Category: Financial Services

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New Federal Rules for the Residential Mortgage Market

January 13, 2016

On December 11, 2015, the Canadian Department of Finance, the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage Housing Corporation (CMHC) announced forthcoming changes to existing federal rules for government-backed mortgage insurance, capital requirements for residential mortgages, and increases in guarantee fees for CMHC-sponsored securitization programs, respectively. BACKGROUND Increasing Regulation of the Canadian Residential Mortgage Market…

Administrative Monetary Penalties and New Exemptions for Debt Collectors

December 22, 2015

Earlier this month, the Minister of Government and Consumer Services introduced Bill 156, the Alternative Financial Services Statute Law Amendment Act, 2015 (Bill 156). Bill 156, if enacted, would amend, among other legislation, the Collection and Debt Settlement Services Act (Collections Act). Among the amendments are the introduction of an administrative monetary penalty regime, an expansion to the exemptions from…

Regulating “Alternative Financial Services” in Ontario

December 22, 2015

Earlier this month, the Minister of Government and Consumer Services introduced Bill 156, the Alternative Financial Services Statute Law Amendment Act, 2015 (Bill 156). Bill 156, if enacted, would amend the Consumer Protection Act and Payday Loans Act, 2008. Bill 156 also proposes to amend the Collection and Debt Settlement Services Act. For a discussion of the amendments to the…

Amendments to Ontario’s Conflict of Laws Rules Will Require Changes to Documentation and Registration/Search Practices

December 17, 2015

Secured parties that make loans on the security of receivables and motor vehicles, that purchase receivables under securitization or factoring arrangements or that provide financing pursuant to motor vehicle leases or conditional sale agreements (each, a Secured Party) will need to take proactive action as a result of amendments to the Personal Property Security Act (Ontario), which come into force…

U.K.’s Revised Law on Liquidated Damages Clauses Could Mean Similar Changes for Commercial Contracts in Canada

November 12, 2015

Last week, the U.K. Supreme Court (UKSC) changed the law on liquidated damages clauses (LDCs), giving parties greater freedom to decide on damages for contractual breaches. The case may cause Canadian courts to revise the law in a similar manner and provide parties with greater flexibility for predetermining damages in commercial contracts — a change which many parties would welcome….

Beyond Cards: Adapting to Disruption in Payments

November 5, 2015

Canada’s payment industry is constantly evolving. Legislation and expectations of regulators are also changing, but not at the same pace as the industry. This seminar will feature Blakes lawyers who will provide insight into the recent developments in the regulation of payments in Canada. Topics: Payment Disruptors: What’s Next? – Jacqueline D. Shinfield The Code of Conduct: Mobilizing – Bonny…

Cybersecurity 2.0: What’s Expected of Federally Regulated Financial Institutions

October 29, 2015

As federally regulated financial institutions (FRFIs) expand their reliance on technology, employ progressively complicated and interconnected networks and systems, increase their electronic service offerings and collaborate with technology service providers,  cybersecurity has become a constant source of concern for FRFIs, as well as their regulators. To safeguard against the potentially far-reaching damage a breach of cybersecurity could inflict upon Canada’s…

British Columbia Toughens Expectations Related to Creditor’s Group Insurance

October 26, 2015

British Columbia’s Financial Institutions Commission (FICOM) has issued Information Bulletin INS-15-002, which sets out FICOM’s expectations for insurers, exempt sellers and creditors regarding creditor’s group insurance (CGI) being offered in British Columbia. The Information Bulletin was published as a result of FICOM’s concerns over the sale and distribution of CGI products. Lenders and their third-party service providers should be aware…

Will that be cash, credit or bitcoin? The pros and cons of digital currency

September 23, 2015

Whether buying or selling, cryptocurrencies may change the way monetary transactions are conducted. Also known as digital or virtual currencies, cryptocurrencies are a unique peer-to-peer system that transfers monetary value without the exchange of physical coins or bank notes. There are many different types of cryptocurrencies available, but how they work depends on the platform that is being used. The…

What Does Operational Risk Management Draft Guideline Mean for Federally Regulated Financial Institutions?

September 1, 2015

  On August 20, 2015, the Office of the Superintendent of Financial Institutions (OSFI) released Draft Guideline E-21: Operational Risk Management (Draft Guideline) for comments. With the Draft Guideline, OSFI aims to provide a “comprehensive view of operational risk management and related OSFI guidance, across all FRFIs” and fill what it perceives to be a gap in existing guidance.  …

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