Category: Financial Services

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Cross-Border Lending to Canada: Bank Act Primer for Foreign Banks

March 15, 2016

Canada has a highly concentrated financial sector with six large Canadian domestic banks holding 93 per cent of all bank assets — one of the highest concentration levels in G7 countries, according to the International Monetary Fund. Perhaps because of this, there is a growing interest by foreign lenders to participate in the Canadian financial sector. Currently, 24 foreign bank…

Legal Trends 2016: Financial Services Regulatory

February 26, 2016

ONE | FINTECH AND E-COMMERCE Fintech is the single hottest topic for 2016 and the foreseeable future. From mobile payments to paperless processes to block-chain technology, the increased use of emerging and innovative technologies to pay for or obtain financial services has the regulators’ attention. Regulators have taken steps to address a few of the various challenges and risks that…

First Step to Re-engagement: Canada Rolls Back Iranian Sanctions

February 8, 2016

In an abrupt reversal of the trend of increasing sanctions against Iran, which Canada has followed since 2011, the Government of Canada announced on February 5, 2016, that it would be implementing significantly less stringent restrictions against trade with, and investment in, Iran. The announced amendments to the regulations that impose Canadian sanctions against Iran under the Special Economic Measures…

“High-Cost Credit” Consumer Lenders Face New Laws in Manitoba

January 22, 2016

New laws to regulate consumer loans and lines of credit that meet the definition of a “high-cost credit product” will come into effect in Manitoba on September 1, 2016. After this date, a consumer lender who offers, arranges or provides a high-cost credit product in Manitoba will be subject to licensing, disclosure, record-keeping and other requirements that are similar, in…

Year in Review: Legislation and Guidance for Financial Institutions in 2015

January 18, 2016

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of fintech and emerging use of innovative technologies in delivering financial services. The key initiatives introduced or implemented in 2015 are outlined in our annual regulatory overview.   Prudential Guidance…

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….

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