Category: Banking

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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…

OSFI Announces Plans to Regulate CDOR

January 29, 2014

  Following the decision of British regulators to regulate the London Interbank Offered Rate (LIBOR), the Office of the Superintendent of Financial Institutions of Canada (OSFI) has announced it will oversee the rate-setting process of the Canadian Dealer Offered Rate (CDOR).   CDOR is the Canadian index rate most comparable to LIBOR. It is an industry-determined financial benchmark, and the…

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…

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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