Category: Financial Services

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Alert: Canada Introduces Additional Sanctions Against Russia

February 20, 2015

  On February 17, 2015, the Government of Canada announced that new entities and individuals in Russia and Ukraine have been designated under Canada’s sanctions laws. These new measures are introduced in coordination with the United States and the European Union, and are in response to the ongoing conflict in Ukraine.   The list of new entities and individuals designated…

Year in Review: Legislation and Guidance for Financial Institutions in 2014

January 20, 2015

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government of Canada introduced a consultation paper recommending a statutory conversion…

Year in Review: Legislation and Guidance for Financial Institutions in 2013

January 20, 2015

The regulatory world for federally regulated financial institutions (FRFIs) continued to get more complex in 2013, with a multitude of legislative and regulatory initiatives being proposed and implemented in the course of the year. We summarize these developments below. POLICY INITIATIVES Canada’s Economic Action Plan 2013 A New Consumer Code On March 21, 2013, the federal government published its Economic…

A War Measures Act for Canada’s Financial System: Regulation of Systemic Risk by Cooperative Capital Markets Regulator

December 4, 2014

  The Canadian government and the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan (Participating Provinces) have signed a memorandum of agreement to formalize the terms and conditions of a proposed cooperative capital markets regulatory system (Cooperative System). For more information on this, please see our September 2014 Blakes Bulletin: Cooperative Capital Markets Regulatory System Agreement…

Nortel Unsecured Bondholders Can’t Claim for Post-Filing Interest in Canada: Ontario Court

October 2, 2014

  On August 19, 2014, the Ontario Superior Court of Justice [Commercial List] (Ontario Court) released an important decision regarding the ability of unsecured bondholders to assert a claim for “post-filing” interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (CCAA). The CCAA is Canada’s principal statute for the restructuring of large insolvent corporations and is similar in effect…

Selected International Measures from August 2014 Legislative Proposals

September 8, 2014

On August 29, 2014, the Minister of Finance released for consultation draft legislative proposals (August 29 Proposals) to amend the Income Tax Act (Canada) (Act) which would implement certain measures from the 2014 federal budget as well as certain other measures. The government has invited comments by September 28, 2014. It is expected that the government will then introduce these…

As Coming into Force Looms, CRTC Publishes Anti-Spam Corporate Compliance Guidance

June 20, 2014

With less than two weeks to go before the coming into force date for the main provisions of Canada’s Anti-Spam Legislation (CASL), the Canadian Radio-television and Telecommunications Commission (CRTC) published a number of infographics and a Compliance and Enforcement Information Bulletin CRTC 2014-326: Guidelines to help businesses develop corporate compliance programs (Compliance Bulletin).     BRIEF BACKGROUND   Designed as one of…

Important Changes to Canada’s AML Laws: Here We Go Again

April 3, 2014

  On March 28, 2014, the federal government introduced important proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC Act), Canada’s anti-money laundering legislation. The proposed amendments are introduced by Bill C-31, the Economic Action Plan 2014 Act, No. 1, which implements certain provisions of the federal budget tabled on February 22, 2014. Among other proposed changes, Bill C-31:…

Outsourcing for Financial Institutions – B-10 is Not Enough

February 20, 2014

  With respect to outsourcing arrangements, federally regulated entities (FREs) are well aware of the expectations of the Office of the Superintendent of Financial Institutions (OSFI) set out in Guideline B-10: Outsourcing of Business Activities, Functions and Processes (Guideline B-10). But OSFI’s expectations with respect to outsourcing arrangements extend beyond Guideline B-10, and compliance with Guideline B-10 is not enough.    …

Important Financial Services Changes in 2014 Budget

February 14, 2014

  The Economic Action Plan 2014, as the federal government calls its budget, tabled in the House of Commons on February 11, 2014 contains a number of statements regarding financial services regulatory reforms. This bulletin highlights the statements that are of particular interest to private-sector players.     HOUSING FINANCE FRAMEWORK   The Government of Canada announced its intention to continue…

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