Canadian Covered Bonds And Mortgages: A Suggested Compromise

Expanding a payment business into Canada requires navigating FINTRAC's Money Services Business registration framework. Understanding the regulatory requirements, compliance obligations, and practical steps for MSB registration helps international payment providers establish compliant operations in one of the world's most established financial markets.

This Bulletin summarizes key regulatory developments impacting the payments sector in 2025 and looks ahead to 2026.

The Institutional Limited Partners Association (ILPA) recently released the third version of its principles (Principles 3.0), as well as a form of limited partnership agreement (model LPA, and...

The Bank of Canada (the Bank) has begun to exercise its enforcement powers under the Retail Payment Activities Act (RPAA), publishing its first enforcement decisions involving Notices of Violation against payment service providers (PSPs). Each published enforcement decision to date has involved a zero dollar administrative monetary penalty (AMP).

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin

The Office of the Superintendent of Financial Institutions (OSFI) published its third quarterly release of the year on September 10, 2026, noting that the targeted adjustments made to its guidance were made with a view to supporting a resilient and competitive Canadian financial system.

Canadian federal and provincial governments have launched targeted support programs to help businesses weather tariff disruptions and pivot operations. These programs offer liquidity assistance, working capital loans, and funding for market diversification, complementing broader regulatory and tax incentives being deployed across the country.

The Canadian private equity landscape navigates a transition period marked by prolonged market volatility and stalled exit activity, yet demonstrates resilience through strategic investments in high-growth sectors. Q3 2026 analysis reveals how larger commitments, power and utilities investments, evergreen fund expansion, and healthcare sector dynamics are shaping the market amid escalating trade tensions and evolving investor strategies.

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.

The Institutional Limited Partners Association (ILPA) recently released the third version of its principles (Principles 3.0), as well as a form of limited partnership agreement (model LPA, and...

Ontario has launched its first call for expressions of interest in carbon capture and storage licences under the new Geologic Carbon Storage Act, targeting Crown-owned pore space beneath lakebeds surrounding the Ontario Peninsula. The detailed submission requirements reveal expectations that proponents have advanced well beyond initial planning stages, with the process serving as a critical test of Ontario's emerging CCS framework and its attractiveness to industry.

On September 3, the Government of Canada published amendments removing seven types of energy projects from the Physical Activities Regulations (the Project List) under the Impact Assessment Act (IAA). As a result, these types of projects will no longer be subject to the IAA but will continue to be regulated by the Canada Energy Regulator Act (CER Act) or applicable provincial environmental assessment regimes.

On March 19, 2015, the United States District Court in the District of Minnesota gave preliminary approval to a proposed settlement for the December 2013 data breach suffered by Target Corporation.

Since Canada's anti-spam legislation (CASL) was enacted in 2014, businesses have been faced with the challenge of keeping adequate records of their authority to send commercial electronic messages under CASL's various categories of express and implied consent.

The Government of Canada has proposed a permanent Productivity Mega Deduction that would allow immediate expensing for most depreciable property and Canadian development expenses acquired or incurred on or after September 15, 2026. This significant tax policy change aims to reduce the marginal effective tax rate on business investment from 13% to 6.4%, though certain exclusions and restrictions apply to specific asset categories.

President Trump has announced a 25% tariff on all imports of steel and aluminum entering the United States, including from Canada, "without exceptions or exemptions".

Canada has announced plans to attract private investment through long-term concessions to operate its four largest airports: Toronto-Pearson, Vancouver International, Montréal-Trudeau, and Calgary International. The federal government will retain ownership of the underlying airport land and assets while seeking tens of billions of dollars in private capital to be reinvested in regional airports and local transport infrastructure. Key details regarding the scope of private operational involvement, award

The Ontario government recently amended the Personal Health Information Protection Act (PHIPA) to include mandatory breach reporting.

Environment and Climate Change Canada has released draft regulations that aim to drop oil and gas greenhouse emissions by 35% by 2030.