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Financial Services Law Analysis and Updates for the Canadian and Cross-Border Financial Community

Category Archives: Bank Act

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Global Systemically Important Banks – Public Disclosure Requirements

Posted in Bank Act

The Office of the Superintendent of Financial Institutions Canada (OSFI) has issued an Advisory, “Global systemically important banks – Public disclosure requirements”, which clarifies the implementation in Canada of the annual public disclosure requirements outlined in the Basel Committee on Banking Supervision document entitled “Global systemically important banks: updated assessment methodology and the higher loss… Continue Reading

Over-The-Counter Derivatives and Financial Benchmarks Regulations

Posted in Bank Act, Uncategorized

The first bill to implement the proposals contained within the 2014 Federal Budget for over-the-counter derivatives regulations and financial benchmarks has been introduced in Parliament. Bill C-31, titled the Economic Action Plan 2014 Act, No. 1 (“Bill C-31”), amends the Bank Act to add regulation-making powers respecting a bank’s activities in relation to derivatives and… Continue Reading

The Speech from the Throne and the Comprehensive Economic and Trade Agreement

Posted in Bank Act, Legislation, Regulation

Last week the Government of Canada (“GC”) made two major announcements. The first was the Speech from the Throne (the “Speech”) which took place on October 16, 2013. The Speech, which outlined the GC legislative plan for the new session of parliament, contained actions that the GC will take to protect Canadian consumers. Two of… Continue Reading

Complaints Regulations for Bank Customers Now in Force

Posted in Bank Act, Consumer Credit, Regulation

This past April, we discussed the publication of the final regulations for governing complaints regarding products or services provided by banks and authorized foreign banks in Canada (the “Complaints (Banks, Authorized Foreign Banks and External Complaints Bodies) Regulations”).  Those regulations came into force on September 2, 2013.  You can read our overview of the regulations… Continue Reading

Bill C-60 Includes Amendments to Residency Requirements for Financial Institution Board Committees

Posted in Bank Act, Legislation

On April 8th 2013, we described proposals for the regulation of Canadian financial institutions set out in the 2013 federal budget. The first bill to implement the budget has been introduced in Parliament. Bill C-60, titled the Economic Action Plan 2013 Act, No. 1, includes amendments which would allow Canadian financial institutions greater flexibility to… Continue Reading

Government Announces New Complaints Regulations for Bank Customers, Oversight by Federal Consumer Agency of Canada

Posted in Bank Act, Consumer Credit, Regulation

On April 10, 2013, the Canadian federal government announced the final publication of new regulations that will govern the system for resolving complaints regarding products or services provided by banks and authorized foreign banks in Canada (the “Complaints (Banks, Authorized Foreign Banks and External Complaints Bodies) Regulations”). The regulations (which were first published for comments… Continue Reading

OSFI Publishes Advisory Regarding Ownership Interests in Commodities Taken by Federally Regulated Financial Institutions

Posted in Bank Act, Derivatives, Regulation

In response to inquiries from federally regulated financial institutions (“FRFIs”), the Office of the Superintendent of Financial Institutions (“OSFI”) has published Advisory 2013-01, Business and Powers – Ownership Interest in Commodities. The Advisory sets out principles relevant to determining whether a transaction that involves an FRFI taking an ownership interest in commodities generally appertains to… Continue Reading

Foreign Banks Lending to Canadian Borrowers

Posted in Bank Act

From time to time, we receive inquiries from foreign banks that do not have a presence in Canada on whether there are any Canadian banking regulatory restrictions on lending to Canadian borrowers. Under the Bank Act (Canada), a foreign bank can lend to Canadian borrowers by: establishing a presence in Canada by creating a Canadian… Continue Reading