The Office of the Superintendent of Financial Institutions (OSFI) has released a discussion paper on the proposed implementation of the final Basel III reforms in Canada.
The reforms were published in December 2017 and, in summary, seek to:
General
OSFI confirms higher capital for Domestic Systemically Important Banks
The Office of the Superintendent of Financial Institutions (OSFI) has provided greater transparency to the market surrounding the Domestic Stability Buffer (the DSB) currently held by Domestic Systemically Important Banks (D-SIBs) in a bid to guard against Pillar 2 risks associated with systemic vulnerabilities. OSFI revealed last week that D-SIBs…
Covered bonds in Canada – an increased regulatory stance
The Office of the Superintendent of Financial Institutions (OSFI), the federal financial institutions prudential regulator, recently addressed the issue of a cap on issuance of covered bonds which presently stands at 4% of a bank’s total assets.
OSFI is now taking a hard look at this limit and is doing so in the…
OSFI revises transaction instructions for regulatory approvals
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The Office of the Superintendent of Financial Institutions (OSFI), the federal financial institutions prudential regulator, has posed seven revised transactions instructions on its website.
Transaction instructions set out OSFI’s requirements for information and documents in connection with applications for approval under federal financial institutions statutes, and may include guidance from OSFI related to…
Draft mandatory data breach reporting regulations released for comment
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Check our recent legal update about the proposed new regulations regarding mandatory data breach notification.
A Comparison of Bail-In Regimes – Canada and the UK
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Check out this article prepared by my colleagues, Andrew Fleming, Tracey Kernahan, Jonathan Herbst and Simon Lovegrove.
FCAC bulletin on investigations of unauthorized credit and debit transactions
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The Financial Consumer Agency of Canada (FCAC) has released a new bulletin to remind federally regulated financial institutions (FIs) of its expectations regarding unauthorized credit and debit card transactions.
Thorough investigations expected
The FCAC expects FIs to thoroughly investigate the circumstances before finding a cardholder liable for an alleged unauthorized transaction. …
Government of Canada proposes new oversight of payment service providers
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Overview
On July 7, 2017, the Department of Finance of the Government of Canada (the Department) released a consultation paper (Paper) regarding a proposed new oversight framework for retail payments (New Framework). The Paper states that retail payment service providers (PSPs) other than regulated financial services providers such…
Federal budget 2017 financial services highlights
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The Government tabled Budget 2017 on March 22. The financial services proposals are aimed at the following:
- Greater resiliency for the Canadian financial sector;
- A modernized deposit insurance framework that continues to protect the deposits of Canadians and promote financial stability; and
- Strengthened ability for Canada to combat money laundering and terrorist financing.
Financial Sector
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The saga of the unnamed bank: FinTRAC issues a statement
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In April 2016, Canadian news media reported that the Financial Transactions Reports Analysis Centre (FinTRAC) had levied a penalty of over $1 million against an unnamed Canadian bank for certain violations of its anti-money laundering requirements. Since then, FinTRAC has continued to face criticism from the public and the media for its decision…