


Financial Services Regulatory
The financial services industry is a complicated regulatory landscape. Financial services regulatory compliance requirements are continually imposed and rigorously enforced. Public demand for greater transparency and corporate accountability continues. Financial regulatory compliance obligations have never been so great, and the risks of non-compliance have never been so severe.
Consistently ensuring regulatory compliance can be overwhelming, costly and time-consuming for financial institutions. Responding to an inquiry or investigation by regulators is even more daunting. Engaging skilled legal counsel and developing effective compliance programs prevent such things from occurring, enabling you to remain focused on running your business.
McMillan’s Financial Services Group is made up of lawyers who understand the complexity and challenges of navigating the regulatory complexities of the financial services sector. When financial services clients engage us, we work with them to ensure their regular business operations comply with financial services law. First, we help them understand their regulatory obligations. Then, we work with them to strategically develop risk management and compliance systems that minimize the potential for regulatory breaches. If a client faces an investigation by a regulatory body, we prepare a comprehensive response.
McMillan professionals help its financial services clients remain in compliance by:
- Advising domestic and foreign financial services businesses in connection with structuring, establishing and managing all types of financial services products
- Representing them in connection with regulatory approvals, licences, permits and rulings
- Conducting compliance reviews
- Developing compliance policies and procedures
- Advising boards of directors
- Responding to regulator inquiries and, if necessary, representing them before regulatory bodies or the courts
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News
Insights (70 Posts)
Secured Lending in Canada: A Guide for U.S. Lenders
A guide to secured lending in Canada; summarizes regulatory matters, tax, security, insolvency and restructuring issues in Canada.
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Jun 1, 2023
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New Mandatory Reporting Requirement for Businesses: Canada’s Modern Anti-Slavery Bill Becomes Law
Canada imposes new reporting obligations on forced labour, and what it means for Canadian businesses.
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May 3, 2023
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MSBs Beware: The British Columbia Money Services Businesses Act is Around the Corner
On April 26, 2023, the Money Services Businesses Act (the “BC MSBA”) passed third reading in the Legislative Assembly of British Columbia.
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May 1, 2023
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OSFI Releases Final Guideline B-10 Impacting FRFIs Engaging in Business with Third Parties
On April 24, 2023, the Office of the Superintendent of Financial Institutions published its final Third-Party Risk Management Guideline.
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Apr 26, 2023
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AI in Financial Services: Joint OSFI and GRI Report Highlights Need for Safeguards and Risk Management as a Prelude to Enhanced OSFI Guidance
This bulletin discusses the joint report released by OSFI and GRI on the ethical, legal, and financial implications of AI on financial services institutions.
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Apr 19, 2023
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Trends and Developments in Cryptocurrency: What the Experts are Seeing in the Tracing, Seizing and Safeguarding of Digital Assets, and Why So Much Value is Being Lost
Together with Lowenstein Sandler, join McMillan for a series of engaging panels with industry leaders who will share valuable insights into the newest crypto trends and developments, with a particular emphasis on the below areas of risk.
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Tuesday, April 25, 2023
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Banks Beware of Fraud: BC Court of Appeal Considers Whether Financial Institutions Have a Duty to Warn Customers about Scams
A decision of the British Columbia Court of Appeal suggests that financial institutions may have a duty to warn customers about financial scams.
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Apr 4, 2023
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Overhaul of the Insurance Intermediary Regime in New Brunswick Now in Effect
A summary of the two new rules introduced by the Financial and Consumer Services Commission of New Brunswick on insurance intermediaries.
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Feb 14, 2023
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Sanctions Pivot: Canada Seeks Forfeiture of Russian-Owned Assets to Fund Reconstruction of Ukraine and Adds Oil Price-Cap Restrictions
Canada, in a first for G7 states, seeks seizure & forfeiture of sanctioned oligarch's assets for use in compensation & reconstruction of Ukraine.
