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
Published (Gazette) — January 25, 2017
Amendments to CPA By-law No. 1 — General are being made to include eligibility criteria for membership in the Member Advisory Council (MAC). Amendments are also made to the Stakeholder Advisory Council eligibility criteria.
These amendments remedy a potential conflict of interest situation with the new governance structure established by the revised legislation (i.e. an individual who is an independent CPA Board director will not be eligible to serve on the Council as a representative of a stakeholder) and expand on relevant criteria to be used in assessing nominees. The current By-law No. 1 — General, SOR/2003-174 is repealed and replaced by By-law No. 1 — General, SOR/2017-1.
Effective January 3, 2017
Financial Stability Board (FSB)
This report sets out 14 policy recommendations to address the following structural vulnerabilities from asset management activities that could potentially present financial stability risks:
The FSB published proposed policy recommendations for public consultation in June 2016. The final recommendations in this document reflect a number of changes to the proposed recommendations to incorporate responses to the consultation.