Category: Financial Services Regulatory

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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…

New Canadian Economic Sanctions Take Effect April 2017

April 25, 2017

Several changes to Canada’s economic sanctions regime came into effect in April 2017. First, the regulations made under the United Nations Act (UNA) that imposed economic sanctions on Liberia and Côte d’Ivoire have been repealed. Second, two amendments were made to the list of persons designated under the Special Economic Measures Act (SEMA) regulations, which impose economic sanctions against Syria….

Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules

April 24, 2017

On April 4, 2017, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule), which would impose a range of business conduct requirements on Canadian and foreign persons engaged in the business of trading in over-the-counter derivatives (derivatives) with Canadian clients (Derivatives Dealers) or advising Canadian clients in connection with transacting…

Alert: ISDA Publishes Canadian Clearing Classification Letter

April 6, 2017

On March 30, 2017, the International Swaps and Derivatives Association, Inc. (ISDA), with the assistance of Blakes lawyers, published the ISDA Canadian Clearing Classification Letter. The letter enables market participants to provide their counterparties with status information to determine if they are in scope for purposes of National Instrument 94-101 – Mandatory Central Counterparty Clearing of Derivatives (NI 94-101). The…

Blockchain: Things to Consider Before the Securities Industry Leaves the Sandbox

January 26, 2017

There have been many articles, papers, books, seminars, roundtables and conferences around the potential for blockchain and distributed ledger technology (DLT), and announcing trials or tests of new applications for blockchain technologies, especially in the financial services industry. Regulators, recognizing the potential for these applications (as one put it in a metaphor from an older revolutionary technology) to pick up…

Year in Review: Legislation and Guidance for Financial Institutions in 2016

January 18, 2017

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

January 9, 2017

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology entrants. The intent of these partnerships varies but they generally aim to expand the incumbent bank’s customer service offerings, improve its customer/user experience (or UX) or accelerate…

OSFI Releases Draft Guidance on Model Risk Management

January 4, 2017

On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…

Ban Proposed on the Expiry of Rewards Points in Ontario

December 2, 2016

On October 20, 2016, an Ontario member of provincial parliament introduced Bill 47, Protecting Rewards Points Act (Consumer Protection Amendment), 2016 (Bill). The Bill’s purpose is primarily to prohibit the expiry of rewards points in Ontario due to the passage of time. While private members’ public bills do not frequently become law, this Bill has gained traction and quickly passed…

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