The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life...more
1/19/2017
/ Anti-Money Laundering ,
Canada ,
Corporate Governance ,
FCAC ,
Financial Institutions ,
FRFI ,
IFRS ,
Margin Requirements ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgages ,
OSFI ,
Risk Management ,
Technology
On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to...more
On August 26, 2016, Canada’s Department of Finance (Finance Canada) launched a consultation process to review the legislative and regulatory framework of the federal financial sector. This follows the extension of the sunset...more
The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit...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
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...more
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...more
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...more
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...more
1/21/2016
/ Anti-Money Laundering ,
Canada ,
Capital Requirements ,
Credit Cards ,
Debit Cards ,
Derivatives ,
FCAC ,
Financial Institutions ,
FSB ,
IAIS ,
IFRS ,
Insurance Industry ,
Life Insurance ,
Mortgages ,
National Housing Act (NHA) ,
OSFI ,
Payment Systems ,
PIPEDA ,
Popular ,
Recapitalization ,
Risk Assessment ,
Risk Management ,
Shareholders
Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for...more
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...more
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....more
1/21/2015
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Canada ,
Capital Requirements ,
Compliance ,
Corporate Governance ,
Derivatives ,
FATCA ,
FCAC ,
Global Systemically Important Banks (G-SIBs) ,
International Monetary Fund ,
Life Insurance ,
Liquidity Coverage Ratio ,
Mortgage Insurance ,
OSFI ,
Payment Systems ,
Prudential Regulation Authority (PRA) ,
Russia ,
Sanctions ,
Ukraine