As of January 1, 2025, the criminal interest rate was reduced to a cap of 35% annual percentage rate (APR).
Overview of the Alberta Insurance Rate Board's bulletin outlining rate filing requirements for automobile insurance on vehicle protection products in Alberta.
Overview of Alberta's updated rules for captive insurance companies.
Overview of Alberta insurance regulator bulletins released on December 23, 2024 on the treatment of vehicle protection products and what constitutes insurance.
Our bulletin summarizes the 2024 Fall Economic Statement with respect to the federal government's plan on developing and establishing a consumer-driven banking framework.
Overview of OSFI's annual report released on October 15, 2024, highlighting its key initiatives and priorities.
Overview of OSFI and FCAC's joint report released on September 24, 2024 on the uses of and risks associated with financial institutions' adoption of AI models.
Overview of the Alberta Superintendent of Insurance's Bulletin 05-2024 regarding treatment of vehicle protection products and vehicle warranty contracts.
On September 5, 2024, the Office of the Superintendent of Financial Institutions hosted its inaugural virtual Industry Day.
Summary of regulatory updates from OSFI's first quarterly release.
Commencing January 1, 2025, the criminal rate of interest is changing for certain types of loans.
Implications and remaining questions of Canada's newly enacted open banking legislative framework (including the Consumer-Driven Banking Act)
Join us for a webinar where we will be discussing key updates, impacts and changes to the regulatory landscape for Original Equipment Manufacturers.
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Wednesday, June 19, 2024
On April 30, the federal government introduced the Budget Implementation Act, 2024, No. 1, which provides the legislative framework for open banking in Canada.
The British Columbia Financial Services Authority issued a Regulatory Statement deeming service contracts to be automobile insurance, with no OEM exemption.
On April 16, the Government of Canada released its 2024 budget which includes the promise of new legislation this spring to implement open banking in Canada.
OSFI announced the release of its new Supervisory Framework for FRFIs and private pension plans, touted to be the most significant change in 25 years.
The FinTech industry in Canada was impacted by significant regulatory developments in 2023. Explore the key updates in our year-in-review summary.
OSFI released the final Integrity and Security Guideline, setting out expectations for FRFIs for policies and procedures to protect against related threats.
FSRA published proposed guidance outlining how it interprets licensing suitability requirements under the Ontario Insurance Act and its regulations.
The government of Canada has proposed changes to the criminal code which would exclude commercial and pawn loans from the criminal rate of interest.
On November 21, 2023, the Government of Canada released its 2023 Fall Economic Statement. The Economic Statement announced the federal government's intention.
On October 5, 2023, the Department of Finance launched a public consultation on the statutes governing federally regulated financial institutions.
This bulletin summarizes the new details announced by OSFI on October 4, 2023, regarding its new supervisory framework for FRFIs and pension plans.
On September 6, 2023, OSFI issued a letter to industry outlining its steps to supervise emerging non-financial risks.
OSFI receiving feedback from banks and insurers about the Guidelines on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures.
For the first time in over 40 years, Canada is making changes to the criminal interest rate.
The results are in: Canadians’ understanding of open banking is low, according to the Financial Consumer Agency of Canada (“FCAC”).
On April 24, 2023, the Office of the Superintendent of Financial Institutions published its final Third-Party Risk Management Guideline.
This bulletin discusses the joint report released by OSFI and GRI on the ethical, legal, and financial implications of AI on financial services institutions.
A review of the recent announcements from Budget 2023 regarding a national flood insurance program.
An overview of the Office of the Superintendent of Financial Institutions’ new draft guideline on culture and behaviour risks for Federally Regulated Financial Institutions.
A summary of the two new rules introduced by the Financial and Consumer Services Commission of New Brunswick on insurance intermediaries.
This bulletin provides an overview of the Bank of Canada’s new retail payments supervisory framework.
Four working groups have been working to develop common rules, accreditation criteria, and technical standards for open banking in Canada.
Payments Canada implements changes to Rule H1 for Pre-Authorized Debit transactions, effective October 3, 2022.
Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.
A summary of the Government of Canada's recent report regarding the development of a national flood insurance program.
OSFI issued final Guideline B-13 – Technology and Cyber Risk Management, key takeaways summarized.
This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.
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
New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.
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.
A summary of the recent overhaul of Ontario's credit union legislation.
The federal government has named Abraham Tachjian to lead the development of open banking in Canada, following an open letter from prominent fintech executives.
Today, the Government of Canada released regulations pursuant to the Emergencies Act requiring that certain actions be taken by insurers and other entities.
OSFI published the final revised Guideline B-3, Sound Reinsurance Practices and Procedures and the final Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.
The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.
SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.
Senior financial services executives share their perspectives on Canada's proposed open banking framework as the country moves towards implementation.
An overview of Payments Canada's proposed changes to Rule H1 and the pre-authorized debit framework.
The Office of the Superintendent of Financial Institutions announced an end to its COVID-19 response measure relating to capital distributions
The Alberta legislature recently proposed captive insurance legislation, expanding insurance options for Alberta businesses.
Insurance coverage for business interruption losses has become a notable subject of litigation as pandemic-related claims make their way through the courts.
Canada’s Advisory Committee on Open Banking's final report- the privacy and data security implications of an open banking system in Canada.
The COVID-19 pandemic and increased concerns over environmental and social issues, such as climate change and systemic racism, have prompted conversations throughout global capital markets.
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Thursday, October 28, 2021
An overview of the Advisory Committee on Open Banking's final report on bringing open banking to Canada.
FSRA releases mortgage brokering supervision plan for the 2021-2022 year.
OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.
Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.
FSRA has set out its strategic direction and priorities for the insurance sector in its 2021-24 Annual Business Plan.
Legal news bulletin discussing recent changes to ICMA Green Bond Principles.
