FEDERAL FINANCIAL INSTITUTIONS LEGISLATIVE AND REGULATORY REPORTER
FINANCIAL INSTITUTIONS MONTHLY REPORTER
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.
Title and Brief Summary
Department of Finance Canada Launches
August 26, 2016 Consultations to Review the Federal Financial
Comments due by November 15, 2016
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 action.
Pillar 3 Disclosure Requirements
[Applicable to all August 17, 2016 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
FINANCIAL INSTITUTIONS MONTHLY REPORTER | SEPTEMBER 2016
[Applicable to life insurance companies, brokers and agents]
Title and Brief Summary
Risk-based approach workbook for life insurance
August 11, 2016 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 financing risks.
August 9, 2016
Transaction Instructions Assumption Reinsurance Effective
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 document.
[Applicable to local cooperative credit societies]
Issued August 9, 2016
Guide for Continuing a Local Cooperative Credit Society as a Federal Credit Union
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.
Jeffrey S. Graham Toronto 416.367.6174 firstname.lastname@example.org
FINANCIAL SERVICES REGULATORY GROUP
National Leader Jeffrey S. Graham
Toronto 416.367.6174 email@example.com
Regional Leaders Olivier Tardif Stephen J. Redican Sean Muggah
Montral Toronto Vancouver
514.954.2642 416.367.6134 604.640.4020
firstname.lastname@example.org email@example.com firstname.lastname@example.org
Insurance Corporate Regulatory Contacts
2016 Borden Ladner Gervais LLP
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