Category: Banking

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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…

Year in Review: Legislation and Guidance for Financial Institutions in 2014

January 20, 2015

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government of Canada introduced a consultation paper recommending a statutory conversion…

Year in Review: Legislation and Guidance for Financial Institutions in 2013

January 20, 2015

The regulatory world for federally regulated financial institutions (FRFIs) continued to get more complex in 2013, with a multitude of legislative and regulatory initiatives being proposed and implemented in the course of the year. We summarize these developments below. POLICY INITIATIVES Canada’s Economic Action Plan 2013 A New Consumer Code On March 21, 2013, the federal government published its Economic…

A War Measures Act for Canada’s Financial System: Regulation of Systemic Risk by Cooperative Capital Markets Regulator

December 4, 2014

  The Canadian government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement to formalize the terms and conditions of a proposed cooperative capital markets regulatory system (Cooperative System). For more information on this, please see our September 2014 Blakes Bulletin: Cooperative Capital Markets Regulatory System Agreement…

Nortel Unsecured Bondholders Can’t Claim for Post-Filing Interest in Canada: Ontario Court

October 2, 2014

  On August 19, 2014, the Ontario Superior Court of Justice [Commercial List] (Ontario Court) released an important decision regarding the ability of unsecured bondholders to assert a claim for “post-filing” interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (CCAA). The CCAA is Canada’s principal statute for the restructuring of large insolvent corporations and is similar in effect…

Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

As Coming into Force Looms, CRTC Publishes Anti-Spam Corporate Compliance Guidance

June 20, 2014

With less than two weeks to go before the coming into force date for the main provisions of Canada’s Anti-Spam Legislation (CASL), the Canadian Radio-television and Telecommunications Commission (CRTC) published a number of infographics and a Compliance and Enforcement Information Bulletin CRTC 2014-326: Guidelines to help businesses develop corporate compliance programs (Compliance Bulletin).     BRIEF BACKGROUND   Designed as one of…

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