Olivia Lifman
Associate
Article
Office of the Superintendent of Financial Institutions (OSFI), Financial Services Regulatory Authority of Ontario (FSRA), Autorité des marchés financiers (AMF), British Columbia Financial Services Authority (BCFSA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Financial Action Task Force adjust regulations and guidance for banks, credit unions, financial intermediaries and other market participants.
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Canada's financial regulators have advised that they are reviewing and temporarily revising certain regulatory requirements for financial institutions and stakeholders during this time.
Our articles from March 19, 2020, April 6, 2020 and April 16, 2020 set out the key takeaways from the notices published to that date by these federal and provincial/territorial regulators.
Since the publication of the latest article, there have been significant notices published by federal and select provincial financial services regulators. In this fourth article, we have compiled the key notices and set out links to the regulators' websites from up to and including May 11, 2020.[1]
The notices have been set out by the following sectors:
On May 1, 2020, OSFI provided guidance on its expectations surrounding capital management for deposit-taking institutions, such as banks.
On May 7, 2020, OSFI published various questions and answers for federally regulated deposit-taking institutions about measures it has taken to address issues stemming from COVID-19.
On April 16, 2020, the British Columbia Financial Services Authority ("BCFSA") issued a letter addressed to British Columbia credit unions. The letter provides information relating the capital treatment and regulatory reporting requirements for loans that qualify under the Business Credit Availability Program ("BCAP").
On April 30, 2020, OSFI published various questions and answers for federally regulated insurers about measures it has taken to address issues stemming from COVID-19.
On April 27, 2020, the Financial Services Regulatory Authority of Ontario ("FSRA") announced that the deadline for insurance agents to renew their licenses has been extended to 60 days after the expiry date.
On April 15, 2020, FSRA issued guidance for insurers providing emergency relief to auto insurance consumers.
On May 7, 2020, OSFI revised the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the "Directives").
On May 7, 2020, OSFI published various questions and answers for federally regulated pension plans about measures it has taken to address issues stemming from COVID-19.
On April 24, 2020, FSRA issued guidance responding to questions received from pension sector stakeholders relating to the COVID19 pandemic.
On May 4, 2020, FATF published a paper that identifies heightened risks of ML/TF as a result of the COVID-19 pandemic including the misuse of online financial services and virtual assets to move and conceal illicit funds and the exploitation of economic stimulus measures and insolvency schemes. The FATF recommends the following AML/CTF policy responses to such risks:
FATF held a webinar on May 7, 2020 to talk about the COVID-19 ML/TF risks and regulatory responses.
If you have any questions as to how these regulatory changes may impact your organization's obligations, please contact your Gowling WLG professional. Our Financial Services Regulatory Team at Gowling WLG will continue to keep you informed as further developments arise.
For other COVID-19 related resources, please visit our resource page with information to help clients manage their business during the pandemic. The page contains critical information to guide you through various complex legal issues, as well as a list of key contacts who can provide advice on these issues.
[1] Please note that while this article outlines some of the key takeaways from the notices published by the listed regulators up until May 11, 2020, it is not an exhaustive list or analysis. Please refer to the full notices on the regulators' websites for a complete list of the revisions.
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