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 2015

Institution Published Title and Brief Summary Status
OSFI

Applicable to banks, cooperative credit associations, trust and loan companies and insurance companies]		 Issued August 20, 2015 Draft Guideline on Operational Risk Management

The Draft Guideline on Operational Risk Management sets out OSFI's expectations for the management of operational risk and is applicable to all federally regulated financial institutions (other than branch operations of foreign banks and foreign insurance companies).		 Comments should be submitted by October 9, 2015.
CPA Issued August 17, 2015 Changes to rules and standards

The CPA Board of Directors approved multiple amendments to the Automated Clearing Settlement System (ACSS) rules at its June 18, 2015 meeting.

The Rules section is updated on the day the amendments come into effect.
  • Rules F1, F2, F3, F4, F5, F6 and F12 have been consolidated into a significantly revised new Rule F1 and updated to reflect current business practices.
  • Rule F7 — Financial Institutions File (FIF)
    General review of the rule, including amendments related to the usage of the FIF status indicators.
  • Rule F8 — Direct Payment Routing Numbers
    General review of the rule .
  • Rule K8 — U.S. Dollar Automated Funds Transfer System
    General review of the rule.
  • Rule E1 — Shared Electronic Point-of-Service Payment Items
    Amendments to allow members to use AFT transactions to correct ABM errors.
  • Rule B1 — Intermember Clearing at Regional Settlement Points
    Amendments to ensure that ACSS/USBE Workstation requirements are in alignment with a new ACSS/USBE support model.
  • Rule K4 — U.S. Bulk Exchange Automated System
    Amendments to ensure that ACSS/USBE Workstation requirements are in alignment with a new ACSS/USBE support model.
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