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ARTICLE · 08 FEBRUARY 2024

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Open Banking Legislation On The Horizon

MLT Aikins LLP
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The Government of Canada plans to develop and implement open banking legislation by 2025.

CanadaFinance and Banking
Nathan Schissel
Nathan Schissel
Jeremy Barber
Jeremy Barber
Ian Schatz
Ian Schatz
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The Government of Canada plans to develop and implement open banking legislation by 2025.

The federal government intends to introduce a legislative framework for open banking, which has been re-branded "consumer-driven banking." The announcement was accompanied by the federal government's Policy Statement on Consumer-Driven Banking (the "Policy Statement"). The Policy Statement contains a useful summary of what the planned legislative framework for consumer-driven banking will contain. In this blog post, we will highlight four aspects of the Policy Statement that we will be monitoring from a legal perspective as the legislative exercise unfolds.

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