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.
May 2016
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Institution |
Published |
Title and Brief Summary |
Status |
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Finance |
Published (Gazette) — May 28, 2016 |
Assessment of Financial Institutions Regulations, 2017 The main objects of the regulatory proposal are to replace the current Regulations to address the three above-noted issues:
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Interested persons may make representations within 30 days after the publication |
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Bank of Canada |
Published (Gazette) — May 7, 2016 |
Notice of designation to the Canadian Payments Association — Payment clearing and settlement Act The Governor of the Bank of Canada has designated the Automated Clearing Settlement System (ACSS) for oversight under the Payment Clearing and Settlement Act (PCSA) as a clearing and settlement system that has the potential to pose payments system risk. Designation brings the system under the formal oversight of the Bank of Canada, which requires compliance with Risk Management Standards for Prominent Payment Systems. Designation also provides the system with legal protections that are important to the finality of payments. |
Effective May 2, 2016 |
Disclaimer
This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.