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.
Published February 27, 2017
[Applicable to Banks, Bank Holding Companies, Foreign Bank Branches, Trust and Loan Companies, Co-operative Credit Associations, Co-operative Retail Association, Life Insurance Companies, Property and Casualty Insurance Companies, Insurance Holding Companies]
Issued February 24, 2017
Title and Brief Summary
Statement on Administrative Monetary Penalty Policies Effective
We are going to look to work with Finance Canada to review the legislation in relation to our penalty program. We are also examining our administrative monetary penalty policies to ensure, among other things, that they strike an appropriate balance between the need for transparency and the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Guideline E-22 Margin Requirements for Non-Centrally Cleared Derivatives
In February of 2016, OSFI issued the final version of Guideline E-22 Margin Requirements for NonCentrally Cleared Derivatives. Under this Guideline, most Federally Regulated Financial Institutions (FRFIs) meeting the definition of a covered entity (Covered FRFIs) are subject to the mandatory exchange of variation margin beginning on March 1, 2017.
For FRFIs transacting with counterparties that do not present a significant exposure to them, OSFI now expects those FRFIs to meet the variation margin requirements by no later than September 1, 2017.
FINANCIAL INSTITUTIONS MONTHLY REPORTER | MARCH 2017
Financial Stability Board (FSB)
Published February 10, 2017
Title and Brief Summary
Guidance on Central Counterparty (CCP) Resolution and Resolution Planning
The draft Guidance builds on the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) which sets out a framework for resolution of financial market infrastructures (FMI).The Guidance covers a number of aspects of CCP resolution planning which authorities should consider when developing frameworks for resolving failing CCPs.
Comments should be provided by March 13, 2017.
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
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