CIBC Mortgages Prepayment Charge Class Actions – Notice Of Settlement Approval

Since the threats of new and increased U.S tariffs first emerged in the spring, the Ontario government has looked to reduce trade barriers and improve harmonization for licensing standards between provinces.

The 2026 Federal Budget (“Budget 2026”) proposes to grow the Canadian financial services sector, while introducing multiple checks on possible risks raised by new bank entrants and innovative technology. It also builds out existing policy measures to support digital innovation and combat fraud. There are various other measures that may be of interest to financial service providers in banking, insurance and payments.

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.

The Bank of Canada (the “Bank”) has published two proposed guidelines relating to the accreditation process for prospective participants under the Consumer-Driven Banking Framework: the Participating entity accreditation application requirements under the Consumer-Driven Banking Act (the “Participating Entity Guideline”) and the Third-party service provider accreditation application requirements under the Consumer-Driven Banking Act (the “TPSP Guideline”).

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.

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.

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.

On October 13, 2026, British Columbia’s new Mortgage Services Act, S.B.C. 2022, c. 27 (the “MSA”) will come into force and effect, replacing the longstanding Mortgage Brokers Act, R.S.B.C. ch. 313 (the “MBA”). The MSA introduces a modernized regulatory framework for mortgage service providers, including expanded licensing requirements, increased disclosure obligations, enhanced enforcement tools, and significantly higher penalties for non-compliance.

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

Following a consultation period with consumer groups and the banks, the federal government has amended the Financial Consumer Protection Framework Regulations under the Bank Act (the Amendments)...

Ontario is implementing major changes to auto insurance accident benefits starting July 1, 2026, shifting most coverage from mandatory to optional. Income replacement, caregiver benefits...

Canada's federal government has announced a $3.5 billion rapid response support package in anticipation of retaliatory tariffs against the United States, introducing new temporary employment insurance measures and workforce retention programs. The package extends EI benefits, waives waiting periods, and creates funding opportunities for employers to retain and retrain workers rather than implement large-scale layoffs.

The theory of EASR is that many environmental activities have routine, predictable impacts and always obtain permits with essentially the same conditions.

An application has been filed in Quebec to obtain authorization to institute a class action concerning the drugs Mounjaro, Trulicity, and Zepbound, alleging that the widely used diabetes and weight-loss medications...

In the 2012 Spring Report of the Commissioner of the Environment and Sustainable Development, the Commissioner focuses on the relationship between economic growth and environmental protection, the continuing debate often misdescribed as "jobs versus the environment."

As Ontarians gear up to cast their ballots in the municipal elections happening today, October 26, 2026, it is important for employers to understand their legal obligations when it comes to giving employees time off to vote.

Dianne spoke last month at the annual Canadian Water and Wastewater Association "Window on Ottawa", on potential risks to municipalities of the new Wastewater Systems Effluent Regulations under the Fisheries Act, expected to appear shortly in the Canada Gazette.

In the last month of 2023, Ontario's Bill 142, Better for Consumers, Better for Businesses Act, 2023 received Royal Assent, which repeals the Consumer Protection Act...

Recent amendments to Ontario's freedom of information laws have sparked controversy by creating exceptions for ministerial records, while the federal government introduces sweeping privacy legislation...

The Ministry of the Environment is racing to have its new Environmental Activity and Sector Registry up and running for at least some sectors by September 2011.