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
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
Comments due by November
[Applicable to all federally regulated deposit-taking
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
[Applicable to 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
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
[Applicable to local cooperative credit societies]
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.
The simplest way to understand blockchain is to think of it as a vast digital ledger of transactions or information that is shared among millions of computers, or other devices connected to the Internet.
Originally created as the technology to support digital currency ‘bitcoin', blockchain has been seized upon by the financial services sector, where it is playing a crucial role in tracking and authenticating transactions. Now interest from other industries is on the rise.
On September 16th, the Department of Finance announced the launch of a public consultation on the deposit insurance regime for banks, federally regulated trust and loan companies and certain provincially regulated institutions.
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