It used to take 75 days to get a general construction permit in Canada, now it can take close to 249.[1] In 2020 Canada ranked 34th out of 35 OECD countries for its permitting approval periods. By comparison, the average approval time in the US was reportedly 81 days.[2]
Canada’s permitting periods are
On 7 November 2022, the European Banking Authority (EBA) published an Opinion on the set-up and operationalisation of intermediate EU parent undertaking(s) under Article 21b of the Capital Requirements Directive IV (CRD IV).
Article 21b of the CRD IV strengthens the supervision of third-country groups with significant activities in the EU.
On 7 October 2022, the International Organisation of Securities Commissions (IOSCO) announced a call for action on good sustainable finance practices for financial markets voluntary standard setting bodes and industry associates.
IOSCO is calling upon all voluntary standard setting bodies and industry associations operating in financial markets to promote good practices amongst their
On 7 November 2022, the Financial Stability Board (FSB) published a report on OTC Derivatives Market Reforms: Implementation progress in 2022.
The report tracks national and regional progress in implementing the G20 reforms to global over-the counter (OTC) derivatives market reforms following the 2007 Global Financial Crisis.
The report finds that
On 4 November 2022, the European Banking Authority (EBA) published the final methodology, draft templates and template guidance for the 2023 EU-wide stress test along with the milestone dates for the exercise.
The objectives of the EU-wide stress test is to provide EU supervisors, banks and other market participants with a common analytical
In our latest monthly wrap up we highlight some of the key regulatory papers published by the Autorité Des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) during the period 20 September to 2 November 2022.
Marie-Anne Barbat-Layani appointed Chair of the AMF
By decree of
On 1 November 2022, the Implementation Act concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiewet registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Act) entered into force. The Implementation Act implements Article 31 of the Fifth Anti-Money Laundering Directive and introduces a central beneficial ownership
A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the CFPB’s independent funding through
On 4 November 2022, the FCA published financial promotions quarterly data for Q3 2022.
The data highlights that the FCA had intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data.
Retail lending, investments and banking are the sectors with the highest rate of
On 4 November 2022, HM Treasury published the Financial Services and Markets Bill, as amended in Public Bill Committee.
In a letter to the Interim Chair of the Treasury Select Committee, the Economic Secretary to the Treasury, Andrew Griffith MP states that in light of the appointment of the new Prime Minister the Government