On March 22, 2017, the Federal government (the
"Government") tabled the 2017 federal budget (the
"2017 Budget"). The 2017 Budget provides guidance on the
Government's plan to introduce legislation in a number of areas
directed at the financial services sector in Canada, namely:
strengthening the bank resolution regime and the deposit insurance
framework; increasing oversight of financial market
infrastructures; enhancing the Canadian anti-money laundering and
anti-terrorist financing regime; supporting financial technology;
and introducing a new retail payments oversight framework.
Enhancing the Bank Resolution Regime
Following the 2008 financial crisis, a number of countries,
including Canada, began implementing bank recapitalization or
"bail-in" regimes. Bail-in regimes aim to reduce
tax-payer liability in the event that a domestic systemically
important bank ("D-SIB") is unviable by requiring certain
stakeholders to support the viability of such an institution
