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ARTICLE · 18 DECEMBER 2023

Managing Risks And Meeting The Future: Financial Services Regulatory Trends

Osler, Hoskin & Harcourt LLP
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As in prior years, we have seen significant changes to financial services laws and regulations.

CanadaFinance and Banking
Victoria Graham
Victoria Graham
Elizabeth Sale
Elizabeth Sale
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As in prior years, we have seen significant changes to financial services laws and regulations. We highlight some of the notable developments of 2023 that will have an impact on financial services providers into 2024 and beyond. These include changes to the criminal interest rate, new risk management requirements for federally regulated financial institutions relating to national security and foreign interference, the expected roll-out of the new retail payments regime and changes to anti-money laundering laws.

Criminal interest rate

Section 347 of the Criminal Code (Canada), as it currently reads, makes it illegal for any person to agree to charge or to receive an effective annual rate of interest that exceeds 60%. Known as the "criminal interest rate" provision, section 347 has remained unchanged for decades.

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