Canadian Gov't Publishes Consultation Paper for Review of the Legislative & Regulatory Framework of Canada’s Financial Sector
To maintain effective risk management, directors and officers of regulated businesses and advisors must keep up with the evolving regulatory and other policy priorities.
In Canada, there are four federal statutes that regulate the financial sector; the Bank Act, Insurance Companies Act, Trust and Loan Companies Act, and the Cooperative Credit Associations Act. These Acts have sunset provisions that effectively force the government to review these federal statues on a periodic basis, as well as propose updates to the legislation after consultations with the relevant stakeholders.
Periodic reviews of these statutes do not always result in significant changes; however the next review may be different. Earlier this year, the Canadian government extended the date to facilitate a review of Canada’s federal financial sector legislative and regulatory framework by two years, until 2019.
This review has been launched with the August 2016 release of a consultation paper by Canada’s Department of Finance titled “Supporting a Strong Growing Economy: Positioning Canada’s Financial Sector for the Future.”
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