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.
April 2014
| Institution | Published | Title and Brief Summary | Status |
|---|---|---|---|
|
OSFI [Applicable to banks, cooperative retail associations, trust and loan companies, and insurance companies]
|
Issued – April 30, 2014 |
Draft revised Guideline E-13 (re-named Regulatory Compliance Management) The draft Guideline is intended to revise and replace the 2003 Guideline E-13 – Legislative Compliance Management (LCM) to better align it with recently updated OSFI Guidelines and to complement OSFI's Supervisory Framework and Assessment Criteria.
|
To provide comments by June 20, 2014 |
|
OSFI [Applicable to banks, retail associations, and trust and loan companies] |
Issued – April 25, 2014 |
Capital Adequacy Requirements Guideline Amended version that incorporates a number of clarifications to facilitate interpretation of guidance in a number of chapters and to revise incorrect cross-paragraph references included in the previous version.
|
Effective |
|
OSFI [Applicable to insurance companies] |
Issued – April 14, 2014 |
Draft Guideline B-21, Residential Mortgage Insurance Underwriting Practices and Procedures The Draft Guideline sets out OSFI's expectations with respect to prudent residential mortgage insurance underwriting and related activities.
|
Review Pending |
March 2014
| Institution | Published | Title and Brief Summary | Status |
|---|---|---|---|
|
OSFI [Applicable to banks] |
Issued – March 31, 2014 |
Advisory – Global systemically important banks – Public disclosure requirements
|
Effective |
|
Finance |
Introduced (H of C) – March 28, 2014 |
Bill C-31 An Act to implement certain provisions
of the budget tabled in Parliament on February 11, 2014 and
other measures.
|
Second Reading and Referral to Committee – April 8, 2014 |
|
Finance |
Published (Gazette) – March 26, 2014 |
SOR/2014-29 By-law Amending Canada Deposit Insurance Corporation Deposit Insurance Policy By-law.
The Amending By-law requires member institutions to provide CDIC with information and analysis, both on an annual basis and on a request basis, to facilitate resolution planning by CDIC.
|
In force March 6, 2014 |
|
Bank of Canada |
Issued – March 13, 2014 |
Market Notice – Changes to Conditions for Assets Eligible as Collateral under the Bank of Canada's Standing Liquidity Facility (SLF)
All eligible securities issued by a municipal government or a private sector issuer (including corporate bonds, covered bonds, bankers' acceptances, commercial paper, and ABCP) will be subject to a new sectoral concentration limit. No more than 20 per cent of the total collateral value pledged by an institution may be comprised of such municipal and private sector securities.
|
6 month transition period ending on September 30, 2014 |
|
OSFI |
2014 Memorandum – Earthquake Exposure Data OSFI is issuing a letter reminding companies that have earthquake exposure in British Columbia and Québec that they are required to submit one copy of the Earthquake Exposure Data form to OSFI by April 15, 2014.
|
Effective |
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.
