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 2015
Institution | Published | Title and Brief Summary | Status |
Finance[Applicable to Banks, cooperative credit associations, trust and loan companies and insurance companies] | Published (Gazette) – June 3, 2015 | SOR/2015-0108 Regulations Amending the Protection of Residential
Mortgage or Hypothecary Insurance Regulations SOR/2015-0109 Regulations Amending the Housing Loan (Insurance, Guarantee and Protection) Regulations The Protection of Residential Mortgage or Hypothecary Insurance Regulations and the Housing Loan (Insurance, Guarantee and Protection) Regulations (collectively referenced as the regulations) have each been amended to provide the following:
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In Force May 15, 2015 |
Finance [Applicable to Banks, cooperative credit associations, trust and loan companies and insurance companies] | Introduced (H of C) – May 7, 2015 | Bill C-59 An Act to implement certain provisions of the
budget tabled in Parliament on April 21, 2015 and other
measures Division 19 of Part 3 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Cooperative Credit Associations Act to modernize, clarify and enhance the protection of prescribed supervisory information that relates to federally regulated financial institutions. |
Second Reading, May 25, 2015 |
Finance [Applicable to cooperative credit associations] | Published (Gazette) – May 6, 2015 | SI/2015-30 Order Fixing January 15, 2017 as the Day on which
Certain Sections of the Act Come into Force Economic Action Plan
2014 Act, No. 2 The objective of this Order is to implement a commitment made under Economic Action Plan 2014, that is to improve and clarify the federal regime for credit unions to further strengthen Canada's financial system by ensuring that provincial governments appropriately supervise and support their own financial institutions. Accordingly, this Order sets the date for OSFI's withdrawal and related consequential amendments as January 15, 2017, approximately two years from Royal Assent of the Act. This transition period allows provinces and industry to make adjustments to provincial frameworks, including to provincial legislation, as needed. |
In force January 15, 2017 |
Bank of Canada | Issued May 5, 2015 | Public Consultations on the Bank of Canada's
Framework for Financial Market Operations and its Emergency Lending
Assistance Policies The Bank of Canada has published three documents:
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Comments should be submitted by July 4, 2015 |
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