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.
August 2016
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Institution |
Published |
Title and Brief Summary |
Status |
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Finance
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Published August 26, 2016 |
Department of Finance Canada Launches Consultations to Review the Federal Financial Sector Framework In the Budget Implementation Act, 2016, No. 1, Parliament extended the statutory sunset date in the financial institutions statutes by two years until 2019 to facilitate the review process. The review will follow a two-stage process. This paper launches the first stage by: setting out the current landscape, identifying key trends that may influence future directions, seeking input on these trends and related implications and areas for potential action. |
Comments due by November 15, 2016 |
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OSFI [Applicable to all federally regulated deposit-taking institutions] |
Pillar 3 Disclosure Requirements The published letter extends the implementation date of the Revised Pillar 3 Disclosure Requirements. Effective as of the date of this letter, some types of federally regulated deposit-taking institutions are exempt from Pillar 3 disclosure requirements. |
Effective for fiscal year ending October 31, 2018 |
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FINTRAC [Applicable to life insurance companies, brokers and agents] |
Published August 11, 2016 |
Risk-based approach workbook for life insurance companies, brokers and agents This workbook is structured to help identify risks by products, services and delivery channels; clients and business relationships; geography and other relevant factors. It will also help implement effective measures and monitor money laundering and terrorist financing risks. |
Effective
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OSFI [Applicable to federally regulated insurers]
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Transaction Instructions – Assumption Reinsurance A federally regulated insurer that seeks to cause itself to be assumption reinsured against all or any portion of the risks undertaken under its policies is subject to the Sections 254 and 587.1 of the Insurance Companies Act. The key attributes of assumption reinsurance, indemnity reinsurance and legal transfers of policies are discussed briefly in the document. |
Effective |
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OSFI [Applicable to local cooperative credit societies] |
Guide for Continuing a Local Cooperative Credit Society as a Federal Credit Union This Guide sets out the two phases of the process to continue as a federal credit union (FCU) under the Bank Act along with the information that an applicant is generally expected to submit in support of the requisite application to the Minister seeking the issuance of letters patent of continuance continuing the local cooperative credit society as a FCU. |
Effective |
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.