Category: Financial Services Regulatory

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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…

The New Legal Landscape of USMCA

October 5, 2018

On September 30, 2018, Canada and the United States announced that they, together with Mexico, agreed to a trilateral United States-Mexico-Canada Agreement (USMCA). Once ratified, the USMCA will replace the existing trilateral North American Free Trade Agreement. The USMCA is expected to come into force on January 1, 2020, and will affect many industries including oil and gas, automotive, agriculture, textiles and…

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…

OSFI Issues Updated Securitization Framework for Insurers

October 1, 2018

The Office of the Superintendent of Financial Institutions (OSFI) recently published Draft Guideline B-5: Asset Securitization (Draft Guideline), which sets out an updated regulatory framework for the securitization activities of federally regulated insurers, including foreign insurer branches and mortgage insurers (Insurers). The Draft Guideline will replace the existing OSFI Guideline B-5 published in November 2004, and the related OSFI Advisory:…

A Look Inside OSFI’s New Corporate Governance Guideline

September 27, 2018

­­­On September 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its revised Corporate Governance Guideline (Revised CG Guideline), following consultations in late 2017. The Revised CG Guideline follows Superintendent Jeremy Rudi­n’s announcement in June 2016 that OSFI intended to streamline and simplify the governance guidance for federally regulated financial institutions. The Revised…

Update on the Use of the Words “Bank”, “Banker” and “Banking” by Non-Banks

September 20, 2018

The amendments to the Bank Act that restrict the use of the words “bank”, “banker” and “banking” (Bank Words) by non-bank entities were recently proclaimed into force and the Office of the Superintendent of Financial Institutions Canada (OSFI) has released the timelines for non-bank entities to comply with the restrictions. On June 21, 2018, the Budget Implementation Act, 2018, No.1…

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…

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