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.

April 2013

Institution

Published

Title and Brief Summary

Status

Finance

Introduced (H of C) – April 29, 2013

BILL C-60 An Act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures.

Part 1 (k) of the Bill repeals the rules relating to international banking centres.

Division 2 of Part 3 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Cooperative Credit Associations Act to remove some residency requirements to provide flexibility for financial institutions to efficiently structure the committees of their boards of directors.

Second Reading (H of C) – May 7, 2013

OSFI

[Applicable to trust and loan companies]

Issued – April 17, 2013

New Filing Requirements “Report on  New Lending (A4)”

OSFI will now require all Trust and Loan Companies that are not subsidiaries of either Banks or Federally incorporated Trust and Loan companies and Retail Associations to submit the Report on New Lending (A4) on a monthly basis effective January 2014.

Effective July 2013

Finance

Published (Gazette) – April 10, 2013

SI/2013-32 Order Fixing September 2, 2013 as the Day on which Part 4 of the Sustaining Canada’s Economic Recovery Act, chapter 25 of the Statutes of Canada, 2010, comes into force

To enhance the consumer protection framework in Canada by establishing the requirement
that banks and authorized foreign banks be members of an external complaints body (whose purpose is dealing with complaints made by customers of banks and authorized foreign banks) incorporated either under Part  II of the Canada Not-for-profit Corporations Act
or under the Canada Business Corporations Act and approved by the Minister of Finance, and to grant authority to the Minister of Finance to approve external complaints bodies.

In Force September 2, 2013

Finance

Published (Gazette) – April 10, 2013

SOR/2013-48  Complaints (Banks, Authorized Foreign Banks and External Complaints Bodies) Regulations

The objective of the Regulations is to strengthen the financial consumer protection framework by setting high standards that external complaints bodies must meet to ensure that they are accessible, accountable, impartial and independent, and
that they discharge their functions and perform their activities in a transparent, effective, timely and cooperative manner; and ensuring that banks and authorized foreign banks are accountable to their customers and to the public regarding their complaint  handling  processes.

In Force September 2,
2013

Expertise

Financial Services Sectors
Banking and Financial Services
Lending