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
OSFI proposes changes to the Foreign Bank Branch Deposit Requirement
The Office of the Superintendent of Financial Institutions (OSFI) has proposed revisions to Guideline A-10, the “Foreign Bank Branch Deposit Requirement”, (the Guideline), formerly known as the Capital Equivalency Deposit. The revisions to the Guidelines address regulatory standards for authorized foreign banks’ minimum deposit to be held in trust.
The revisions
New oversight framework proposed for Canada’s payments system
In the 2019 federal budget, the government has proposed new legislation to help implement a new retail payments oversight framework that will enable retail payment services providers (PSPs) to continue to offer innovation in services, while remaining reliable and safe. The global payments landscape is rapidly changing as innovative technologies are challenging
Open Banking in Canada – current regulatory insights
Open banking is a safe and secure technology that allows consumers to enable banks to disseminate their information to third party services providers. As a concept, open banking is more developed in other countries such as the United Kingdom (the UK) and Australia. In Canada, the concept is steadily evolving and is still being
Bill C-86 Strengthens Bank Act’s Consumer Protection Regime
In March 2018, the Financial Consumer Agency of Canada released findings of their review of domestic bank retail sales practices, concluding that banking culture focused on selling products and services increased the risk that consumer interests were not being given proper weight. Following release of these findings, Bill C-86 was introduced and received royal
OSFI proposes changes to the Liquidity Adequacy Requirements
The Office of the Superintendent of Financial Institutions (OSFI) has issued proposed revisions (the Revisions) to certain chapters of the Liquidity Adequacy Requirements (LAR) guidelines. The LAR set out the framework that Canadian deposit-taking institutions (DTIs) must follow to mitigate the risk of a stressed environment leading to insufficient
Emerging Fintech innovation trends propelled by a global initiative
The Global Financial Innovation Network (GFIN), a network of 29 state financial sector regulators and supervisors committed to supporting financial innovation in the interests of consumers, including Quebec’s Autorité des Marchés Financiers (AMF) and the Ontario Securities Commission, has announced the launch of a pilot phase of cross-border testing and knowledge
OSFI issues final versions of the capital adequacy requirements and the leverage requirements guidelines
The Office of the Superintendent of Financial Institutions (OSFI) has issued its final version of the Capital Adequacy Requirements (CAR) guideline and Leverage Requirements (LR) guideline. OSFI updates its CAR guideline periodically to ensure capital requirements reflect the underlying risks and developments in the financial industry. The LR guideline
OSFI issues final corporate governance guidelines
The Office of the Superintendent of Financial Institutions (OSFI) has issued its final version of the Corporate Governance Guideline (CGG). The CGG sets out OSFI’s expectations for boards of directors of federally regulated financial institutions (FRFIs).
The CGG applies to all FRFIs other than the Canadian branch operations of
CSA confirms position on bail-in implications
The Canadian Securities Administrators (CSA) recently released two notices on the implementation and regulation of the Canadian bail-in regime, namely:
- CSA Staff Notice 46-309, in connection with the regulation of Bail-in Debt (as defined below); and
- CSA Staff Notice 81-331, in connection with the implications of the bail-in regime on investment