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ARTICLE · 27 AUGUST 2024

Canada Advances Review Of Financial Institution Statutes

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On August 12, the Department of Finance launched the third phase of its review (the Review) of the Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act...

CanadaFinance and Banking
Blair Keefe
Blair Keefe
Brigitte Goulard
Brigitte Goulard
Eli Monas
Eli Monas
James Flynn
James Flynn
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On August 12, the Department of Finance launched the third phase of its review (the Review) of the Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act (the FI Acts). In our April 2023 bulletin entitled 2025 review of the financial sector statutes: proposed changes for consideration, we noted that the FI Acts were substantially overhauled in 1992 and again in 2001, but since that time most changes have been very targeted in nature. Accordingly, we identified a number of provisions that we argued should be revisited. Many of those suggestions have been addressed in the Review.

The first phase of the Review, conducted in late 2023, considered how emerging trends in the financial sector could impact consumers, national security, fair competition, and the safety and integrity of the financial system, while the second phase, in early 2024, focused on measures to strengthen competition in the financial sector and uphold stability and security.

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