The Reporter provides a monthly summary of significant international and Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions in Canada. 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.

February 2015

Institution

Published

Title and Brief Summary

Status

(Banks and Bank Holding Companies)

 

(Cooperative Credit Associations)

 

(Insurance Companies and Insurance Holding Companies)

(Trust and Loan Companies)

Published (Gazette) –

Feb 25, 2015

SOR/2015-29 Regulations Amending the Annual Statement (Banks and Bank Holding companies) Regulations

SOR/2015-30 Regulations Amending the Annual Statement (Cooperative Credit Associations) Regulations

SOR/2015-31 Regulations Amending the Annual Statement (Insurance Companies and Insurance Holding  Companies) Regulations

SOR/2015-32 Regulations Amending the Annual Statement (Trust and Loan Companies) Regulations


Federally regulated financial institutions (FRFIs)  are required by legislation to place annual financial statements before members or shareholders. The amendments noted above align the regulations with current Canadian accounting standards by requiring a statement of comprehensive income for the financial year.

 

 

In Force February 6, 2015

BIS/Basel

Issued –
Feb 5, 2015

Developments in credit risk management across ​sectors: current practices and recommendations - consultative document

The Joint Forum surveyed supervisors and firms in the banking, securities and insurance sectors globally in order to understand how credit risk supervision and management have changed. Based on its analysis of the responses and subsequent discussions with firms, the Joint Forum makes recommendations for consideration by supervisors.

 

 

Comments were to be submitted by March 4, 2015

BIS/Basel

Issued –
Feb 2, 2015

Guidance on accounting for expected credit losses - consultative document

The guidance sets forth supervisory expectations for expected credit losses (ECL) accounting that are consistent with the applicable accounting standards established by the International Accounting Standards Board and other standard setters. In addition, the paper presents the Committee’s view of the robust application of those standards, including circumstances in which the Committee expects internationally active banks
to limit their use of particular simplifications and/ or practical expedients included in the relevant accounting standards.

 

 

Comments should be submitted by April 30, 2015

 

Author

Jeffrey S. Graham 
JGraham@blg.com
416.367.6174

Expertise

Financial Services Sectors