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Consultation on the 2019 Revisions to the Federal Financial Sector Framework in Canada [Completed]

Ef­fec­tive date:

Bill C-74, which contains the Revisions to the Federal Financial Sector Framework, received Royal Assent on June 21, 2018.

Last up­dated:

June 2018

Overview

On August 11, 2017, the Department of Finance Canada launched the second stage of consultations on the renewal of the federal financial sector legislative and regulatory framework (namely the Bank, Act, the Insurance Companies, Act, the Trust and Loan Companies Act and the Cooperative Credit Associations) prior to the statutory sunset date of March 29, 2019. In this regard, the Government of Canada is committed to supporting a well-functioning financial services sector that will grow the economy, strengthen the middle class and create good, well-paying jobs.

Recognizing that the foundational elements of the current framework are sound, the Department of Finance is seeking views on potential policy measures to support a competitive and innovative sector, to modernize the legislative framework, and to safeguard a stable and resilient sector.

This second consultation paper, Potential Policy Measures to Support a Strong and Growing Economy: Positioning Canada's Financial Sector for the Future, takes into account the comments and recommendations received from stakeholders through the first stage of consultations, the trends and emerging issues that are actively reshaping the sector, as well as the needs of its users. It builds on the first consultation paper, Supporting a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future, released on August 26, 2016, which laid out the landscape of Canada's financial sector and identified key trends that may influence it moving forward.

Interested individuals or organizations are invited to review the consultation document. Submissions should be submitted by September 29, 2017. The Department of Finance may share these submissions with federal financial sector regulatory agencies to facilitate their review.

Copies of the re­sponses to the first con­sul­ta­tion pa­per can be found here.
Copies of the responses to the second consultation paper can be found here.

On March 27, 2018, following a review of the responses to the consultation papers, the federal government introduced Bill C-74, which includes significant but limited changes to the legislation governing federally regulated financial institutions. For details of these changes refer to the commentary dated April 4, 2018 from Blake’s.

Bill C-74 received Royal Assent on June 21, 2018. The amendments to the federal financial institutions legislation are set out in Division 16 of Bill C-74.

Re­cent developments

June 2018

On June 21, 2018, Bill C-74 received Royal Assent.

March 2018

On March 27, 2018, the federal government introduced Bill C-74, which includes significant but limited changes to the legislation governing federally regulated financial institutions.

August 2017

On August 11, 2017, the Department of Finance Canada launched the second stage of consultations on the renewal of the federal financial sector legislative and regulatory framework. Comments are due by September 29, 2017.

Au­gust 2016

On August 26, 2016, the Department of Finance Canada launched the first stage of consultations on the renewal of the federal financial sector legislative and regulatory framework. Comments are due by November 15, 2016.

 

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