On April 4, 2020, the Basel Committee on Banking Supervision (Basel Committee) announced new measures aimed at alleviating the impact of COVID-19 on the global banking system. The Office of the Superintendent of Financial...more
On March 27, 2020, and March 30, 2020, the Office of the Superintendent of Financial Institutions (OSFI) announced additional measures to support the financial and operational resilience of federally regulated financial...more
At close of business on March 13, 2020, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s prudential regulator, announced several actions to support the stability of the Canadian financial system in...more
Canada, like other major jurisdictions, has a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in many ways a...more
On January 29, 2020, the Government of Canada imposed additional sanctions under the Special Economic Measures Act (SEMA) to target specified individuals in connection with recent elections held in the Crimea region....more
On December 5, 2019, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of the updated Guideline B-6: Liquidity Principles (Guideline). The Guideline applies to banks and federally...more
Recently, the federal government published amendments to the regulations made under the United Nations Act (UN Act) and the Special Economic Measures Act (SEMA), Canada’s key sanctions legislation. Among other changes, the...more
Canada, like other major jurisdictions, has a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in many ways a...more
On March 19, 2019, the Government of Canada released its 2019 budget plan (2019 Budget) before the federal election later this year. The 2019 Budget includes several proposals that impact federally regulated financial...more
In 2018, financial institutions in Canada witnessed yet another year of significant expansion in legislation and regulatory guidance impacting their operations....more
On November 29, 2018, Canada’s Minister of Foreign Affairs announced sanctions against 17 Saudi Arabian nationals. The individuals have been designated in the regulations made under the Justice for Victims of Corrupt Foreign...more
Canada, like other major jurisdictions, has a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in many ways a...more
The Office of the Superintendent of Financial Institutions (OSFI) recently published Draft Guideline B-5: Asset Securitization (Draft Guideline), which sets out an updated regulatory framework for the securitization...more
On September 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its revised Corporate Governance Guideline (Revised CG Guideline), following consultations in late 2017....more
In this six-part series on corporate and financial crimes, the Blakes Business Crimes, Investigations & Compliance group outlines basic principles of criminal and quasi-criminal law that may arise in the running of a...more
2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada.
The new wave of initiatives in 2017 included the second stage of the...more
2/8/2018
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Canada ,
Corporate Governance ,
Department of Finance ,
Economic Sanctions ,
FCAC ,
Financial Institutions ,
IFRS ,
Marijuana ,
Mortgages ,
OSFI
In November 2017, the Office of the Superintendent of Financial Institutions (OSFI) released for public comment a revised draft of its Corporate Governance Guideline (CG Guideline). The proposed revisions follow...more
Canada, like other major jurisdictions, has introduced a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in...more
On November 3, 2017, the Government of Canada introduced regulations under the recently enacted Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML) imposing an asset freeze on a number of foreign...more
Two recent developments in the Canadian economic sanctions regime are notable for Canadian financial institutions and businesses engaged in international trade: Canada has imposed new sanctions against Venezuela under the...more
Canada, like other major jurisdictions, has introduced a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in...more
10/3/2017
/ Canada ,
Corruption ,
Economic Sanctions ,
Exports ,
Foreign Official ,
Imports ,
North Korea ,
OSFI ,
Russia ,
Ukraine ,
United Nations
In June 2017, the Supreme Court of Canada (SCC) released its decision in Douez v. Facebook (Douez). The case concerned the application of a choice of forum clause included in Facebook’s terms of use to stay a class action...more
On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of...more
Several changes to Canada’s economic sanctions regime came into effect in April 2017. First, the regulations made under the United Nations Act (UNA) that imposed economic sanctions on Liberia and Côte d’Ivoire have been...more
Canada, like other major jurisdictions, has introduced a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations.
Given that Canada is in...more