Category: Banking

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Stronger Protections for Financial Services Consumers in Ontario?

June 25, 2015

On June 15, 2015, Ontario’s Ministry of Government and Consumer Services (Ministry) issued a consultation paper, “Strengthening Consumer Financial Protection,” (consultation paper) which offers a discussion of potential approaches to strengthening protection for Ontario consumers of financial services perceived to be “high-cost”.   The Ministry is seeking input from the public, community agencies, businesses, and municipalities on consumer financial services…

​Expanding the Meaning of Debt Collector in Ontario?

June 25, 2015

  On June 15, 2015, Ontario’s Ministry of Government and Consumer Services (Ministry) issued a consultation paper, “Strengthening Consumer Financial Protection,” (consultation paper) which, in addition to offering a discussion of potential approaches to strengthening protection for Ontario consumers of financial services perceived to be “high cost,” also offers discussion and a chance to provide feedback on debt collection proposals….

2015 Federal Budget – Financial Services Highlights

April 24, 2015

Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for banks, expanding the voluntary mortgage prepayment commitment to non-banks, a national financial literacy strategy, a bank recapitalization framework, regulation of retail payment networks and access to…

Recent Amendments to Provisions on Hypothecs under Civil Code of Québec

April 22, 2015

  INTRODUCTION   Bill n°28 titled An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (Act) passed on April 20, 2015 and received assent the next day. The Act made changes to hypothecs in the Civil Code of Québec (CCQ), including the amendment of Article 2692…

2015 Federal Budget – Selected Tax Measures

April 22, 2015

  On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source withholding requirements for some non-resident employers, extension of accelerated tax depreciation rates for machinery and equipment and a phased-in decrease in the small business tax rate. However,…

Amendments to Code of Conduct for Credit and Debit Card Industry

April 14, 2015

  Amendments made to the Code of Conduct for the Credit and Debit Card Industry in Canada (Code) released by the Department of Finance on April 13, 2015, will have interesting repercussions across the entire payment industry affecting not only payment card networks but also, among others, acquirers, issuers and mobile app developers.   The Code came into force in…

Sale of Online Insurance Products: AMF Releases Recommendations

April 13, 2015

  On April 2, 2015, the Autorité des marchés financiers (AMF), the regulatory body responsible for enforcing the legislative framework applicable to the financial sector in Quebec, released a report entitled Internet Insurance Offerings in Québec: Presentation of Consultation Findings and Orientations (Report).   This Report follows a consultation held by the AMF in 2012 through which it sought comments…

Commenters Don’t Hold Back: Responses to Civil Liability and Enforcement Provisions of Draft Cooperative Capital Markets Legislation

April 6, 2015

INTRODUCTION   The consultation drafts of the proposed uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) propose new, and in some instances unprecedented, civil liability and regulatory and criminal enforcement provisions which, if enacted, will have important implications for capital markets participants.   The PCMA and…

Too Many Changes, More Consultation Required: Comments on Proposed Cooperative Capital Markets Legislation

April 2, 2015

Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) by capital markets stakeholders suggest that additional “robust” consultation is required for the PCMA and CMSA, particularly given the significant changes to securities and capital markets laws that such proposed…

Alert: Canada Introduces Additional Sanctions Against Russia

February 20, 2015

  On February 17, 2015, the Government of Canada announced that new entities and individuals in Russia and Ukraine have been designated under Canada’s sanctions laws. These new measures are introduced in coordination with the United States and the European Union, and are in response to the ongoing conflict in Ukraine.   The list of new entities and individuals designated…

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