Darcy Ammerman

Jun 27, 2024 | lexology.com | Darcy Ammerman |Robbie Grant |Hyun Kim

On June 20, 2024, Bill C-69, the Budget Implementation Act, 2024 received royal assent. Among other things, Bill C-69 enacts the Consumer-Driven Banking Act (the “CDBA”) and makes related amendments to the Financial Consumer Agency of Canada Act (the “FCAC Act”). Together, these changes establish Canada’s first legislative framework for consumer-driven banking.

Feb 22, 2024 | mondaq.com | Darcy Ammerman |Zijian Yang

Following our previous update in October 2023, on February 8, 2024 the Office of the Superintendent of Financial Institutions ("OSFI") announced the release of its new Supervisory Framework ("SF") for federally regulated financial institutions ("FRFIs") and private pension plans.1 The SF comes into force on April 1, 2024 and is touted to be the most significant change to OSFI's supervisory approach in 25 years.

Feb 14, 2024 | mondaq.com | Darcy Ammerman |Zijian Yang

Following a consultation last year, the Office of the Superintendent of Financial Institutions ("OSFI") released the final Integrity and Security Guideline (the "Guideline") on January 31, 2024.1 The Guideline sets out OSFI's expectations for federally regulated financial institutions ("FRFIs") for adequate policies and procedures to protect against threats to integrity and security, with particular emphasis on technology and foreign interference.

Oct 16, 2023 | mcmillan.ca | Darcy Ammerman

October 16, 2023 Financial Services Bulletin 2 minute read On October 5, 2023, the Department of Finance (the “Department”) launched a public consultation on the statutes governing federally regulated financial institutions (“FRFIs”), seeking feedback from consumers, financial sector market participants, academics, and civil society groups.

Oct 10, 2023 | mcmillan.ca | Darcy Ammerman

October 10, 2023 Financial Services Bulletin 2 minute read On October 4, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) announced a new supervisory framework to assist OSFI’s supervisors with the efficient management of federally regulated financial institutions (“FRFIs”) and pension plans.[1] The new supervisory framework is noted as one of the six transformation initiatives in OSFI’s Blueprint transformation program and will replace the existing supervisory...