Review of Canadian Federal Financial Institutions Legislation


Canada’s Minister of Finance has announced that the scheduled 5-year review of federal financial institutions legislation has commenced and has called for comments from interested parties to be submitted by Friday, November 19, 2010. The Minister has signalled that “some fine-tuning to the system may be required, but wholesale change is not necessary.”

Given the current spotlight on the global financial regulatory system, including recent headlines regarding capital requirements and the implementation of new accounting rules, we expect that federally regulated financial institutions carrying on business in Canada will be interested in participating in the “fine-tuning” of the legislation governing Canadian financial services.

BLG has considerable experience in assisting clients to make submissions to governments in respect of financial services legislation and regulations, including helping clients to develop and implement strategies to advance their public policy issues with governments. To that end, we would be pleased to assist clients in the upcoming federal reform process.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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