Search Results for: CREDIT UNIONS

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

March 21, 2016

Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions and Caisses Populaires Act, 1994 (Credit Unions Act). In its 2016 Ontario Budget, the Ontario government confirmed its intention to implement the Report’s recommendations, which aim to align…

Canadian Regulators Issue Revised Derivatives Dealer and Adviser Business Conduct Rule Proposal

June 28, 2018

On June 14, 2018, the Canadian Securities Administrators (CSA) published for comment a revised version of Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). The Business Conduct Rule would impose a range of requirements on Canadian and foreign persons engaged in the business of trading over-the-counter derivatives (derivatives) (Derivatives Dealers) or advising in connection with transacting in…

Further Consultation on Payments Canada – And More to Come

June 20, 2018

The Department of Finance recently published a consultation paper (Consultation Paper) that proposes to  expand access to Canadian payment systems and seeks feedback on changes to Payments Canada’s governance structure that were implemented in 2015. The comment period for this consultation ends July 24, 2018. For anyone new to this topic, the Consultation Paper provides a useful summary of the…

Quebec Unveils Draft Regulations, Proposes New Changes to Further Strengthen Consumer Protections

April 30, 2018

The Quebec government is further revising and strengthening its consumer protection regime and is seeking industry feedback on its recently released draft Regulation respecting the application of the Consumer Protection Act (Draft Regulation) and Bill 178, An Act to amend various legislative provisions concerning protection (Bill 178). Many of the changes contemplated by Bill 134, An Act mainly to modernize…

FSCO’s Draft Guideline for Financial Services: 8 Principles for Fair Treatment

April 27, 2018

The Financial Services Commission of Ontario (FSCO) recently requested industry feedback on a proposed Superintendent Guideline, titled Treating Financial Services Consumers Fairly (Proposed Guideline). The purpose of the Proposed Guideline is to ensure there is common understanding between FSCO and the businesses and individuals it regulates (Licensees) as to what it means to treat consumers fairly. To that end, the…

Canadian Derivatives: Registration Regime for Dealers and Advisers Gets Momentum

April 24, 2018

On April 19, 2018, the Canadian Securities Administrators (CSA) took a major step toward adopting a comprehensive regime for the regulation of those in the business of trading derivatives or advising on derivatives. The CSA published for comment Proposed National Instrument 93-102 Derivatives: Registration (Proposed Registration Rule), along with a proposed Companion Policy. This initiative builds on the CSA’s efforts…

Financial Sector Legislative Reform Continues

April 4, 2018

On March 27, 2018, the federal government introduced Bill C-74, Budget Implementation Act, 2018, No. 1 (Bill), which includes proposed legislative changes that will be of interest to Canada’s financial sector. The Bill provides the government’s response to consultations undertaken in 2016 (see our August 2016 Blakes Bulletin: Canada’s Financial Sector: Legislation for the Future) and 2017 (see our August…

FCAC Concludes No Widespread Mis-Selling by the “Big Six” Banks

March 27, 2018

In early 2017, following media allegations that Canadian banks were using high-pressure tactics and practices to sell a broad range of products and services to Canadian customers, the Financial Consumer Agency of Canada (FCAC) began a review of domestic retail sales practices of Canada’s six largest banks. The review took place between May and November 2017 and involved a significant…

Election Finances: Recent Reforms in British Columbia, Manitoba and New Brunswick

February 13, 2018

Election finance rules in British Columbia, Manitoba and New Brunswick have undergone significant reform over the past several months. British Columbia has now imposed monetary limits on political contributions, prohibited corporate contributions and introduced new requirements governing sponsorship contributions made to third-party advertisers. New Brunswick has similarly imposed restrictions on making political contributions and decreased its monetary limits for political…

New Canadian Sanctions Legislation in Effect: Sergei Magnitsky Law

November 7, 2017

On November 3, 2017, the Government of Canada introduced regulations under the recently enacted Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML) imposing an asset freeze on a number of foreign nationals identified by the government to be responsible for, or complicit in, significant corruption or gross violations of human rights. Like other Canadian sanctions laws,…

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