The Reporter provides a monthly summary of federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address provincial financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

In this first instalment, developments during January 2013, as well as all of 2012 are reported. In future instalments only the most recent month will be reported. Readers will be invited to consult the BLG website for earlier reports.

March 2013

Institution

Published

Title and Brief Summary

Status

Finance

Published (Gazette) – March 27, 2013 

SI 2013-026 Order Fixing April 1, 2013 as the Day on which the Provisions of the International Interests in Mobile Equipment (aircraft equipment) Act that are not in force, and Sections 414 to 423 of the Jobs and Growth Act, 2012

Order fixing April 1, 2013 as the day on which (1) the heading before section 1, sections 1 to 9.1 and Schedules 1 to 3 of the INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT (AIRCRAFT EQUIPMENT) ACT, chapter 3 of the Statutes of Canada, 2005; and (2) sections 414 to 423 of the JOBS AND GROWTH ACT, 2012, chapter 31 of the Statutes of Canada, 2012,

This federal legislation, in conjunction with legislation adopted in Alberta, British Columbia, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Ontario, Quebec and Saskatchewan, implements the Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment.

In Force April 1, 2013

OSFI
[Applicable to banks and  trust and loan companies]

Issued  -March 26, 2013

Domestic Systemic Importance and Capital Targets - DTIs

OSFI is issuing an advisory that designates domestic systemically important banks (D-SIBs). The D-SIBs will be subject to continued supervisory intensity, enhanced disclosure, and a risk-weighted capital surcharge (1%). This advisory clarifies the interaction of this surcharge with the capital targets established within the OSFI Capital Adequacy Requirements (CAR) guideline and Internal Capital Adequacy Assessment Process (ICAAP).

The D-SIBs are expected to meet the additional risk capital ratio requirement of 1 per cent no later than January 1, 2016.

 
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Disclaimer

This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.

Author

Jeffrey S. Graham 
JGraham@blg.com
416.367.6174

Expertise

Financial Services Sectors
Banking and Financial Services