These amendments set out criteria for identifying individuals with significant control over a corporation. It also sets out a requirement for a corporation that meets certain criteria to keep a register of individuals with significant control and requirements respecting the information to be recorded in it. Finally, it includes applicable...
Quebec Superior Court Finds Bank Liable to Pay Damages Following the Unreasonable De-Risking of a MSB
In a important decision handed down on July 20, 2018, the Quebec Superior Court ordered the Toronto-Dominion Bank (“TD”) to pay To read more here
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
The proposed amendments have been published to Part I of the Canada Gazette for public consultation. (more…)
New Oversight Framework for Retail Payments
On July 7, 2017, the Department of Finance released the attached consultation paper that may have an impact on all entities that are involved in the retail payment space to ensure that with the evolution of the retail payments ecosystem enabled by technological advancement, payment services remain reliable and safe...
The OSC has announced a new national Instrument 93-101
The OSC has announced a new national Instrument 93-101 to deal with the Code of Conduct for all businesses offering or advising clients in over-the-counter derivatives products. All MSB's who offer Forward FX Contracts or Currency Options will be affected by this legislation. (more…)
Ontario Securities Commission Staff Notice 91-704
ONTARIO SECURITIES COMMISSION STAFF NOTICE 91-704 COMPLIANCE REVIEW PLAN FOR OSC RULE 91-507 TRADE REPOSITORIES AND DERIVATIVES DATA REPORTING MSBs who trade in derivative instruments, including forward agreements, will want to be aware of the Ontario Securities Commission’s project to review compliance by derivatives dealers with the new OTC derivatives...
Milken Institute Report on De-Risking
"De-Risking" and Its Consequences for Global Commerce and the Financial System On March 4, 2015, the Milken Institute Center for Financial Markets (CFM) hosted a day-long roundtable, Global Correspondent Banking: "De-Risking" and Its Consequences for Global Commerce and the Financial System, with AML/CFT policymakers, regulators, financial institutions, affected parties, and...