The Reporter is intended to present a current overview of recent federal legislative and regulatory developments affecting federally governed deposit-taking institutions and insurance companies. It does not include provincial legislative and regulatory developments.
It is noted that solely amendments of legal nature are reported. Purely technical and administrative changes (such as changes to reporting forms) are not covered.
JANUARY 2013
|
Institution |
Published |
Title and Brief Summary |
Status |
|
OSFI [Applicable to banks, cooperatives, trust and loan companies, and insurance companies] |
Corporate Governance Guideline The Guideline, which is an update to the 2003 Corporate Governance Guideline, complements relevant provisions in federal financial institutions legislation and associated regulations, and OSFI's Supervisory Framework and Assessment Criteria. |
Full implementation is expected by no later than January 31, 2014. |
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|
OSFI [Applicable to banks and trust and loan companies] |
Issued – Jan 24, 2013 |
G-20 Commitments for OTC Derivative Market Reform OSFI is issuing a letter to advise federally-regulated deposit-taking institutions of OSFI's progress and contributions in implementing G-20 reforms for the over-the-counter (OTC) derivatives markets and to outline on-going and future initiatives. |
Effective |
|
OSFI [Applicable to banks, cooperatives, trust and loan companies, and insurance companies] |
Issued – Jan 9, 2013 |
Business and Powers – Ownership Interests in Commodities OSFI is issuing Advisory No. 2013-01 which sets out its views on: (i) the circumstances in which taking an ownership interest in commodities generally appertains to the business of providing financial services; and (ii) the minimum prudential standards that FRFIs that engage in activities of that nature are expected to adhere to. |
Effective |
DECEMBER 2012
|
Institution |
Published |
Title and Brief Summary |
Status |
|
OSFI [Applicable to insurance companies |
Own Risk and Solvency Assessment (ORSA) OSFI is issuing for public consultation, two draft guidelines for federally regulated life and property and casualty insurers, effective January 1, 2014. Guideline E-19: Own Risk and Solvency Assessment (ORSA) is a proposed new draft guideline. Guideline A-4: Regulatory and Internal Target Capital Ratios is a proposed revised draft guideline of OSFI's current Guideline A-4: Internal Target Capital Ratio for Insurance Companies. |
Comments due April 12, 2013 |
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|
Finance |
Published (Gazette) – December 19, 2012 |
Regulations pursuant to the Protection of Residential Mortgage or Hypothecary Insurance Act, S.C. 2011, c. 15, s.20 Eligible Mortgage Loan Regulations Protection of
Residential Mortgage or Hypothecary Insurance Act Insurable Housing Loan Regulations National
Housing Act The regulations are required in order to fully implement this legislative framework, and are in addition to three Governor in Council regulations published in Part II of the Canada Gazette on November 21, 2012. |
In Force Jan. 1, 2013 |
|
Finance |
Published (Gazette) – December 19, 2012 |
Along with accompanying regulations, the legislative provisions provide the legal and regulatory framework to allow a provincial credit union to continue to a federal charter. |
In Force Dec. 19, 2012 |
|
Finance |
Published (Gazette) – December 19, 2012 |
To implement the federal credit union legislative framework, a set of six regulations have been made: Canadian Payments Association Election of
Directors Regulations – Regulations Amending Canadian
Payments Act Certain By-laws Made Under the Canadian Payments
Act – By-law Amending Canadian Payments Act Certain Regulations Made Under the Bank Act
– Regulations Amending Bank Act Disclosure on Continuance Regulations (Federal
Credit Unions) Bank Act Federal Credit Union Conversion Regulations Bank
Act Prospectus (Federal Credit Unions) Regulations
Bank Act |
In Force Dec. 19, 2012 |
|
Finance |
Canadian Registered Covered Bond Programs Guide The National Housing Act establishes a legal framework for the registration of covered bond programs in Canada. Under the Act, Canada Mortgage and Housing Corporation (CMHC) is responsible for maintaining a Registry of covered bonds issuers and programs. |
Effective |
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|
Finance |
Bill C- 45, Jobs and Growth Act, 2012 (S.C. 2012, c. 31) Introduce a number of amendments to statutes affecting financial institutions: Trust And Loan Companies Act |
In Force Dec. 14, 2013 |
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OSFI [Applicable to insurance companies] |
OSFI is issuing the final revised version of its Minimum Continuing Capital and Surplus Requirements (MCCSR) guideline for life insurers, which will come into effect on January 1, 2013. |
Effective 2013 |
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|
OSFI [Applicable to banks, cooperatives, and trust and loan companies] |
OSFI is issuing the final revised version of the Capital Adequacy Requirements Guideline that will be effective for the first quarter of fiscal 2013 |
Effective 2013 |
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