The Application and supporting forms for international banking licences are available below. You are strongly advised to contact the International Banking Division to discuss your proposals before completing and submitting an application form. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
As part of the performance security package for construction projects, project finance lenders often require performance bonds from the construction contractor as security for the performance of the contractor’s obligations. The June 30, 2021 deadline for registered firms and their representatives to comply with the first phase of the CFRs relating to conflicts of interest is fast approaching. The new conflicts of interest requirements will require registrants to review and, where necessary, implement changes to their existing conflicts of interest policies and procedures. Canadian securities regulators announce pilot program permitting a “well-known seasoned issuer” to streamline the filing of a base shelf prospectus process.
In 2015, FSCO will continue to distribute consumer protection and fraud prevention information and will also provide enhanced information to pension plan members about their plans and their plan performance. Established under the Financial Services Commission of Ontario Act, 1997 , FSCO is accountable to the Minister of Finance. In the financial services industries, it is important that regulated entities provide consumers and pension plan members with access to accurate, relevant, and timely information, so that they are able to make informed decisions about their financial services. FSCO works to support this goal by providing guidance on how regulated entities should provide services to consumers and pension plan members, and by providing consumers and pension plan members with information on the financial services marketplace.
Canadian Foreign Exchange Committee (CFEC)
FSCO works to inform stakeholders and consumers about its actions in the regulated sectors and marketplace. FSCO’s communication of its regulatory activities and functions supports compliance and consumer protection and education; and it benefits financial services consumers, pension plan members, and regulated entities. The financial services industry is one of the most competitive and highly regulated sectors in the market. Players in this market need financial services and banking lawyers who are experts in sophisticated transaction structures and complex banking regulations and who can anticipate and successfully navigate industry change. FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
On the lender side, we work with major Canadian and international commercial banks, institutional investors and other financial institutions, while on the borrower side, we assist corporations, private equity groups, sponsors and funds. McMillan’s internal expertise and global connections make us the best choice for any large-scale financial services transaction. We work in inter-disciplinary teams to deliver specific expertise across a variety of industries including, mining, aircraft and aviation, energy, life sciences, pharmaceuticals and automotive.
Our financial services lawyers maintain a trusted international network of award-winning business lawyers. With such resources, McMillan is highly qualified to facilitate any and all cross-border transactions seamlessly for clients around the world involving the law. The 2014 Report on the Funding of Defined Benefit Plans in Ontario was published on FSCO’s website. The report provides pension stakeholders with up-to-date funding, investment, and actuarial information related to defined benefit pension plans registered in Ontario. FSCO continues to implement its risk-based regulation framework in the supervision of pension plans.
BC Gov News
The public is invited to get involved in the timber supply review for the North Island Timber Supply Area by submitting comments before Feb. 20, 2023. Now have better protection in the real estate market as the homebuyer protection period takes effect on Tuesday, Jan. 3, 2023. To preserve British Columbia’s supply of clean electricity to support the Province’s climate action and economic goals, BC Hydro will suspend electricity-connection requests from cryptocurrency mining operations for 18 months.
FSCO recognizes that the financial services sector is a dynamic and fast-paced environment; in addition to this year’s priorities, FSCO will also be prepared to address emerging regulatory needs as they arise. Read the latest local, regional and international advisories concerning the financial services sector. The Tribunal will review rules, practices and procedures that require revisions as a result of the changes to the insurance agent and adjuster disciplinary process. The Tribunal will also continue to publish annual performance results that measure how well it meets its service standards and will review and revise its performance and service standards as required. FSCO and the Toronto Police Services continued to host #fraudchat, a weekly Twitter chat on topics related to financial crime and fraud prevention.
17 Annual reports
Bethune is a faculty member of the Osgoode Certificate in Pension Law, a past faculty member of the Centre for Employee Benefits , and has held leadership positions on a number of committees and councils in the industry. She is Executive Editor of the Morneau Shepell Summary of Pension Legislation in Canada, and coordinates publication of the Morneau Shepell Handbook of Canadian Pension and Benefit Plans. The Ordinance permits the identification and the investigation of all directors, beneficial owners and senior managers of an international bank in Nevis. Only fit and proper persons will be permitted to hold a directorship, senior management, beneficial ownership or shareholding position in an international bank.
- These forecasts are provided to Governing Council in preparation for monetary policy decisions.
- The June 30, 2021 deadline for registered firms and their representatives to comply with the first phase of the CFRs relating to conflicts of interest is fast approaching.
- FSCO works to support this goal by providing guidance on how regulated entities should provide services to consumers and pension plan members, and by providing consumers and pension plan members with information on the financial services marketplace.
