Category: Banking

Page: 1 of 10Page 1 de 1012345...10...>>>

Ontario Seeks Input on Regulation of Provincial Mortgage Businesses

December 11, 2018

The Ontario Ministry of Finance is seeking input from the public and other stakeholders with respect to a legislative review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The review focuses on streamlining the MBLAA and reducing any unnecessary regulatory burden and costs. The review may also afford those in the mortgage industry the opportunity to seek to…

Beneficial Ownership: New Developments

November 15, 2018

The Minister of Finance recently introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86). Though Bill C-86 makes some minor modifications to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in respect of importing or exporting currency in amounts greater than C$10,000, from a regulated entity perspective, the most significant changes are the ones proposed to…

Confronting Money Laundering and Terrorist Financing: Canada Considers Vast Changes to AML Regime

November 13, 2018

The Standing Committee on Finance (Committee) recently released its report, Confronting Money Laundering and Terrorist Financing: Moving Canada Forward (Report), where it makes 32 recommendations on proposed modifications and additions to the Canadian anti-money laundering (AML) regime. The Report follows and responds to the Department of Finance’s consultation paper (Consultation Paper) on Canada’s anti-money laundering (AML) regime, which was published…

A New Federal Financial Consumer Protection Framework

November 12, 2018

On October 29, 2018, the federal government introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86), the second omnibus budget bill of 2018. If passed, Bill C-86 will, among other things, amend the Bank Act to provide for a financial consumer protection framework (Framework) for banks and authorized foreign banks. The Framework is primarily set out in a…

A Look Inside OSFI’s New Corporate Governance Guideline

September 27, 2018

­­­On September 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its revised Corporate Governance Guideline (Revised CG Guideline), following consultations in late 2017. The Revised CG Guideline follows Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. The Revised…

Update on the Use of the Words “Bank”, “Banker” and “Banking” by Non-Banks

September 20, 2018

The amendments to the Bank Act that restrict the use of the words “bank”, “banker” and “banking” (Bank Words) by non-bank entities were recently proclaimed into force and the Office of the Superintendent of Financial Institutions Canada (OSFI) has released the timelines for non-bank entities to comply with the restrictions. On June 21, 2018, the Budget Implementation Act, 2018, No.1…

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…

The Good, the Bad and the Ugly: Revised Regulations to PCMLTFA

June 12, 2018

The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. In addition, the life insurance sector is to become subject to…

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…

Page: 1 of 10Page 1 de 1012345...10...>>>