Category: Financial Services Regulatory

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Canada Imposes Asset Freeze against Members of Ukraine’s Former Government

March 7, 2014

  On March 5, 2014, the federal government introduced targeted economic sanctions against the representatives of the former government of Ukraine by regulations made under the Freezing Assets of Corrupt Foreign Officials Act (FACFOA). The Freezing Assets of Corrupt Foreign Officials (Ukraine) Regulations (Ukraine Regulations) impose an asset freeze in respect of the assets of senior officials of the former Ukrainian government and their…

Outsourcing for Financial Institutions – B-10 is Not Enough

February 20, 2014

  With respect to outsourcing arrangements, federally regulated entities (FREs) are well aware of the expectations of the Office of the Superintendent of Financial Institutions (OSFI) set out in Guideline B-10: Outsourcing of Business Activities, Functions and Processes (Guideline B-10). But OSFI’s expectations with respect to outsourcing arrangements extend beyond Guideline B-10, and compliance with Guideline B-10 is not enough.    …

Important Financial Services Changes in 2014 Budget

February 14, 2014

  The Economic Action Plan 2014, as the federal government calls its budget, tabled in the House of Commons on February 11, 2014 contains a number of statements regarding financial services regulatory reforms. This bulletin highlights the statements that are of particular interest to private-sector players.     HOUSING FINANCE FRAMEWORK   The Government of Canada announced its intention to continue…

New Regime for Approvals of Reinsurance with a Related Party

February 7, 2014

  New transaction instructions for approvals of reinsurance arrangements between federally regulated insurers (FRIs) and certain related parties are now in effect. The Office of the Superintendent of Financial Institutions (OSFI) states that the new instructions are in response to the calls for greater supervision of “captives” coming from regulators across North America. FRIs considering contracting for reinsurance with a…

Electronic Funds Transfer Reporting: Once is Not Enough

January 16, 2014

  On January 9, 2014, the Government of Canada announced draft legislative proposals (Proposals) that would require financial institutions, money services businesses and casinos subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC Act) to report to the Canada Revenue Agency (CRA) international electronic funds transfers (EFTs) of C$10,000 or more sent or received at the…

Canadian Clawbacks: Increasing But Still Voluntary

January 16, 2014

  “Clawbacks” are arrangements under which an employee forfeits previously awarded compensation, usually either as a result of a misstatement of the employer’s financial statements, misconduct or “bad behaviour” of the employee or, more commonly, a combination of both. Clawback mechanisms can be used to cancel unvested awards or recoup proceeds from vested awards and can apply to various types…

Are You Ready for the FCAC Clear Language Review?

January 14, 2014

  The Financial Consumer Agency of Canada (FCAC) has announced that it expects to initiate a review of consumer-facing disclosure documentation over the course of 2014-15 to assess compliance with clear language requirements applicable to federally regulated financial institutions (FRFIs).     CLEAR LANGUAGE REQUIREMENT   The Cost of Borrowing Regulations made under each of the statutes governing FRFIs include the requirement…

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