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Dec 22, 2022
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Prepare for Regulation: Bank of Canada Introduces New Retail Payments Supervisory Framework
This bulletin provides an overview of the Bank of Canada’s new retail payments supervisory framework.
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Nov 17, 2022
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Can they really do that? Understanding the limits of governmental permitting and compliance powers
While every company strives to achieve constructive relations with regulators, sometimes this is not enough. In such cases, understanding the rules that apply to regulators and the limits of their powers can be essential to levelling the playing field.
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Wednesday, November 9, 2022
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Upfront Compensation for Segregated Funds: Is a Total Ban on the Horizon?
Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.
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Sep 28, 2022
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Proposed National Flood Insurance Models for Canada: A Summary of the Recent Report from the Task Force on Flood Insurance and Relocation
A summary of the Government of Canada's recent report regarding the development of a national flood insurance program.
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Sep 13, 2022
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OSFI Adds to its Existing Technology and Cyber Risk Requirements with Guideline B-13
OSFI issued final Guideline B-13 – Technology and Cyber Risk Management, key takeaways summarized.
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Jul 26, 2022
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New AML Requirements for Luxury Goods Likely: The Cullen Commission on Money Laundering Recommendations Respecting Luxury Goods and the Automotive Sector
Cullen Commission of Inquiry into Money Laundering in British Columbia’s AML recommendations for the luxury goods sector (including automotive) are discussed.
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Jul 8, 2022
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Federal Government Proposes New Act to Reinforce Critical Cyber Security in Canada
Bill C-26, An Act respecting cyber security, would do two things: amend the Telecommunications Act and enact the Critical Cyber Systems Protection Act.
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Jul 5, 2022
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June 28, 2024 – CDOR will be no more
CDOR to cease being published after June 28, 2024; Term CORRA to be potentially created; market participants need to prepare for end of CDOR now.
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Jun 21, 2022
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OSFI’s Draft Guideline on Climate Risk Management Imposes New Disclosure Obligations on FRFIs
This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.
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Jun 1, 2022
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Open Banking: What it is and what it means for you
As we have received a number of questions from clients regarding our open banking bulletins, we are putting together an interdisciplinary panel of experts to take a deep dive into the implications of an open banking system in Canada, exciting developments & expectations for further progression.
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Thursday, June 2, 2022
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Ontario Whistle-blower Protections for Regulated Financial Services Sector Now in Effect
New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.
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May 4, 2022
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Drilling Down on Crypto: AER Cryptocurrency Mining Bulletin and Information Request
Alberta's Energy Regulator taking steps to better understand cryptocurrency mining operations occurring alongside AER-regulated operations.
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May 4, 2022
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OSFI Releases Revised Guidelines to Reflect IFRS 17
OSFI has released final revisions to Guideline D-5 and IFRS 9, which will take effect on January 1, 2023 to coincide with the implementation of IFRS 17.
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Apr 6, 2022
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The United Kingdom’s New Economic Crime Bill Portends a Sea Change in Anti-Money Laundering Legislation in the West
United Kingdom introduces Economic Crime Bill to expand anti-money laundering capabilities of law enforcement. This Bill portends change to AML laws in Canada.
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Mar 1, 2022
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FSRA Submits Unfair or Deceptive Acts or Practices (UDAP) Rule for Approval
The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.
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Feb 9, 2022
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Conduct Completed? CSA Publishes Third Draft of Derivatives Business Conduct Rule
Analysis of the Third Draft of Proposed National Instrument 93-101 Derivatives: Business Conduct.
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Feb 9, 2022
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The End of LIBOR: January 2022 Update
As of December 31, 2021, most LIBOR tenors ceased; some USD LIBOR tenors to continue until June 30, 2023; some GBP and JPY tenors published on synthetic basis.
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Jan 31, 2022
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FSRA Releases Final Innovation Framework and Opens Testing Environment for Auto Insurance Innovations
SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.
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Jan 26, 2022
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Certification Denied: An Important Win for Competition Class Action Defendants
Certification denied in DRAM class action.
