Category: Banking

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Bill 31: Alberta Beefs Up Its Consumer Protection Legislation

December 6, 2017

On November 29, 2017, the Alberta government introduced Bill 31: A Better Deal for Consumers and Businesses Act (Bill 31), which proposes a number of amendments to the Fair Trading Act (Act). The Alberta government simultaneously issued a statement to explain and provide additional context for the amendments (Statement). The proposed changes are in response to a consultation held from…

Bank of Canada Gets More Serious About Issuing a Digital Currency

December 6, 2017

On November 30, 2017, the Bank of Canada (BoC) released a staff white paper cautiously in favour of creating a central bank-issued digital currency (CBDC) for Canada. Referencing the continuing trend toward using electronic forms of payment in lieu of physical currency, the white paper explores the possible economic benefits of a CBDC and whether such benefits would justify the…

A Look Inside OSFI’s Draft New Corporate Governance Guideline

December 5, 2017

­­­In November 2017, the Office of the Superintendent of Financial Institutions (OSFI) released for public comment a revised draft of its Corporate Governance Guideline (CG Guideline). The proposed revisions follow Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. In the draft CG Guideline, OSFI provides a…

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

October 10, 2017

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec’s financial sector and strengthen…

London Interbank Offered Rate to Be Replaced By End of 2021

August 31, 2017

The U.K.’s Financial Conduct Authority (FCA) recently announced that the London Interbank Offered Rate (LIBOR) is to be phased out by the end of 2021 and replaced with a more reliable alternative. LIBOR is a daily benchmark interest rate set at approximately 11:45 a.m. (London time) every morning by a panel of leading banks in the U.K. It is the…

Back to the Future: Finance Canada Releases Second Consultation on Financial Sector Legislation

August 23, 2017

On August 11, 2017, Canada’s Department of Finance (Finance Canada) launched the second stage of its consultation process to review the legislative and regulatory framework of the federal financial sector, by releasing its second consultation paper, titled “Potential Policy Measures to Support a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” (Consultation Paper). Finance Canada is consulting…

Department of Finance Proposes New Oversight Framework for Retail Payments

July 21, 2017

On July 7, 2017, Canada’s Department of Finance released a long-awaited consultation paper on the proposed regulation of retail payments in Canada. The consultation paper, titled: “A New Retail Payments Oversight Framework” (Consultation Paper) articulates the main components of a proposed federal oversight framework for retail payments (Proposed Framework). This is a significant development in the Canadian payments landscape as…

OSFI Looks to Further Tighten Mortgage Underwriting Standards, Issues Revised Guideline B-20 for Comment

July 11, 2017

On July 6, 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued a revised version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Draft Guideline) for comment. This Draft Guideline comes after OSFI issued a letter to the industry, on July 7, 2016, highlighting its concerns with residential mortgage underwriting practices and the adequacy of risk…

OSFI Cracks Down on the Use of the Words “Bank”, “Banker” and “Banking”

July 6, 2017

On June 30, 2017, the Office of the Superintendent of Financial Institutions Canada (OSFI) issued an advisory (Advisory) regarding the Bank Act (Canada) restrictions on the use of the words “bank”, “banker” and “banking” and equivalent words, as interpreted by OSFI. The Advisory signals, in particular, OSFI’s increased attention to the use of these words — as well as similar…

Canadian Bail-In Regulations: What You Need to Know

June 27, 2017

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of Canada’s bail-in framework and related total loss absorbency capacity (TLAC) capital standard for Canada’s six domestic systemically important banks (DSIBs). The bail-in regulations are expected to…

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