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The Office of the Superintendent of Financial Institutions (OSFI), the federal financial institutions prudential regulator, has posed seven revised transactions instructions on its website. Transaction instructions set out OSFI’s requirements for information and documents in connection with applications for approval under federal financial institutions statutes, and may include guidance from OSFI related to the application. The revised transaction instructions relate to certain approvals under Part XII of the Bank Act.  Part XII addresses the activities, in Canada,…
On September 2, 2017, the Government of Canada published proposed new data breach regulations in the Canada Gazette. These regulations set out specifics regarding the mandatory data breach reporting requirements under the Personal Information Protection and Electronic Documents Act. The PIPEDA Amendments were passed in June, 2015 but are not yet in force. Overview The Regulations set out the proposed requirements for the reporting of  data breaches of security safeguards (each, a Breach). Under the…
On September 12, 2017, the Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC), two otherwise independent regulators, announced that they signed a memorandum of understanding (MOU) to coordinate regulatory oversight and strengthen consumer/investor protection. We have made inquiries and have learned that the MOU is not publicly available; we have therefore not been able to review its provisions. Both regulators protect the interests of financial consumers, however, their…
On September 12, 2017, the Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC), two otherwise independent regulators, announced that they signed a memorandum of understanding (MOU) to coordinate regulatory oversight and strengthen consumer/investor protection. We have made inquiries and have learned that the MOU is not publicly available; we have therefore not been able to review its provisions. Both regulators protect the interests of financial consumers, however, their…
The Financial Consumer Agency of Canada (FCAC) has released a new bulletin to remind federally regulated financial institutions (FIs) of its expectations regarding unauthorized credit and debit card transactions. Thorough investigations expected The FCAC expects FIs to thoroughly investigate the circumstances before finding a cardholder liable for an alleged unauthorized transaction.  The key question is whether circumstances beyond the cardholder’s control resulted in the transaction.  The FCAC provides that FIs must not rely solely on authentication technologies for these…
Overview On July 7, 2017, the Department of Finance of the Government of Canada (the Department) released a consultation paper (Paper) regarding a proposed new oversight framework for retail payments (New Framework).  The Paper states that retail payment service providers (PSPs) other than regulated financial services providers such as banks and payment card networks are not currently subject to a comprehensive oversight framework.   According to the Paper, a New Framework is needed to ensure…
Transition period extended The Government of Canada has extended the transition period for the new methods for verification of identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations until January 23, 2018.  The new ID verification methods came into effect as of June 30, 2016 but a transition period was established to give entities subject to these requirements (Reporting Entities) until June 30, 2017, during which period either the previous or the new ID…
The April 2016 “Panama Papers” leak highlighted the attraction for transnational actors of the confidentiality available in certain offshore financial centres. Some of these jurisdictions have laws that make it a criminal offence for banks to disclose information about their clients, providing powerful protection for individuals and corporations who wish to keep their financial affairs private. However, if a bank becomes involved in Canadian proceedings, those foreign laws may conflict with the disclosure obligations imposed…