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Nov 10, 2021
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Major Canadian Banks Join Net-Zero Banking Alliance (NZBA) — Unpacking the Initiative and Net-Zero Commitments
On the eve of the 2021 United Nations Climate Change Conference, six of Canada’s largest banks announced they had signed on to the Net-Zero Banking Alliance.
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Oct 21, 2021
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Antitrust Reform: Canada Too!
James Musgrove and Sarah Stirling-Moffet talk Competition law reform in Canada after the Commissioner’s CBA speech - more money, more power!
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Oct 21, 2021
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Changes on the Menu – 2nd Course: Canadian Food Inspection Agency Updates Implementation Plan for Food Labelling Rules
This Bulletin covers the Canadian Food Inspection Agency's Implementation Plan for Updates to Food Labelling Rules.
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Sep 29, 2021
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SOFR Fundamentals: What We Know SO-FAR
SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.
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Jul 21, 2021
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Canadian Regulatory Direction and Pressure for Cryptocurrency Platforms
Canadian regulators affirm their position on 'crypto trading platforms' through CSA Staff Notice 21-329 and subsequent enforcement action.
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Jul 7, 2021
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OSFI Issues Final Guideline E-4 Impacting Foreign Entity Branches to be Implemented by January, 2022
OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.
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Jul 6, 2021
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Greening Canadian Borders – Canada Considers Border Carbon Adjustments for Carbon-Intensive Imports
Border Carbon Adjustments are being explored by various countries including Canada in its 2021 Budget to support climate change initiatives.
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Jul 6, 2021
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An International Overview of Existing Climate-Related Insurance Initiatives: Finding the Right Path for Canada
Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.
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Jun 30, 2021
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Who is Caught by Canada’s New Retail Payment Systems Regulation?
Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?
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May 31, 2021
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Charging Ahead: Alberta and Saskatchewan Joining Forces with Ontario and New Brunswick on Small Modular Reactors
Update on developments in nuclear energy and small modular nuclear reactors in Canada, including the memorandum of understanding that was recently signed.
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May 26, 2021
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The Canadian Capital Market is Psyched: An Update on the Growing Wave in the Psychedelics Industry
This bulletin provides an overview of the regulations surrounding psychedelics in Canada and psychedelics companies in the Canadian capital markets.
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May 12, 2021
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Federal Procurement Complaints: CITT Passes Milestone in 2020/2021
A review of the Canadian International Trade Tribunal (CITT) procurement review mandate for 2020/2021.
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Apr 19, 2021
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Upcoming Changes to Ontario’s Auto Insurance Regime
The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.
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Apr 12, 2021
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Canada’s Federal Greenhouse Gas Offset Credit System Creates Green Incentives for Regulated Facilities
Publication of Greenhouse Gas Offset Credit System Regulations under section 195 of the Greenhouse Gas Pollution Pricing Act.
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Apr 7, 2021
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OSFI Announces Proposed Amendments to the Vested Asset Regime for Foreign Insurance Companies Operating in Canada on a Branch Basis
The authors discuss OSFI's announcement of three proposed amendments to the vested asset regime for foreign insurance companies operating as a branch in Canada
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Apr 6, 2021
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FCAC’s Submission on Open Banking: Finding the Right Balance to Achieve Consumer Protection and Broad Financial Sector Participation
The authors discuss the Financial Consumer Agency of Canada's submission to the Advisory Committee on Open Banking.
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Mar 30, 2021
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LIBOR Newsflash: FCA Announces Dates for Official Cessation and Loss of Representativeness of LIBOR
FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.
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Mar 10, 2021
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Canada Updates Official Terrorist Entities List – What It Means for Your Business
The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.