- A discussion forum for financial sector policy issues, including financial stability and systemic vulnerabilities, SAC is chaired by the Deputy Minister of Finance and includes the same members as FISC.
- The Tribunal hears applications and appeals on regulatory decisions made or proposed by the Superintendent.
- The FSC is the integrated regulator for the non-banking financial services sector and global business.
A qualified foreign bank is defined as a bank with adequate capitalization and assets that is licensed to conduct domestic banking in its jurisdiction of incorporation, or a financial institution that is directly or indirectly a wholly owned subsidiary of a foreign bank. Be aware of any person or representative of a business entity who may be offering a financial service without a local licence. Software-based translations do not approach the fluency of a native speaker or possess the skill of a professional translator.
SASKATCHEWAN FINANCIAL SERVICES COMMISSION ESTABLISHED
FSCO is part of a broader regulatory environment that includes other federal and provincial regulators, as well as industry and consumer stakeholders from Ontario and around the world. FSCO prioritizes cooperation among regulators, and will continue to play a leadership role in regulatory coordination. FSCO will work with other regulators to promote national approaches and regulatory harmonization where appropriate, share information across jurisdictions, and provide solutions and guidance on regulatory matters across Canada. FSCO is working to put in place data-sharing agreements with industry organizations and other regulators, and to leverage the appropriate forums for information collection and sharing.
In addition to addressing specific cases of non-compliance, FSCO focuses on monitoring the degree of compliance in the regulated sectors as a whole. FSCO takes a risk-based approach to regulation and uses monitoring to track the overall potential negative impact that non-compliance can have lexatrade review on regulatory outcomes. The Saskatchewan Financial Services Commission will serve as a single point of access to financial market regulators. It will oversee the regulation of credit unions, insurance companies, trust, loan, and financing corporations, and securities dealers and advisers.
As an integrated regulator, it is important for FSCO to have the organizational capacity to be flexible and forward-looking in delivering financial services regulation in a changing environment. To do so, FSCO will focus on building internal capacity by implementing a professional staff development axitrader review program, promoting skill and knowledge transfer, developing succession management plans, and delivering effective staff engagement strategies. This focus on staff development will position FSCO to better provide expert regulatory services that keep pace with an evolving marketplace.
FSCO completed a pilot program with 141 pension plans to develop a process for conducting the first level of risk assessments. On December 1, 2014, FSCO launched a licensing system for health service providers providing treatment and assessment services to injured auto insurance claimants. By December 1, 2014, FSCO had processed applications coinspot reviews for almost 95 per cent of the top 1200 facilities by market share in the industry. In early 2015, FSCO started on-site compliance examinations of health service providers, who were selected on a random and targeted basis. Once licensed or registered, regulated entities are required, by law, to submit information to FSCO on a regular basis.
The 2014 Automobile Insurance Third Party Liability Bodily Injury Closed Claim Study in Ontario was published on FSCO’s website on October 3, 2014. The study analyzed closed claims from selected insurers and gathered data on factors contributing to cost changes. The analysis will help FSCO to evaluate the potential impact of any future changes in the automobile insurance system on bodily injury claims. The Motor Vehicle Accident Claims Fund, which is a special purpose fund used to pay claims involving automobile accidents with uninsured motorists and hit-and-run accidents where no insurance is available. The fund provides compensation to people injured in automobile accidents when no automobile insurance exists to respond to the claim.
The new protocol may form the basis of a new Superintendent Minor Injury Guideline and Minor Injury Treatment Protocol. This protocol was among the initiatives referenced in the 2015 Ontario Budget to ensure that insurance coverages reflect the most relevant scientific and medical knowledge on identifying and treating injuries from auto accidents. The protocol could be used by health care providers and insurers when treating minor injuries resulting from automobile accidents, and to ensure that there is an extensive continuum of care based on current scientific and medical evidence. In January 2015, FSCO received the report from the consultants; it is now being reviewed and translated, and will be consulted on later this year.
Our experience in secured lending is complemented by expertise in workouts, bankruptcy, restructuring, asset liquidation and, when necessary, litigation. In 2014, the government amended the Insurance Act to require that long-term disability benefits are to be paid under an insurance contract that is undertaken by a licensed insurer. As a regulatory agency that is accountable to the Minister of Finance, FSCO supports the Ministry of Finance’s objective of promoting a dynamic, innovative and growing economy, and managing the fiscal, financial and related regulatory affairs of the province of Ontario. The Tribunal hears applications and appeals on regulatory decisions made or proposed by the Superintendent.