Category: Financial Services Regulatory

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Ontario Seeks Input on Regulation of Provincial Mortgage Businesses

December 11, 2018

The Ontario Ministry of Finance is seeking input from the public and other stakeholders with respect to a legislative review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The review focuses on streamlining the MBLAA and reducing any unnecessary regulatory burden and costs. The review may also afford those in the mortgage industry the opportunity to seek to…

Canada Imposes Sanctions Against Saudi Arabian Nationals

December 4, 2018

On November 29, 2018, Canada’s Minister of Foreign Affairs announced sanctions against 17 Saudi Arabian nationals. The individuals have been designated in the regulations made under the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML). SML authorizes the government to designate foreign nationals or foreign public officials (or their associates) who, in the government’s view, are…

The New Legal Landscape of North American Trade

December 4, 2018

On September 30, 2018, Canada and the United States announced that they, together with Mexico, agreed to a new trilateral trade agreement, which was signed on November 30, 2018. The agreement will be referred to differently in each country: Canada-United States-Mexico Agreement (CUSMA) in Canada, United States-Mexico-Canada Agreement (USMCA) in the U.S., and Tratado entre México, Estados Unidos y Canadá (TMEC)…

A Primer on Canadian Sanctions Legislation

December 4, 2018

Canada, like other major jurisdictions, has a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations. Given that Canada is in many ways a trading nation, and many Canadian businesses have ties elsewhere, sanctions laws have a significant impact not only on the target countries but also on Canadian businesses….

The Cutting Edge of Compliance: Best Practices and Recent Developments in Anticorruption, Investigations and Responding to Government Enforcement

November 15, 2018

Proactive anticorruption compliance programs, risk assessments and detailed due diligence practices can make the world of difference when engaging in global business transactions. Join us for a one-on-one discussion with Jonathan Drimmer, Deputy General Counsel at Barrick Gold, to hear his first-hand experience on the cutting edge of compliance and how proactive efforts can safe-guard your business in foreign jurisdictions….

Beneficial Ownership: New Developments

November 15, 2018

The Minister of Finance recently introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86). Though Bill C-86 makes some minor modifications to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in respect of importing or exporting currency in amounts greater than C$10,000, from a regulated entity perspective, the most significant changes are the ones proposed to…

Confronting Money Laundering and Terrorist Financing: Canada Considers Vast Changes to AML Regime

November 13, 2018

The Standing Committee on Finance (Committee) recently released its report, Confronting Money Laundering and Terrorist Financing: Moving Canada Forward (Report), where it makes 32 recommendations on proposed modifications and additions to the Canadian anti-money laundering (AML) regime. The Report follows and responds to the Department of Finance’s consultation paper (Consultation Paper) on Canada’s anti-money laundering (AML) regime, which was published…

A New Federal Financial Consumer Protection Framework

November 12, 2018

On October 29, 2018, the federal government introduced Bill C-86, Budget Implementation Act, 2018, No. 2 (Bill C-86), the second omnibus budget bill of 2018. If passed, Bill C-86 will, among other things, amend the Bank Act to provide for a financial consumer protection framework (Framework) for banks and authorized foreign banks. The Framework is primarily set out in a…

Final Financial Consumer Agency of Canada Supervision Framework in Effect

October 9, 2018

The Financial Consumer Agency of Canada (FCAC) recently published the final version of its Supervision Framework (2018 Framework), which took effect October 1, 2018. The 2018 Framework outlines the principles and processes that assist FCAC in fulfilling its mandate to supervise regulated entities. Under the 2018 Framework, FCAC continues to abide by its four guiding principles of: Transparency: FCAC achieves…

USMCA to Remove “in Canada” Record-Keeping Requirements for Financial Institution Sectors

October 5, 2018

The United States-Mexico-Canada Agreement (USMCA), announced on September 30, 2018, looks to remove certain record-keeping requirements for financial institution sectors. The USMCA is a new treaty between Canada, Mexico and the U.S., which will replace the North American Free Trade Agreement The USMCA addresses several digital trade issues, including data localization. Among other things, once ratified, the USMCA will require…

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