Canada:
Feds Propose Giving Banks Derivatives Regulation-Making Authority
19 February 2014
Stikeman Elliott LLP
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According to the federal budget announced yesterday (see
page 130), the federal government intends to amend the Bank Act to create explicit regulation-making
authority for banks in regards to over-the-counter derivatives. The
amendments will facilitate the integration and consolidation of
OTC derivatives regulations with the proposed
federal-Ontario-B.C. cooperativ
e capital markets regulator. It will also make it easier for
foreign regulators, who apply a rules based system of
oversight, to assess the Canadian principles-based regulatory
framework in their equivalency determinations, which will benefit
Canadian banks when transacting with foreign counterparties.
The precise nature of the amendments is not yet known.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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