Happy 2017!

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.

1.  New draft OSFI guideline: enterprise-wide model risk management

OSFI released a new draft Guideline E-23 – Enterprise-Wide Model Risk Management on December 21, 2016.

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

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: