Category: Financial Services

OSFI Announces Plans to Regulate CDOR

January 29, 2014

  Following the decision of British regulators to regulate the London Interbank Offered Rate (LIBOR), the Office of the Superintendent of Financial Institutions of Canada (OSFI) has announced it will oversee the rate-setting process of the Canadian Dealer Offered Rate (CDOR).   CDOR is the Canadian index rate most comparable to LIBOR. It is an industry-determined financial benchmark, and the…

Electronic Funds Transfer Reporting: Once is Not Enough

January 16, 2014

  On January 9, 2014, the Government of Canada announced draft legislative proposals (Proposals) that would require financial institutions, money services businesses and casinos subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC Act) to report to the Canada Revenue Agency (CRA) international electronic funds transfers (EFTs) of C$10,000 or more sent or received at the…

Are You Ready for the FCAC Clear Language Review?

January 14, 2014

  The Financial Consumer Agency of Canada (FCAC) has announced that it expects to initiate a review of consumer-facing disclosure documentation over the course of 2014-15 to assess compliance with clear language requirements applicable to federally regulated financial institutions (FRFIs).     CLEAR LANGUAGE REQUIREMENT   The Cost of Borrowing Regulations made under each of the statutes governing FRFIs include the requirement…