The Reporter provides a monthly summary of federal legislative
and regulatory developments of relevance to federally regulated
financial institutions. It does not address 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.
Title and Brief Summary
[Applicable to banks, cooperative, trust and loan companies, and
The Regulations also require that all disclosure be made and
presented in a manner that is clear, simple and not misleading. The
Regulations also, with some exceptions, prohibit federally
regulated financial institutions from imposing a dormancy or
maintenance fee for at least one year after activation. Finally,
the Regulations prohibit fees and interest charges with respect to
overdraft without the express consent of the product holder.
force May 1, 2014
[Applicable to banks, cooperative, and trust and loan
The International Accounting Standards Board's (IASB) issued an
amendment to IAS 36 Recoverable Amount Disclosures for
Nonfinancial Assets in May 2013. Given the May 2013 amendment
to IAS 36 is to correct a disclosure requirement and clarify an
unintended interpretation of IASB's expectations, OSFI has
concluded that affected FREs should be allowed to early adopt this
amendment so that they do not make disclosures that were not
intended by the IASB.
adoption permitted for annual periods beginning on or after Jan 1,
The Canadian Payments Association (CPA) Board of Directors approved
a new rule and multiple amendments to the Automated Clearing
Settlement System (ACSS) and Large Value Transfer
System (LVTS) rules at its October 3, 2013 meeting.
Pursuant to sections 523 and 597 of the Insurance Companies
Act (ICA), the prior approval of the Superintendent is
required where a federally regulated insurer (FRI) intends to cause
itself to be reinsured by a related party that is not also an FRI
(Related Reinsurer). After January 1, 2014, approvals will
generally be granted in respect of each Related Reinsurer as
opposed to each reinsurance arrangement with a Related
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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