The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions.
The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian 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.
March 2017
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Institution |
Published |
Title and Brief Summary |
Status |
|
Bank for International Settlements |
Global systemically important banks — revised assessment framework — consultative document The Committee has completed its review and is consulting on the following modifications to the framework:
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Comments should be provided by June 30, 2017 |
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Bank for International Settlements |
Regulatory treatment of accounting provisions-interim approach and transitional arrangements The Basel Committee on Banking Supervision released details of the interim regulatory treatment of accounting provisions and standards for transitional arrangements. |
Final version |
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Bank for International Settlements |
Pillar 3 disclosure requirements — consolidated and enhanced framework The Pillar 3 disclosure framework seeks to promote market discipline through regulatory disclosure requirements. The enhancements in the standard contain three main elements:
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Final version |
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FINTRAC |
Published |
Guidance on Amendments to regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) This guidance provides information about changes related to:
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OSFI [Applicable to Life Insurance Companies] |
Deferral of IFRS 9 Application for Federally Regulated Life Insurers This allows life insurers to adopt both IFRS 9 and the new IFRS 4 — Insurance Contracts Standard simultaneously. |
Until January 1st, 2021 |
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Bank for International Settlements |
Identification and management of step-in risk — second consultative document The proposed guidelines define the step-in risk that is potentially embedded in banks' relationships with unconsolidated entities. The framework leverages existing prudential tools by informing or supplementing them. |
Comments should be provided by May 15, 2017 |
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Financial Stability Board (FSB)
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Proposed governance arrangements for the unique transaction identifier (UTI) The consultation document identifies key criteria for the UTI governance arrangements and the rationale for a number of those criteria; identifies UTI governance functions to be performed, including a mapping of those functions into three broad areas of governance; proposes the allocation of some functions to specific bodies; and identifies options for the allocation of some other functions. |
Comments should be provided by May 5, 2017 |
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Finance |
Published (Gazette) — March 8, 2017 |
By-law Amending the Canada Deposit Insurance Corporation Differential Premiums By-law, SOR/2017-22
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Effective |
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OSFI [Applicable to Banks, Bank Holding Companies, Trust and Loan Companies, Co-operative Retail Association] |
OSFI's Implementation timeline for the Net Stable Funding Ratio (NSFR) The Committee's proposed NSFR standard requires banks to maintain a stable funding profile relative to the composition of their assets and off-balance sheet activities. |
To extend the domestic implementation timeline of the NSFR to January 2019
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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.