Category: Financial Services

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2016 Federal Budget – Selected Tax Measures

March 23, 2016

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015 federal election after nearly a decade with the Conservative party in power. The Liberals were elected on a platform that included promises to provide tax…

EU Bail-In Rules: How Do They Impact Canadian Borrowers?

March 22, 2016

As of January 1, 2016, financial institutions from the European Economic Area (EEA) — which includes member states of the European Union, Iceland, Liechtenstein and Norway — are subject to new requirements under Article 55 of the European Union (EU) Bank Recovery and Resolution Directive (2014/59/EU) (BRRD). Such financial institutions are now required to include — in contracts governed by…

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

March 21, 2016

Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions and Caisses Populaires Act, 1994 (Credit Unions Act). In its 2016 Ontario Budget, the Ontario government confirmed its intention to implement the Report’s recommendations, which aim to align…

Cross-Border Lending to Canada: Bank Act Primer for Foreign Banks

March 15, 2016

Canada has a highly concentrated financial sector with six large Canadian domestic banks holding 93 per cent of all bank assets — one of the highest concentration levels in G7 countries, according to the International Monetary Fund. Perhaps because of this, there is a growing interest by foreign lenders to participate in the Canadian financial sector. Currently, 24 foreign bank…

Legal Trends 2016: Financial Services Regulatory

February 26, 2016

ONE | FINTECH AND E-COMMERCE Fintech is the single hottest topic for 2016 and the foreseeable future. From mobile payments to paperless processes to block-chain technology, the increased use of emerging and innovative technologies to pay for or obtain financial services has the regulators’ attention. Regulators have taken steps to address a few of the various challenges and risks that…

First Step to Re-engagement: Canada Rolls Back Iranian Sanctions

February 8, 2016

In an abrupt reversal of the trend of increasing sanctions against Iran, which Canada has followed since 2011, the Government of Canada announced on February 5, 2016, that it would be implementing significantly less stringent restrictions against trade with, and investment in, Iran. The announced amendments to the regulations that impose Canadian sanctions against Iran under the Special Economic Measures…

“High-Cost Credit” Consumer Lenders Face New Laws in Manitoba

January 22, 2016

New laws to regulate consumer loans and lines of credit that meet the definition of a “high-cost credit product” will come into effect in Manitoba on September 1, 2016. After this date, a consumer lender who offers, arranges or provides a high-cost credit product in Manitoba will be subject to licensing, disclosure, record-keeping and other requirements that are similar, in…

Year in Review: Legislation and Guidance for Financial Institutions in 2015

January 18, 2016

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of fintech and emerging use of innovative technologies in delivering financial services. The key initiatives introduced or implemented in 2015 are outlined in our annual regulatory overview.   Prudential Guidance…

New Federal Rules for the Residential Mortgage Market

January 13, 2016

On December 11, 2015, the Canadian Department of Finance, the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage Housing Corporation (CMHC) announced forthcoming changes to existing federal rules for government-backed mortgage insurance, capital requirements for residential mortgages, and increases in guarantee fees for CMHC-sponsored securitization programs, respectively. BACKGROUND Increasing Regulation of the Canadian Residential Mortgage Market…

Administrative Monetary Penalties and New Exemptions for Debt Collectors

December 22, 2015

Earlier this month, the Minister of Government and Consumer Services introduced Bill 156, the Alternative Financial Services Statute Law Amendment Act, 2015 (Bill 156). Bill 156, if enacted, would amend, among other legislation, the Collection and Debt Settlement Services Act (Collections Act). Among the amendments are the introduction of an administrative monetary penalty regime, an expansion to the exemptions from…

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