Canada

Global Asset Management Quarterly – 14th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: Europe European update Launch of IFR/IFD transition hub EU/UK regulatory roundup United Kingdom COVID-19: action points for boards to consider FCA Dear CEO letter: Asset management firms – prepare now for the end of LIBOR Extension of … Continue Reading

Monthly global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

FINTRAC revises expectations for reporting entities amid pandemic

By Daniel Leslie (CA) on March 31, 2020 Posted in Anti-money laundering, Banking, Canada, Coronavirus, General, Money laundering, Regulation and compliance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently provided guidance (the Guidance) to reporting entities in connection with their continuing obligations during the COVID-19 pandemic. In the Guidance, FINTRAC acknowledged that reporting entities may have to reassign and reprioritize their internal resources in response to the pandemic, which may in turn affect … Continue Reading

OSFI proposes measures to support resilience amid pandemic

By Daniel Leslie (CA) on March 25, 2020 Posted in Banking, Canada, Capital adequacy, Coronavirus, General, Regulation and compliance

The Office of the Superintendent of Financial Institutions (OSFI) has announced measures intended to support federally regulated financial institutions (FRFIs) and improve the stability of the Canadian economy and financial system in response to challenges posed by the COVID-19 pandemic and current market conditions: Domestic Stability Buffer set to 1.00% of risk weighted assets. Originally, … Continue Reading

Monthly global FinTech regulatory updater

By Hannah Meakin (UK) on March 17, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

What are the top AML and sanctions compliance challenges in 2020?

By Sven Stumbauer on March 13, 2020 Posted in Africa, Anti-corruption and business and human rights, Anti-money laundering, Anti-money laundering, Anti-Money Laundering, Asia, Australia, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

We recently completed our global anti-money laundering (AML) and sanctions compliance survey that involved discussions with senior financial services executives. Our global analysis covers 375 participating financial institutions from 77 countries. Our initial analysis indicates several key trends: regulatory pressure on AML and sanctions compliance was significant in 2019 and is expected to continue increasing … Continue Reading

Liability concerns in the eSports and video gaming industry

By Daniel Leslie (CA) on February 21, 2020 Posted in Anti-money laundering, Canada, eSports, Money laundering, Regulation and compliance

The eSports industry is on track to surpass $1 billion in revenue this year. Titans in this industry use different product-control strategies for eSports tournaments. For example, a category of publishers vertically integrate with their premier eSports titles and maintain complete licensing control. Another category gives third parties complete freedom to organize eSports tournaments with … Continue Reading

Open Banking in Canada: part 2 – further regulatory insights

By Daniel Leslie (CA) on February 15, 2020 Posted in Banking, Canada, Consumer Protection, Fintech, General, Money laundering, Regulation and compliance

Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful benefits and … Continue Reading

Monthly global FinTech regulatory updater

By Hannah Meakin (UK), Sean Murphy (UK) and Imogen Garner (UK) on February 11, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

OSFI delays implementation of Basel III operational risk capital requirements

By Daniel Leslie (CA) on February 4, 2020 Posted in Banking, Canada, Capital adequacy, Regulation and compliance

The Office of Superintendent of Financial Institutions (OSFI) stated recently that it is in the process of revising its capital requirements for operational risk applicable to deposit-taking institutions (DTIs) to reflect the final Basel III revisions published by the Basel Committee on Banking Supervision in December 2017. OSFI confirmed that the implementation of the revised … Continue Reading

Monthly global FinTech regulatory updater

By Hannah Meakin (UK) on February 4, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

Developments in Canada’s AML regime – Brief highlights of 2019 and what 2020 holds

By Daniel Leslie (CA) on January 17, 2020 Posted in Anti-money laundering, Canada, Money laundering

Happy New Year to all our readers! The past year saw a marked shift in regulatory expectations for the anti-money laundering (AML) and anti-terrorist financing (ATF) regime in Canada. In this blog post, we provide a quick recap of the key regulatory developments in the Canadian AML/ATF regime over the past year. We also look … Continue Reading

