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February 2017

Institution

Published

Title and Brief Summary

Status

FINTRAC

Published February 27, 2017

Statement on Administrative Monetary Penalty Policies

We are going to look to work with Finance Canada to review the legislation in relation to our penalty program. We are also examining our administrative monetary penalty policies to ensure, among other things, that they strike an appropriate balance between the need for transparency and the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Effective

OSFI

[Applicable to Banks, Bank Holding Companies, Foreign Bank Branches, Trust and Loan Companies, Co-operative Credit Associations, Co-operative Retail Association, Life Insurance Companies, Property and Casualty Insurance Companies, Insurance Holding Companies]

Issued February 24, 2017

Guideline E-22 Margin Requirements for Non-Centrally Cleared Derivatives

In February of 2016, OSFI issued the final version of Guideline E-22 Margin Requirements for Non-Centrally Cleared Derivatives. Under this Guideline, most Federally Regulated Financial Institutions (FRFIs) meeting the definition of a covered entity (Covered FRFIs) are subject to the mandatory exchange of variation margin beginning on March 1, 2017.

For FRFIs transacting with counterparties that do not present a significant exposure to them, OSFI now expects those FRFIs to meet the variation margin requirements by no later than September 1, 2017.

Effective

Financial Stability Board (FSB)

Published February 10, 2017

Guidance on Central Counterparty (CCP) Resolution and Resolution Planning

The draft Guidance builds on the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) which sets out a framework for resolution of financial market infrastructures (FMI).The Guidance covers a number of aspects of CCP resolution planning which authorities should consider when developing frameworks for resolving failing CCPs.

Comments should be provided by March 13, 201.

Auteur

Jeffrey S. Graham 
JGraham@blg.com
416.367.6174

Compétences

Services financiers
Services bancaires et financiers
Réglementation des services financiers