Canada Revenue Agency Compliance

News & Analysis as of

FCA makes new rules

FCA’s latest Handbook Notice outlines the rule changes it has made between June and September 2015. We have previously reported all key changes in FReD. FCA made changes to its rules in the:...more

CFPB and DOJ announce redlining settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

CRA Publishes Reminder on Charities’ Political Activities

Political activities have been a hot topic for the CRA’s Charities Directorate in the last few years. In the CRA’s 2015 Program Update, the Charities Directorate stated that its recent political activity audit included...more

CRA3: ESMA publishes final draft Regulatory Technical Standards on disclosure requirements for Structured Finance Instruments

Executive Summary - Following the consultation paper published by the European Securities and Markets Authority (ESMA) in February 2014, on 24 June 2014 ESMA published its final draft of the Regulatory Technical...more

Revised CRA Policy Heralds Focus on Contemporaneous Transfer Pricing Documentation

CRA released an updated transfer pricing memorandum, TPM-05R, Requests for Contemporaneous Documentation, in March, which describes the procedural aspects of transfer pricing documentation requirements in substantially more...more

OCC Integrates Interagency Rules, Proposes Integrated Licensing Rules

On May 16, the OCC issued a final rule to integrate its interagency rules, which would combine, without any substantive amendments, rules related to consumer protection in insurance sales, BSA compliance, management...more

Orrick's Financial Industry Week In Review

Council of the EU Adopts Bank Recovery and Resolution Directive - On May 6, the Council of the EU adopted at first reading the text of the Bank Recovery and Resolution Directive (BRRD). The BRRD seeks to harmonize...more

Editorial: Who’s The Fairest Lender Of Them All? As Government Scrutiny Intensifies, Don’t Get Snowed Under By Fair-Lending Laws

In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more

Highlights From The Toronto Centre CRA & Professionals Group Breakfast Seminar (Objections And Appeals) – November 6, 2013

On November 6, 2013, at the Toronto Centre Canada Revenue Agency & Professionals Breakfast Seminar, representatives from the CRA provided an update on objections and appeals. Anne-Marie Levesque, Assistant Commissioner...more

CFPB Issues FCRA Compliance Guidance

On September 4, the CFPB issued Bulletin 2013-09, which addresses a furnisher’s obligations in connection with a dispute forwarded to it by a consumer reporting agency (CRA). The Fair Credit Reporting Act (FCRA) generally...more

Canada Revenue Agency Provides Update On Strategic Direction And SR&ED

On February 6, 2013, at the Toronto-Centre Tax Professionals Breakfast Seminar, the Canada Revenue Agency discussed its current strategic activities and priorities and changes to the Scientific Research & Experimental...more

Federal Regulators Propose Guidance For Social Media Use

On January 22, the FFIEC proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by federally supervised financial institutions, as...more

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