The Canadian Competition Bureau has launched a market study into technology-led innovation and emerging services in the Canadian financial services sector. The study is in keeping with the Bureau's commitment in its 2015-2018 Strategic Vision document to "promote and advocate for a more competitive marketplace, emphasizing smart regulation focused on achieving legitimate regulatory objectives". The Bureau has invited interested stakeholders to make written submissions and/or to indicate their willingness to meet with the Bureau to make in person submissions before June 30, 2016.Topics that the study will address include the adequacy of consumer protections and the need for greater transparency for fees. These areas have generated frequent lawsuits in the past, and any changes the Bureau may recommend are likely to have an impact upon future litigation. Companies that stand to be affected by potential changes to the Canadian financial services regulatory environment and other stakeholders should accordingly give serious consideration to participating in the market study consultation process. You can read the BLG's full client advisory here.
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.