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Feb 23, 2021
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2020 Fintech Year in Review: Canadian Regulatory Developments
2020 Fintech Year in Review: Canadian Regulatory Developments
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Feb 10, 2021
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Canadian Banks, BDC and OSFI work together for a seamless launch of the new Highly Affected Sectors Credit Availability Program (HASCAP)
OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected Sectors Credit Availability Program (HASCAP)
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Feb 2, 2021
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Expropriation of Contaminated Land and its Fair Market Valuation
Expropriation of Contaminated Land and its Fair Market Valuation
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Oct 5, 2020
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New Rules for Alberta’s Local Elections
Discussion of government of Alberta's Bill 29: Local Authorities Election Amendment Act, which came into force September 1, 2020
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Sep 10, 2020
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Alberta’s New Liability Management Framework: A Teaser of What’s Coming
Government of Alberta announces changes to the regulatory regime that governs oil and gas liabilities.
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Aug 4, 2020
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Alberta Government Passes Bill 12, Liabilities Management Statutes Amendment Act, 2020 – What You Need to Know
What you need to know about the Alberta Government's Bill 12 in relation to Liabilities Management Statutes Amendment Act, 2020.
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Apr 21, 2020
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Pivoting Production to Address COVID-19 Shortages – What Manufacturers and Distributors Need to Know
Summary of Health Canada pathways for accelerated approvals, business and liability considerations for manufacturers
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Apr 7, 2020
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COVID-19: New Emergency Rules for Operating Businesses in BC: How to Comply with BC’s “Essential Business” and Public Health Orders
This bulletin discusses how to keep your business open by complying with BC government emergency orders and public health orders during the COVID-19 pandemic.
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Mar 27, 2020
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Does Your Business Interruption Insurance Cover You for COVID-19?
The COVID-19 pandemic is not yet contained and while governments struggle to respond, businesses are bracing for the inevitable economic downturn.
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Mar 23, 2020
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New Linguistic Obligations for Employers Doing Business in Québec?
A Bill amending the Charter of the French Language would create new linguistic obligations for employers if it were enacted.
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Mar 9, 2020
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Saskatchewan’s New Year’s Resolution? A New Insurance Act to Ring in the New Year
On January 1, 2020, The Insurance Act (“New Act”) and The Insurance Regulations (“New Regulations”) came into force in Saskatchewan, marking the first major overhaul to Saskatchewan’s insurance legislation in decades
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Feb 27, 2020
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The Court of Appeal puts an End to ‘Jail on the Couch’ Sentences for Bid-rigging
Bid rigging and fraud in order to obtain public contracts will result in mandatory prison sentences when the contract is of high value.
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Nov 30, 2018
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OSFI’s Revised Corporate Governance Guideline Goes Live
On September 18, 2018 the Office of the Superintendent of Financial Institutions issued the final version of its Corporate Governance Guideline
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Oct 3, 2018
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Adoption of financial sector reform goes ahead in Québec, but government backtracks on certain proposed changes in the insurance sector
As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.
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Sep 5, 2018
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Getting the Deal Through – Banking Regulation 2018
The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada
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Jun 1, 2018
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CSA Release Oversight Review Report of the MFDA
CSA Releases Oversight Review Report of the MFDA
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Oct 10, 2017
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Getting the Deal Through – Banking Regulation 2017
Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...
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Jun 27, 2017
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Change is in the Airwaves: CRTC Expands the Wireless Code of Conduct
Change is in the Airwaves: CRTC Expands the Wireless Code of Conduct
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Jun 20, 2017
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CASL Private Right of Action Delayed; Enforcement by CRTC Continues
CASL Private Right of Action Delayed; Enforcement by CRTC Continues
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Jun 7, 2017
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Labels, Endorsements, and Scientific Proof: A New Approach to Self-Care Products in Canada
Labels, Endorsements, and Scientific Proof: A New Approach to Self-Care Products in Canada
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Sep 28, 2016
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OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements
OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements
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Aug 31, 2016
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OSFI’s Final Guideline on ORM is Less Prescriptive and Levels the Playing Field
OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field
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Jul 14, 2016
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OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
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Jul 13, 2016
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Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules
Conduct Controlled: CSA Proposes Derivatives Business Conduct Rules
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Apr 26, 2016
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