The Bank Act. Explained.
Now updated yearly, The 2018 Annotated Bank Act with Associated Regulations is the latest innovation in banking law guidance. This text explains, in simple language, each section of the federal Bank Act and provides commentary on related regulations and case law. This is the only softcover text available on the market that comprehensively cross-references each section of the Bank Act to all current regulations, regulatory guidance from Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), the Canada Deposit Insurance Corporation (CDIC) and the Bank of Canada. The 2018 edition also references all voluntary commitments and codes of conduct issued by the Canadian Bankers Association (CBA) and relevant guidance from the Investment Industry Regulatory Organization of Canada (IIROC), and includes a CD-ROM to enable searching and full-text access to case law, regulations, regulatory guidance and more. This is an essential resource to practitioners, academics and financial institutions alike, co-authored by a senior economic policy advisor from Finance Canada and a senior practitioner from Gowling Lafleur Henderson LLP.
- CD-ROM to enable searching of terms, full-text access to case law, regulations, regulatory guidance and more
- Summary of the latest legislative and regulatory developments under a separate chapter entitled "Recent Developments"
- Overview of each part of the Bank Act under a separate chapter entitled "Key Elements of the Bank Act"
- Full-text of the Bank Act and all associated Regulations
- Comprehensive Table of Regulatory Guidance, cross-referencing all relevant sections of the Bank Act : includes all OSFI Guidelines, Advisories, Rulings, Letters, and Guidance Notes; FCAC Commissioners' Guidance and Bulletins; and CBA voluntary codes of conduct
- Comprehensive Table of Case Law, highlighting the latest cases for easy reference
- Comprehensive Table of Concordance and Index, updated yearly
The 2018 Annotated Bank Act with Associated Regulations is an essential everyday resource for anyone with an interest in the process for incorporating a bank, the rights of bank shareholders, the duties of bank directors and officers, the business of banking, consumer provisions, the ownership and investment rules, capital adequacy requirements, foreign banks or bank holding companies.
New in this Edition:
- Budget 2016, through Bill C-29, A second Act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures, initially proposed to consolidate the existing consumer protection framework that is set out in Part VIII of the Bank Act and its associated regulations into a new financial consumer protection framework—creating a new Part XII.2: Dealings with Customers and the Public in Division 5 of the bill. Division 5 was deleted from the bill at second reading in the Senate. Refer to the commentary in the Preamble.
- Budget 2017, through Bill C-44, An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures, received royal assent on June 22, 2017. The Bill amended the Bank Act to clarify that the Superintendent of Financial Institutions may set criteria for how systemically important banks must meet the requirement to maintain a minimum capacity to absorb losses for purposes of the “bail-in” authority that was introduced in 2016 (Bill C-44).
- On June 17, 2017, the Department of Finance pre-published the Bank Recapitalization (Bail-in) Issuance Regulations under the Bank Act, along with the Bank Recapitalization (Bail-in) Conversion Regulations and the Compensation Regulations under the Canada Deposit Insurance Corporation Act.
- The Office of the Superintendent of Financial Institutions (OSFI) published Draft Guideline: Total Loss Absorbing Capacity (TLAC) on June 17, 2017.
- OSFI issued Guideline E-23: Enterprise-Wide Model Risk Management for Deposit-Taking Institutions in December 2016.
- OSFI issued Guideline Pillar 3 Disclosure Requirements in April 2017.
- On February 24, 2017, OSFI issued the final version of Guideline E-22: Margin Requirements for Non-Centrally Cleared Derivatives.
- On July 6, 2017, OSFI issued for comment a revised Guideline B-20: Residential Mortgage Insurance Underwriting Practices and Procedures.
- On June 30, 2017, OSFI issued Advisory 2017-01 – Restrictions on the use of the words “bank”, “banker” and “banking”
- In April 2017, the Financial Consumer Agency of Canada (FCAC) published its Supervisory Framework, which replaces the Compliance Framework on November 1, 2017.
- On March 9, 2017, the FCAC issued Compliance Bulletin B-5: Consent for new products or services
- Case Law
- Sekhon v. Royal Bank of Canada 2017 BCSC 497
- Keough v Sandfire Capital Limited Partnership 2016 NBCA 50
- Beaumier c Banque Nationale du Canada 2016 QCCQ 7021
- TD Bank, N.A. v. Lloyd’s Underwriters 2016 ONSC 8006