Budget Bill 2018: Amendments To Financial Services Statutes

The Budget Implementation Act, 2018, No. 1 (the "Budget Bill") was introduced on March 27, 2018 and includes amendments to various financial services statutes, pursuant to the recent Budget, summarized in our recent legal update.

The Budget provided that, in connection with the current 2019 Bank Act  review, certain legislative amendments to implement targeted proposals resulting from the recent review of the federal financial sector framework  would be introduced as a priority, including amendments providing greater flexibility for financial institutions to undertake Fintech activities (expanding the business of banking), providing prudentially regulated deposit-taking institutions (such as credit unions) with the right to use generic banking terms ("bank", "banking") under a specific set of rules and to provide for further enforcement tools and clarify existing provisions, and permitting life and health insurance companies to make long term investments in