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.
January
| Institution |
Published |
Title and Brief Summary |
Status |
|
OSFI |
Technology and Cyber Security Incident Reporting The advisory Technology and Cyber Security Incident Reporting sets out OSFI’s expectations for federally regulated financial institutions (FRFIs) with respect to the reporting of technology and cybersecurity incidents affecting FRFI operations. The advisory describes characteristics of incidents that should be reported to OSFI, in addition to initial notification and subsequent reporting requirements. This Advisory will supersede any prior instructions for technology and cybersecurity incident reporting. In the meantime, FRFIs are expected to continue reporting any major incidents according to previous instructions communicated by their Lead Supervisors. |
Effective on March 31, 2019. |
|
|
FINTRAC |
January 18, 2019 |
What is a suspicious transaction report?, Reporting suspicious transactions to FINTRAC, Money laundering and terrorist financing indicators When there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering (ML) or terrorist financing (TF) offence, individuals and entities must submit a suspicious transaction report (STR). These STR guidance pieces provide a detailed explanation of the requirements and all three should be read in conjunction with each other. What is a suspicious transaction report? explains the value of STRs to FINTRAC and explains the steps that can be taken to determine if there are reasonable grounds to suspect that a transaction is related to ML or TF. Reporting suspicious transactions to FINTRAC explains in detail the steps that need to be taken in order to submit STRs to FINTRAC. This guidance includes details on how to complete the narrative section of an STR as well as highlights common problems to avoid. The STR guidance pieces replace, respectively, Guideline 2: Suspicious transactions, Guideline 3A: Submitting Suspicious Transaction Reports to FINTRAC electronically and Guideline 3B: Submitting Suspicious Transaction Reports to FINTRAC by paper. |
Effective |
|
BIS |
Minimum capital requirements for market risk The January 2016 standard has been revised to address issues that the Basel Committee identified in the course of monitoring the implementation and impact of the framework. Revisions include the following key changes:
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Effective on January 1, 2022. |
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|
Finance Canada |
January 11, 2019 |
A Review into the Merits of Open Banking: Consultation document This paper seeks stakeholder views on the following questions:
|
Comments should be provided by February 11, 2019. |
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.
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