Category: Financial Services Regulatory

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The Good, the Bad and the Ugly: Revised Regulations for Canadian AML

June 28, 2018

The wait is over. On June 9, 2018, the Department of Finance released long-awaited amendments to the regulations to the Proceeds of Crime and Terrorist Financing Act. Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. Hear more about the revised regulations and how they will impact your business. Speakers: Jacqueline Shinfield, Partner Mandatory…

Blockchain and Smart Contracts in the Energy Sector

June 21, 2018

Technology is quickly reshaping the oil and gas industry. One such disruptive technology is blockchain. This is an introduction to industrial blockchain as well as a review of its relevance to oil and gas projects and the application of smart contracts within the blockchain and existing doctrines of contract law. During this session you will gain a better understanding of…

Further Consultation on Payments Canada – And More to Come

June 20, 2018

The Department of Finance recently published a consultation paper (Consultation Paper) that proposes to  expand access to Canadian payment systems and seeks feedback on changes to Payments Canada’s governance structure that were implemented in 2015. The comment period for this consultation ends July 24, 2018. For anyone new to this topic, the Consultation Paper provides a useful summary of the…

The Good, the Bad and the Ugly: Revised Regulations to PCMLTFA

June 12, 2018

The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. In addition, the life insurance sector is to become subject to…

FCAC Report Identifies 11 Best Practices in Financial Consumer Protection

May 22, 2018

Building on the federal government’s continued commitment to modernize and enhance Canada’s financial consumer protection framework (Framework), the Financial Consumer Agency of Canada (FCAC) has released its Report on Best Practices in Financial Consumer Protection (Report). While the Report provides useful insight into the financial consumer protection landscape in Canada, at this time, it remains unclear how the Report’s findings…

Quebec Unveils Draft Regulations, Proposes New Changes to Further Strengthen Consumer Protections

April 30, 2018

The Quebec government is further revising and strengthening its consumer protection regime and is seeking industry feedback on its recently released draft Regulation respecting the application of the Consumer Protection Act (Draft Regulation) and Bill 178, An Act to amend various legislative provisions concerning protection (Bill 178). Many of the changes contemplated by Bill 134, An Act mainly to modernize…

FSCO’s Draft Guideline for Financial Services: 8 Principles for Fair Treatment

April 27, 2018

The Financial Services Commission of Ontario (FSCO) recently requested industry feedback on a proposed Superintendent Guideline, titled Treating Financial Services Consumers Fairly (Proposed Guideline). The purpose of the Proposed Guideline is to ensure there is common understanding between FSCO and the businesses and individuals it regulates (Licensees) as to what it means to treat consumers fairly. To that end, the…

Financial Sector Legislative Reform Continues

April 4, 2018

On March 27, 2018, the federal government introduced Bill C-74, Budget Implementation Act, 2018, No. 1 (Bill), which includes proposed legislative changes that will be of interest to Canada’s financial sector. The Bill provides the government’s response to consultations undertaken in 2016 (see our August 2016 Blakes Bulletin: Canada’s Financial Sector: Legislation for the Future) and 2017 (see our August…

AML in Canada:Where are we?

April 3, 2018

In a recent Consultation Paper, the Department of Finance proposed some major changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Hear more about the proposed changes, the upcoming new regulations and what they mean for your business. Speakers Jacqueline Shinfield, Partner Vladimir Shatiryan, Associate Mandatory Continuing Education This program contains 1 hour of Substantive content.

FCAC Concludes No Widespread Mis-Selling by the “Big Six” Banks

March 27, 2018

In early 2017, following media allegations that Canadian banks were using high-pressure tactics and practices to sell a broad range of products and services to Canadian customers, the Financial Consumer Agency of Canada (FCAC) began a review of domestic retail sales practices of Canada’s six largest banks. The review took place between May and November 2017 and involved a significant…

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