BLG is a leading, national, full-service Canadian law firm focusing on business law, commercial litigation, and intellectual property solutions for our clients. BLG is one of the country’s largest law firms with more than 750 lawyers, intellectual property agents and other professionals in five cities across Canada.
The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions.
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.
The Board and the Department of Finance approved the following
amendments:
ACSS Rule A4 Returned and Redirected Items: amendments
to Section 9(c) Use of Inter-member Debit for ICP
Standard 006 Specifications for Micr-encoded Payment
Items: amendment to Section 5.2 Security
Standard 014 Clearing Replacement Document Design
Standard: amendment to Section 5.1.5 Position 33-43:
Transit Number Field
NEW Standard 018 Payment Item Information Security
Standard: added to the ACSS Rules Manual
ACSS Rules F1 Rules applicable to Automated Funds Transfer
(AFT) Transactions and F4 Rules applicable to Automated Funds
Transfer (AFT) Transactions using ISO 20022 messages: to
include reasons for which members will allow an originator of AFT
transactions to correct an error or reverse a Transaction
LVTS Rule 12: minor amendments to update the LVTS Rule 12
infrastructure references to align them with the enhancements being
implemented as part of Payments Canada's Disaster Recovery
Enhancements (DRE) project.
Based on stakeholder comments, FCAC amended the Framework in
several areas. For example, FCAC clarified the distinction between
tier 1 and tier 2 regulated entities and clarified the connection
between tier 1 entities and the importance of their Market Conduct
Profiles for determining the intensity of supervision. In addition,
FCAC revised the list of factors that the Commissioner may consider
when making public the name of a regulated entity that has
committed a violation.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
