Category: Banking

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Amendments to Canada’s Anti-Money Laundering Legislation: The First Step

June 27, 2016

On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). For the most part, the final Regulations are similar to the July 2015 draft regulations. They will be published in the June 29, 2016 Canada Gazette, Part II. Currently,…

Default Interest Rates on Mortgages Structured as Discounts for Timely Payment Prohibited by Section 8 of Interest Act

May 31, 2016

Section 8 of the Interest Act (Canada) (Section 8) prevents lenders from charging a higher rate of interest after default on a mortgage of real property than that charged prior to default. In other words, if a mortgage with a rate of interest of five per cent during its term is increased to 10 per cent should the borrower fail…

Alberta’s Oil and Gas Licensing Regime Found to be Unconstitutional

May 20, 2016

In Redwater Energy Corporation (Re) (Redwater Energy), the Court of Queen’s Bench of Alberta (Court) held that certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act (PA) are inoperative to the extent that they are used by the Alberta Energy Regulator (AER) to prevent the abandonment or renunciation of an insolvent debtor’s assets by a court-appointed…

Amendments to Canada’s Bank Restructuring Legislation: Bail-In and Financial Contract Safe Harbours

May 9, 2016

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act). Among other things, Bill C-15 will give a new authority to the Canada Deposit Insurance Corporation (CDIC) to bail-in certain liabilities of Canada’s…

Your Guide to the 2016 Federal Budget

April 15, 2016

We have summarized key aspects of the Liberal government’s 2016 federal budget that may impact your business. Please see 2016 Federal Budget – Selected Tax Measures for more information. For pension-related matters, see Federal Budget 2016 – Pension Issues. For financial services, see 2016 Federal Budget – Financial Services Highlights. For infrastructure, see Change Orders: Analyzing Proposed New Infrastructure Spending in 2016 Budget. In…

2016 Federal Budget – Financial Services Highlights

March 24, 2016

Finance Minister William Morneau tabled his first budget on March 22, 2016 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for banks, an extended timeline for renewal of financial sector legislation, a bank recapitalization (“bail-in”) framework, increased housing sector oversight and legislative measures for federal credit unions….

2016 Federal Budget – Selected Tax Measures

March 23, 2016

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015 federal election after nearly a decade with the Conservative party in power. The Liberals were elected on a platform that included promises to provide tax…

EU Bail-In Rules: How Do They Impact Canadian Borrowers?

March 22, 2016

As of January 1, 2016, financial institutions from the European Economic Area (EEA) — which includes member states of the European Union, Iceland, Liechtenstein and Norway — are subject to new requirements under Article 55 of the European Union (EU) Bank Recovery and Resolution Directive (2014/59/EU) (BRRD). Such financial institutions are now required to include — in contracts governed by…

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

March 21, 2016

Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions and Caisses Populaires Act, 1994 (Credit Unions Act). In its 2016 Ontario Budget, the Ontario government confirmed its intention to implement the Report’s recommendations, which aim to align…

Cross-Border Lending to Canada: Bank Act Primer for Foreign Banks

March 15, 2016

Canada has a highly concentrated financial sector with six large Canadian domestic banks holding 93 per cent of all bank assets — one of the highest concentration levels in G7 countries, according to the International Monetary Fund. Perhaps because of this, there is a growing interest by foreign lenders to participate in the Canadian financial sector. Currently, 24 foreign bank…

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