In our earlier post, we discussed the Office of the Superintendent of Financial Institutions’ (OSFI) newly proposed measures intended to support federally regulated financial institutions and improve the stability of the Canadian economy and financial system in the face of challenges posed by the COVID-19 pandemic. OSFI has recently published additional announcements for sector-specific
FINTRAC revises expectations for reporting entities amid pandemic
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
OSFI proposes measures to support resilience amid pandemic
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.
Open Banking in Canada: part 2 – further regulatory insights
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
Beneficial ownership requirements for federally incorporated entities soon to come into effect
Starting June 13, 2019, private companies that are incorporated under the Canada Business Corporations Act (the “CBCA”) will have to establish a securities register detailing all “individuals with significant control” over the corporation (the “ISC Register”) in accordance with Bill C 86, the Budget Implementation Act, 2018, No. 2. The
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
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
OSFI proposes changes to the leverage requirements guideline
The Office of the Superintendent of Financial Institutions (OSFI) has released proposed revisions to the Leverage Requirements (LR) guideline in order to align with upcoming modifications to Chapter 4 (Settlement and Counterparty Risk) and Chapter 7 (Securitization) of the Capital Adequacy Requirements (CAR) guideline.
The LR set out the