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ARTICLE · 04 MAY 2017

Financial Consumer Agency Of Canada Publishes New Supervision Framework

Blake, Cassels & Graydon LLP
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The Supervision Framework will come into effect November 1, 2017.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC's current Compliance Framework.

Among other things, the Supervision Framework implements FCAC's vision for robust and effective oversight of the entities that it regulates, including federally regulated financial institutions (FRFIs), external complaints bodies (ECBs) and payment card network operators (PCNOs). In announcing the Supervision Framework, FCAC highlighted that internal processes and functions will be redesigned and phased in over time to support the core components of the new framework.

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