Adam Garetson

Apr 17, 2024 | lexology.com | Parna Sabet-Stephenson |Alana Scotchmer |Adam Garetson |J. Quinn Clement-Schlimm |Hyunju Park |Natália Castro | +4 more

With major investments in innovation, a clearer legislative roadmap for open banking and the introduction of sweeping regulatory reforms, Canada's 2024 federal budget (Budget 2024), Fairness for Every Generation, aspires to foster a more modern and inclusive financial services industry – one with technology at its heart, consumers top of mind and an expanded arsenal for fighting financial crime.

Feb 23, 2024 | mondaq.com | Parna Sabet-Stephenson |Adam Garetson |Alana Scotchmer

As we move into 2024, Gowling WLG's Financial Services and Technology (FSxT) Group shares its take on key legal and regulatory developments expected to affect the Canadian market this year: We expect that the Artificial Intelligence and Data Act (AIDA), a component of the Digital Charter Implementation Act, 2002 (Bill C-27), will become law this year, after continued refinement through the legislative process. If passed, AIDA will be a national general-purpose legislation regulating AI.

Feb 15, 2024 | lexology.com | Parna Sabet-Stephenson |Adam Garetson |Alana Scotchmer

As we move into 2024, Gowling WLG’s Financial Services and Technology (FSxT) Group shares its take on key legal and regulatory developments expected to affect the Canadian market this year:Regulating artificial intelligence (AI) in the financial sectorWe expect that the Artificial Intelligence and Data Act (AIDA), a component of the Digital Charter Implementation Act, 2002 (Bill C-27), will become law this year, after continued refinement through the legislative process.

Dec 12, 2023 | mondaq.com | Adam Garetson |Alana Scotchmer |Parna Sabet-Stephenson

The final regulations to the Retail Payments Activities Act (RPAA) were released. The regulations revealed the details of a new retail payment supervisory regime for payment service providers (PSPs) operating in Canada, such as payment processors, digital wallets and card networks.

Aug 15, 2023 | mondaq.com | Adam Garetson |Alana Scotchmer

On July 26, 2023, the Office of the Superintendent of Financial Institutions (OSFI) launched a consultation by releasing two draft guidelines (collectively, the Draft Guidelines) on the regulatory capital treatment of crypto-asset exposures: one draft guideline for federally regulated deposit-taking institutions (DTIs), and another draft guideline for federally regulated insurance companies.