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ARTICLE · 07 SEPTEMBER 2018

CSA Confirms Position On Bail-In Implications

Norton Rose Fulbright Canada LLP
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The CSA confirms that the introduction of the bail-in regime is not retroactive.

CanadaFinance and Banking
Daniel Leslie
Daniel Leslie
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The Canadian Securities Administrators (CSA) recently released two notices on the implementation and regulation of the Canadian bail-in regime, namely:

  • CSA Staff Notice 46-309, in connection with the regulation of Bail-in Debt (as defined below); and
  • CSA Staff Notice 81-331, in connection with the implications of the bail-in regime on investment fund issuers, subject to National Instrument 81-102 Investment Funds (NI 81-102).

According to the Office of the Superintendent of Financial Institutions (OSFI), the bail-in regime applies to Canada's domestic systemically important banks (D-SIBs) which includes all of the six largest domestic Canadian banks. The details of the bail-in regime are set out in the regulations under the Bank Act and the Canada Deposit Insurance Corporation (CDIC) Act that will come into force later this month, precisely on September 23, 2018 (Regulations). As stated in our previous post, under the Regulations, if OSFI believes

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Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.

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