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.

May 2016



Title and Brief Summary



Published (Gazette) — May 28, 2016

Assessment of Financial Institutions Regulations, 2017

The main objects of the regulatory proposal are to replace the current Regulations to address the three above-noted issues:

  1. Best proxy — implement a better proxy by which to measure OSFI's time and resource expenditures to ensure a fair and accurate distribution of OSFI's expenses across FRFIs.
  2. Greater stability — revise the assessment methodologies to make them less prone to be affected by major impacts resulting from future accounting changes and other changes to international standards.
  3. Update minimum assessments — update the minimum amounts assessed, ensure that they remain up-to-date over time, and reduce unnecessary complexity.

Interested persons may make representations within 30 days after the publication

Bank of Canada

Issued May 2, 2016

Published (Gazette) — May 7, 2016

Notice of designation to the Canadian Payments Association — Payment clearing and settlement Act

The Governor of the Bank of Canada has designated the Automated Clearing Settlement System (ACSS) for oversight under the Payment Clearing and Settlement Act (PCSA) as a clearing and settlement system that has the potential to pose payments system risk.

Designation brings the system under the formal oversight of the Bank of Canada, which requires compliance with Risk Management Standards for Prominent Payment Systems. Designation also provides the system with legal protections that are important to the finality of payments.

Effective May 2, 2016



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.


Jeffrey S. Graham


Financial Services Sectors
Banking and Financial Services