Category: Banking

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Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

As Coming into Force Looms, CRTC Publishes Anti-Spam Corporate Compliance Guidance

June 20, 2014

With less than two weeks to go before the coming into force date for the main provisions of Canada’s Anti-Spam Legislation (CASL), the Canadian Radio-television and Telecommunications Commission (CRTC) published a number of infographics and a Compliance and Enforcement Information Bulletin CRTC 2014-326: Guidelines to help businesses develop corporate compliance programs (Compliance Bulletin).     BRIEF BACKGROUND   Designed as one of…

Important Changes to Canada’s AML Laws: Here We Go Again

April 3, 2014

  On March 28, 2014, the federal government introduced important proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC Act), Canada’s anti-money laundering legislation. The proposed amendments are introduced by Bill C-31, the Economic Action Plan 2014 Act, No. 1, which implements certain provisions of the federal budget tabled on February 22, 2014. Among other proposed changes, Bill C-31:…

Outsourcing for Financial Institutions – B-10 is Not Enough

February 20, 2014

  With respect to outsourcing arrangements, federally regulated entities (FREs) are well aware of the expectations of the Office of the Superintendent of Financial Institutions (OSFI) set out in Guideline B-10: Outsourcing of Business Activities, Functions and Processes (Guideline B-10). But OSFI’s expectations with respect to outsourcing arrangements extend beyond Guideline B-10, and compliance with Guideline B-10 is not enough.    …

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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