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ARTICLE · 10 MAY 2024

2024 Federal Budget: Update On Financial Services Regulatory Policy Changes

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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On April 30, 2024, the federal government tabled a Notice of Ways and Means Motion to introduce the Budget Implementation Act, 2024, No. 1 (Bill)...

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
Mena Bellofiore
Mena Bellofiore
Tracy Molino
Tracy Molino
Alan Fraser
Alan Fraser
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Introduction

On April 30, 2024, the federal government tabled a Notice of Ways and Means Motion to introduce the Budget Implementation Act, 2024, No. 1 (Bill) to codify many of the provisions of the 2024 budget (Budget 2024) (see our April 2024 Blakes Bulletin: 2024 Federal Budget: Banking, Financial Services Highlights). The over 660-page omnibus Bill includes the outline of a framework for consumer-driven banking and other important provisions affecting financial services. Our Blakes Financial Services Regulatory group highlights the significant provisions of the Bill below.

Consumer-Driven Banking

Building on the Consumer-Driven Banking Framework (Framework) set out in the Budget 2024: Policy Statement on Consumer-Driven Banking (which we discussed in our earlier Blakes Bulletin mentioned above), the Bill sets out key legislative components of the government's open banking initiative. These components include:

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