Tracks financial services regulatory developments and provides insight and commentary
Financial services regulation continued to be busy in Canada in 2016. We have prepared this shortlist of pending changes, developments and consultations to watch as we start 2017.
OSFI released a new draft Guideline E-23 – Enterprise-Wide Model Risk Management on December 21, 2016.…
The proposed amendments to the Bank Act (Canada) (the Amendments) which would add a Financial Consumer Protection Framework (the Framework) (described in our recent post) will be withdrawn from Bill C-29. Bill C-29 passed third reading in the House of Commons and is currently before the Senate of Canada. News reports indicate…
Bill C-29, Budget Implementation Act, 2016, No. 2, (Bill C-29) passed third reading in the House of Commons on December 6, 2016.
Once passed by the Senate and brought into force, Bill C-29 will amend the Bank Act (Canada) (the Bank Act) to enact the long awaited Financial Consumer Protection Framework…
The federal government has announced further restrictions that will make it more difficult for some borrowers to get mortgage loans and make it more costly for foreigners to speculate in the real estate market.
Under current rules, a federally regulated mortgage lender may not make a loan on the security of a residential property if…
On September 16th, the Department of Finance announced the launch of a public consultation on the deposit insurance regime for banks, federally regulated trust and loan companies and certain provincially regulated institutions. There is no indication when the Government proposes to complete its review but comments are requested by November 30th.…
The Minister of Finance issued a statement on September 14th on the status of each of Visa and MasterCard’s commitments to reduce the fees merchants are charged to accept credit cards (Interchange Fees). The statement acknowledges the independent audit findings of both Visa and MasterCard indicating that they have each met their commitments…
On August 26th, the federal Department of Finance launched a review of the legislation governing banks, insurance companies and trust companies under federal jurisdiction by issuing an initial consultation paper. The initial paper sets out some key facts relating to the sector and comments on trends that are currently impacting and are…
On May 2, 2016, the Bank of Canada designated the Automated Clearing and Settlement System (ACSS) operated by the Canadian Payments Association as a system that has the potential to pose payment system risk (a Prominent Payment System). This designation means that the ACCS will now be overseen by the Bank of…
A Liberal private member’s bill (Bill C-236) to amend the Payment Card Networks Act (Canada) (the PCN Act) went through first reading in the House of Commons on February 25th. The bill would amend the PCN Act to provide for a limit on “credit card acceptance fees”.
The bill does not specify…
The Government of Ontario has recently introduced proposed amendments to collection agency, consumer protection and payday loan legislation. Bill 156 – An Act to amend various Acts with respect to financial services (Bill 156) went through first reading in the Ontario legislature on December 9, 2015. The following proposed amendments are noteworthy:
Collection …