Watch now: global asset management regulation webinar series

By Simon Lovegrove (UK), Martin Krause (DE) and Imogen Garner (UK) on January 15, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

The recordings from our global asset management regulation webinar series are now available to watch on demand. In this series, our financial services team explored the key issues and requirements firms should be considering when looking to launch an overseas fund in Europe, Asia Pacific, the United States and Canada. Watch now: The AIFMD re-examined … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

New global asset management regulation webinar: The use of Canadian investment funds by non-Canadian managers

By Michael Bunn (CA) and Imogen Garner (UK) on January 6, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

In our latest asset management regulatory webinar, Michael Bunn discusses the use of Canadian investment funds by non-Canadian managers, including types of Canadian investment funds; structuring considerations; and the regulation of Canadian funds. Previous webinars in our global asset management regulation series can be found on our Asset Management Regulation hub located on the NRF … Continue Reading

UK General Election and next steps for Brexit

By Simon Lovegrove (UK) on December 13, 2019 Posted in Africa, Asia, Australia, Brexit, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

Following the UK General Election the Conservative Party has won a majority of at least 76 seats in the House of Commons, its biggest election victory since 1987. With one constituency left to declare at the time of writing, the Conservatives have 364 seats, Labour 203, the SNP 48, the Liberal Democrats 11, the DUP … Continue Reading

Global Asset Management Quarterly – 13th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: UK/Europe UK and European overview The new EU prudential regime for investment firms Navigating the AIFMD EU progresses on its Sustainable Finance Action Plan Contracting for indices EU/UK regulatory roundup Luxembourg update Ireland update Asia Pacific The … Continue Reading

Singapore FinTech Festival 2019 – key takeaways

By Kerri Gevers (ZA), Stella Cramer (SG), Etelka Bogardi (HK) and Hannah Meakin (UK) on November 22, 2019 Posted in Africa, Asia, Australia, Canada, Fintech, United Kingdom, United States

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London, Dallas, Johannesburg and Melbourne to join our Singapore team at the SFF 2019 (Singapore FinTech Festival) 11-13 November. The SFF is the world’s largest annual FinTech conference, bringing together over 45,000 FinTech enthusiasts to explore, collaborate and discuss the future of FinTech. … Continue Reading

One million visitors and counting

By Simon Lovegrove (UK) on November 11, 2019 Posted in Africa, Asia, Australia, Canada, France, General, Germany, The Netherlands, United Kingdom, United States

We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.… Continue Reading

FINTRAC to publicly name violators of anti-money laundering rules

By Daniel Leslie (CA) on October 30, 2019 Posted in Banking, Canada

FINTRAC to publicly name violators of anti-money laundering rules Recently, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published certain changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requiring FINTRAC to make public all administrative monetary penalties (AMPs) imposed. These changes are reflected in FINTRAC’s AMP policy (AMP … Continue Reading

New webinar series: Global asset management regulation

By Imogen Garner (UK) on October 28, 2019 Posted in Asset management, Australia, Canada, France, Germany, Italy, Seminars and webinars, The Netherlands, United Kingdom, United States

To be successful with the launch of an overseas fund, asset managers need to familiarize themselves with legal structures and operational differences as well as an array of regulatory requirements, which can differ between investors and jurisdictions. Our global financial services regulatory team have launched an on-demand webinar series exploring the key issues and requirements … Continue Reading

Updated briefing slides: Doing business in the EU

By Simon Lovegrove (UK) on October 3, 2019 Posted in Africa, Australia, Brexit, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulatory Compliance, The Netherlands, United Kingdom, United States

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

Canada’s proposed oversight framework for retail payments

By Daniel Leslie (CA) on September 5, 2019 Posted in Banking, Canada

The 2019 Budget includes a proposal to introduce legislation to implement a new retail payment oversight framework in order to regulate payment service providers (PSPs) in Canada. While the budget provides few details about the proposed regulatory framework, we expect that it will be based on a 2017 discussion paper released by the Department of … Continue Reading