for Ontario consumers of financial services perceived to be “high-cost”.   The Ministry is seeking input from the public, community agencies, businesses, and municipalities on consumer financial services…

​Expanding the Meaning of Debt Collector in Ontario?

June 25, 2015

  On June 15, 2015, Ontario’s Ministry of Government and Consumer Services (Ministry) issued a consultation paper, “Strengthening Consumer Financial Protection,” (consultation paper) which, in addition to offering a discussion of potential approaches to strengthening protection for Ontario consumers of financial services perceived to be “high cost,” also offers discussion and a chance to provide feedback on debt collection proposals….

2015 Federal Budget – Financial Services Highlights

April 24, 2015

Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for banks, expanding the voluntary mortgage prepayment commitment to non-banks, a national financial literacy strategy, a bank recapitalization framework, regulation of retail payment networks and access to…

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…

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