• Federal Financial Institutions Legislative and Regulatory Reporter
  • July 21, 2017 | Author: Jeffrey S. Graham
  • Law Firm: Borden Ladner Gervais LLP - Toronto Office
  • The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

    May 2017



    Title and Brief Summary


    Payments Canada

    Published May 18, 2018

    Payments Canada: Changes to Our Rules and Standards

    The Board and the Department of Finance approved the following amendments:

    • ACSS Rule A4 Returned and Redirected Items: amendments to Section 9(c) Use of Inter-member Debit for ICP
    • Standard 006 Specifications for Micr-encoded Payment Items: amendment to Section 5.2 Security
    • Standard 014 Clearing Replacement Document Design Standard: amendment to Section 5.1.5 Position 33-43: Transit Number Field
    • NEW Standard 018 Payment Item Information Security Standard: added to the ACSS Rules Manual
    • ACSS Rules F1 Rules applicable to Automated Funds Transfer (AFT) Transactions and F4 Rules applicable to Automated Funds Transfer (AFT) Transactions using ISO 20022 messages: to include reasons for which members will allow an originator of AFT transactions to correct an error or reverse a Transaction
    • LVTS Rule 12: minor amendments to update the LVTS Rule 12 infrastructure references to align them with the enhancements being implemented as part of Payments Canada‚Äôs Disaster Recovery Enhancements (DRE) project.


    Financial Consumer Agency of Canada (FCAC)

    Published April 13, 2017p>

    Final version: FCAC Supervision Framework and Publishing principles for FCAC Decisions

    Based on stakeholder comments, FCAC amended the Framework in several areas. For example, FCAC clarified the distinction between tier 1 and tier 2 regulated entities and clarified the connection between tier 1 entities and the importance of their Market Conduct Profiles for determining the intensity of supervision. In addition, FCAC revised the list of factors that the Commissioner may consider when making public the name of a regulated entity that has committed a violation.

    Effective November 1, 2017


    This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.