Category: Banking

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British Columbia Toughens Expectations Related to Creditor’s Group Insurance

October 26, 2015

British Columbia’s Financial Institutions Commission (FICOM) has issued Information Bulletin INS-15-002, which sets out FICOM’s expectations for insurers, exempt sellers and creditors regarding creditor’s group insurance (CGI) being offered in British Columbia. The Information Bulletin was published as a result of FICOM’s concerns over the sale and distribution of CGI products. Lenders and their third-party service providers should be aware…

Will that be cash, credit or bitcoin? The pros and cons of digital currency

September 23, 2015

Whether buying or selling, cryptocurrencies may change the way monetary transactions are conducted. Also known as digital or virtual currencies, cryptocurrencies are a unique peer-to-peer system that transfers monetary value without the exchange of physical coins or bank notes. There are many different types of cryptocurrencies available, but how they work depends on the platform that is being used. The…

What Does Operational Risk Management Draft Guideline Mean for Federally Regulated Financial Institutions?

September 1, 2015

  On August 20, 2015, the Office of the Superintendent of Financial Institutions (OSFI) released Draft Guideline E-21: Operational Risk Management (Draft Guideline) for comments. With the Draft Guideline, OSFI aims to provide a “comprehensive view of operational risk management and related OSFI guidance, across all FRFIs” and fill what it perceives to be a gap in existing guidance.  …

Privileged Documents and Regulatory Investigations: When Does Waiver Come Into Play?

August 26, 2015

  When a regulator comes knocking at your door, with an order compelling the production of documents, how should you treat communications between you and your lawyers? Are you required to produce privileged documents to the regulator, and if so, are the documents then discoverable in subsequent civil actions? The number of recent high-profile regulatory investigations that have taken place…

Assessment of Inherent Risks of Money Laundering and Terrorist Financing in Canada and Guidance on Risk-Based Approach

August 10, 2015

In preparation for the audit of Canada’s anti-money laundering and terrorist financing regime by the Financial Action Task Force (FATF) in the fall of 2015, the Department of Finance and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have been very busy. In that regard, they have each released guidance that is intended to  provide information to reporting…

Amendments to Canada’s Anti-Money Laundering Legislation: What’s New and What’s Next

July 6, 2015

On July 4, 2015, the federal government released amended regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). While there are some additional regulatory burdens imposed on regulated entities in respect of domestic politically exposed persons (PEPs), and additional components to be considered in risk assessments, many of the proposed changes will be welcomed by…

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…

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