June 14, 2017
As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are to come into force that deal with, among other things, domestic politically exposed persons (PEP) requirements and new requirements for the verification of identity….
May 11, 2017
On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…
May 3, 2017
The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Note that contrary to expectations, the effective date of the Supervision Framework was delayed until fall 2018. Among other things, the Supervision Framework implements FCAC’s…
March 23, 2017
In our series on current trends, we provide insight into those that are shaping key industries: Trends in Technology: Key Insight on Fintech and Cybersecurity Trends in Banking: Steps Towards Modernization Trends in Insurance: From the Internet of Things to InsurTech Trends in Life Sciences: From Data Protection to Drug Pricing
February 8, 2017
As part of our series on current trends across different industries, we look at what’s on the horizon for banking in 2017.
January 18, 2017
The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…
January 9, 2017
The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology entrants. The intent of these partnerships varies but they generally aim to expand the incumbent bank’s customer service offerings, improve its customer/user experience (or UX) or accelerate…
January 4, 2017
On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…
November 24, 2016
Throughout the remainder of 2016 and into 2017, we will be providing key insight into current trends across different industries. The first in our series concerns technology, with a particular focus on financial technology (fintech) and cybersecurity.
October 26, 2016
On October 25, 2016, Bill C-29, Budget Implementation Act, 2016, No. 2, received first reading. Division 5 of Bill C-29 will, if passed, consolidate the consumer provisions under the Bank Act. This is a result of successive governments’ promises to enact a comprehensive federal “consumer code” for banks, federal credit unions and foreign bank branches. It also reflects a response…