Category: Financial Services Regulatory

Page: 4 of 12Page 4 de 12<<<...23456...10...>>>

SCC Decision Calls into Question Enforceability of Choice of Forum Clauses in Consumer Contracts

July 14, 2017

In June 2017, the Supreme Court of Canada (SCC) released its decision in Douez v. Facebook (Douez). The case concerned the application of a choice of forum clause included in Facebook’s terms of use to stay a class action proceeding brought in British Columbia. The SCC issued a three-one-three split decision, with Justices Karakatsanis, Wagner and Gascon holding that the choice…

OSFI Looks to Further Tighten Mortgage Underwriting Standards, Issues Revised Guideline B-20 for Comment

July 11, 2017

On July 6, 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued a revised version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Draft Guideline) for comment. This Draft Guideline comes after OSFI issued a letter to the industry, on July 7, 2016, highlighting its concerns with residential mortgage underwriting practices and the adequacy of risk…

OSFI Cracks Down on the Use of the Words “Bank”, “Banker” and “Banking”

July 6, 2017

On June 30, 2017, the Office of the Superintendent of Financial Institutions Canada (OSFI) issued an advisory (Advisory) regarding the Bank Act (Canada) restrictions on the use of the words “bank”, “banker” and “banking” and equivalent words, as interpreted by OSFI. The Advisory signals, in particular, OSFI’s increased attention to the use of these words — as well as similar…

Canadian Bail-In Regulations: What You Need to Know

June 27, 2017

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of Canada’s bail-in framework and related total loss absorbency capacity (TLAC) capital standard for Canada’s six domestic systemically important banks (DSIBs). The bail-in regulations are expected to…

AML Update: Not So Fast – Implementation of New Identity Verification Requirements Extended

June 14, 2017

As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are to come into force that deal with, among other things, domestic politically exposed persons (PEP) requirements and new requirements for the verification of identity….

OSC Seeks Stakeholder Input on Proposed Derivatives Business Conduct Rule

June 1, 2017

On May 29, 2017, the Ontario Securities Commission (OSC) hosted a half-day roundtable session to discuss the recently published Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). Specific details regarding the Business Conduct Rule are discussed in our April 2017 Blakes Bulletin: Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules.  The roundtable session included…

Banking Cannabis Clients Under Canada’s Anti-Money Laundering Regime

May 25, 2017

Unlike the United States, where the sale of cannabis remains illegal federally, the sale of cannabis for medicinal purposes has been legalized in Canada. Following a recent announcement by the Canadian government, legislation has now been proposed that would expand access to cannabis by legalizing the sale of recreational cannabis by registered dealers in Canada. Under the proposed legislation, the…

FCAC Publishes First Decision Regarding Non-Compliance with Code of Conduct

May 18, 2017

On May 15, 2017, the Financial Consumer Agency of Canada (FCAC) published Commissioner’s Decision #126 (Decision) regarding non-compliance with the Code of Conduct for the Credit and Debit Card Industry in Canada (Code of Conduct) by a payment card network operator (PCNO). The Decision is significant in that it is the first Commissioner’s Decision published regarding non-compliance with the Code…

Take Two: Quebec Introduces Bill 134 to Modernize the Consumer Protection Act

May 11, 2017

On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…

Financial Consumer Agency of Canada Publishes New Supervision Framework

May 3, 2017

The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Among other things, the Supervision Framework implements FCAC’s vision for robust and effective oversight of the entities that it regulates, including federally regulated financial…

Page: 4 of 12Page 4 de 12<<<...23456...10...>>>