Climate, Credit & Canada - Growth of Green Bonds, Sustainability-Linked Credit and Net-Zero Banking
On April 30, 2021, OSFI released a letter to all FRIs advising that it has issued the final IFRS 17 Regulatory Forms and Instructions (the “Returns”)
The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.
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
The authors discuss the Financial Consumer Agency of Canada's submission to the Advisory Committee on Open Banking.
OSFI provides guidance for the capital treatment of loans and BDC guarantees under the new Highly Affected Sectors Credit Availability Program (HASCAP)
Join us for Part Two of McMillan's Automotive Industry Webinar Series
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February 9, 2021 - 1:00 pm to 2:30 pm ET
OSFI opens consultation for Draft Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, which will replace existing guidelines E-4A and E-4B.
OSFI opens consultation for Draft Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, which will replace existing guidelines E-4A and E-4B.
OSFI updates Federally Regulated Insurers on the implementation of the International Financial Reporting Standard
17 as policy work resumes.
Impacts on insurers from recent decision in which SCC upholds protections for privacy and autonomy through the Genetic Non-Discrimination Act
With conditions stabilizing across many parts of the country and economic recovery beginning, it is an appropriate time to resume policy work, details to come.
Bill 188 made significant amendments to PHIPA, which affect technology companies, and potentially insurers, who provide access to personal health information.
Further to OSFI's March 27 letter, OSFI announced more adjustments to existing capital requirements for banks and insurers to respond to the impacts of COVID-19
On March 27, 2020, OSFI announced a number of sector-specific measures to support federally regulated banks, insurers and private pension plans.
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
An overview of the Advisory Committee on Open Banking's recent report entitled Consumer-directed finance: the future of financial services.
A summary of notable amendments to the federal Bank Act and Insurance Companies Act that Bill C-4 (CUSMA) will bring into force.
On June 19, 2019, the Standing Senate Committee on Banking, Trade and Commerce (“the Committee”) published a report on open banking entitled Open Banking
The Office of the Superintendent of Financial Institutions (OSFI) has indicated that Guideline B-20 is working, and that the associated “stress test” has improved the resilience of the Canadian financial system.
The Tax Court of Canada (the “Court”) recently confirmed that participation in certain reward and loyalty programs, such as Aeroplan, may have significant tax implications for Canadian banks, and other issuers of credit card products.
There are two levels of government that regulate insurers in Canada.
OSFI published the Technology and Cyber Security Incident Reporting Advisory, which sets out OSFI's expectations for reporting technology and cyber security incidents.
Banks in Canada have been continuously recognized as amongst the soundest and safest across the globe.
The concept of open banking is emerging internationally as the potential future of the banking industry
On January 24, 2019, the Office of the Superintendent of Financial Institutions (“OSFI”) published the Technology and Cyber Security Incident Reporting Advisory (the “Advisory”), which sets out OSFI’s expectations for reporting technology and cyber security incidents.
OSFI introduced the Late and Erroneous Filing Penalty ("LEFP") Framework in 2002 as a way to encourage timely and error-free filing.
As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.
On August 17, 2018, the OSFI revised its transaction instructions relating to the consent and reporting obligations of FRFIs entering into transactions
The Canada chapter in Getting the Deal Through - Banking Regulation 2018 provides an overview of the regulations governing the banking industry in Canada
On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint
Join us for an informative seminar where you will have an opportunity to network and learn more about the significant changes to construction law in Ontario starting in July and what impacts these changes will have on your business and the construction industry.
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May 16, 2018 - 4:30 PM to 6:30 PM
some of the most important interest rate provisions to be aware of
global financial crisis has led to significant regulatory changes (most notably in the areas of liquidity and capital) designed to reduce the risk of another global financial crisis occurring
Ransomware and its Spawns
The "20% rule": Quebec's New Bill 150 clarifies the distinction between damage insurance "agencies" and "brokerage firms"
Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec
Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends "Bank Words" Crackdown
Department of Finance publishes Second Consultation Paper with respect to its review of the Federal Financial Sector Framework and OSFI Suspends "Bank Words" Crackdown
Cybercrime Insurance Coverage Caselaw: Welcome to Canada?
Canada has a centrally regulated banking system with a focus on macroprudential regulation and stability of the financial system ...
Global Legal Insights - Banking Regulation
The Risk – Cyber attacks are considered one of the most serious risks your organisation faces and ransomware is a currently favoured variation (as evidenced by the recent ‘‘WannaCry'' cyber attack).
Bulk or no Bulk - the PPSA is always in style
Guideline E-23: The Draft Enterprise-Wide Risk Management Guideline
As organizations are increasing their investment in data safeguards, McMillan’s Privacy Group would like to help our clients understand their core privacy, data protection and cybersecurity obligations and related legal issues.
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November 3, 2016 - 7:30 am to 12:30 pm EST
International Data Transfers to and from Canada
OSFI Extends Implementation Date for Pillar 3 Disclosure Requirements
OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field
OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting
Updates to the Bail-In Regime: Depositor Accounts
Updates to the Bail-In Regime: Introduction of Bill C-15
Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond
Budget 2016: Introduction of a Bail-in Regime
Budget 2016: Reporting of Grandfathered New Home Sales
Basel Committees New Standardised Measurement Approach: Best of Both Worlds?
Getting the Deal Through - Banking Regulation 2015, Canada chapter
An international consortium of financial institutions, financial services trade assns & insurance cos founded fTLD Registry Services, LLC to own .bank & .insurance gTLDs
The Federal Budget: What Financial Institutions Need to Know
Supreme Court of Canada upholds solicitor-client privilege settling a 15 year dispute
OSFI Issues Final Advisory for Early Adoption of IFRS 9 Financial Instruments for Domestic Systemically Important Banks