News & Analysis as of

OSFI

A Primer on Canadian Sanctions Legislation

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

New Canadian Sanctions Legislation in Effect: Sergei Magnitsky Law

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

EU and UK Sanctions and Export Controls Update – Autumn 2017

by K&L Gates LLP on

There have been a number of key developments in the European Union (“EU”) and United Kingdom (“UK”) sanctions regimes over the summer of 2017. Alongside the inevitable updates to the UK's sanctions policy in light of Brexit,...more

Canadian Economic Sanctions Update: New Sanctions Against Venezuela and Other Developments

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

A Primer on Canadian Sanctions Legislation

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

Back to the Future: Finance Canada Releases Second Consultation on Financial Sector Legislation

On August 11, 2017, Canada’s Department of Finance (Finance Canada) launched the second stage of its consultation process to review the legislative and regulatory framework of the federal financial sector, by releasing its...more

OSFI Suspends Compliance Expectations Against Use Of "Bank Words" by Credit Unions, and Solicits Consultation

by Bennett Jones LLP on

Provincially-regulated credit unions that use “bank words” to describe products or services (such as “online banking”) will be relieved to hear that the Office of the Superintendent of Financial Institutions (OSFI) has...more

OSFI Issues Draft Guideline for Derivatives Sound Practices for Federally Regulated Private Pension Plans

On July 31, 2017, the Office of the Superintendent of Financial Institutions Canada (OSFI) published for comment a new draft guideline, titled: Derivatives Sound Practices for Federally Regulated Private Pension Plans (Draft...more

OSFI Looks to Further Tighten Mortgage Underwriting Standards, Issues Revised Guideline B-20 for Comment

On July 6, 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued a revised version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Draft Guideline) for comment. This...more

If You're Not a Bank, Stop Using "Bank Words" to Describe Your Business, Says Canada's Banking Regulator

by Bennett Jones LLP on

Companies that provide financial services in Canada, including fintech companies and credit unions, should be aware of a provision in the federal Bank Act that restricts their ability to use words such as "bank", "banker" or...more

OSFI Cracks Down on the Use of the Words “Bank”, “Banker” and “Banking”

On June 30, 2017, the Office of the Superintendent of Financial Institutions Canada (OSFI) issued an advisory (Advisory) regarding the Bank Act (Canada) restrictions on the use of the words “bank”, “banker” and “banking” and...more

Canadian Bail-In Regulations: What You Need to Know

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

A Primer on Canadian Sanctions Legislation

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

Regulation of Fintech in Canada

by Dentons on

This article provides Fintech startups and investors with an overview of the regulatory framework that applies to the Fintech industry and the issues that they need to be aware of as they navigate the shifting regulatory...more

Trends in Banking: Steps Towards Modernization

Moves Towards Regulatory Modernization - The rapidly evolving nature of banking — and the financial services sector in general — has seen Canada’s Department of Finance make several moves towards modernization. What will...more

Year in Review: Legislation and Guidance for Financial Institutions in 2016

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

OSFI Releases Draft Guidance on Model Risk Management

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

Proposed Supervision Framework and Publishing Principles for FCAC Decisions Released for Consultation

The Financial Consumer Agency of Canada (FCAC) recently published the following two documents for comment: Proposed Supervision Framework and Publishing Principles for FCAC Decisions (Consultation). The consultation period...more

Assumption Reinsurance Refresher

On August 9, 2016, the Office of the Superintendent of Financial Institutions (OSFI) posted revised transaction instructions on its website for reinsurance on an assumption basis (Assumption Reinsurance). OSFI stated that the...more

Thinking at the Margin: Canadian Provincial Regulators Issue Margin Proposals for Non-Cleared Derivatives

A parallel set of margin requirements is being proposed by the Canadian Securities Administrators’ (CSA) Derivatives Committee (Consultation Paper 95-401 – Margin and Collateral Requirements for Non-Centrally Cleared...more

Canadian Securities Administrators Derivatives Committee Issue Consultation Paper on Margin Requirements for Non-Centrally Cleared...

by Bennett Jones LLP on

On July 7, 2016, the Canadian Securities Administrators Derivatives Committee (the “Committee”) published CSA Consultation Paper 95-401 entitled “Margin and Collateral Requirements for Non-Centrally Cleared Derivatives” (the...more

?Margin Requirements for Non-Centrally Cleared Derivatives Issued in Canada

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal regulator of financial institutions, recently issued Guideline E-22 – Margin Requirements for Non-Centrally Cleared Derivatives? (Guideline)....more

Cross-Border Lending to Canada: Bank Act Primer for Foreign Banks

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

Year in Review: Legislation and Guidance for Financial Institutions in 2015

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

New Federal Rules for the Residential Mortgage Market

On December 11, 2015, the Canadian Department of Finance, the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage Housing Corporation (CMHC) announced forthcoming changes to existing federal...more

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