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ARTICLE · 04 NOVEMBER 2022

The Road To Canada's Open Banking Framework: Updates From The Working Group Meetings

McMillan LLP
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Over the past three months, the four working groups assembled earlier this year have been working to develop common rules, accreditation criteria, and technical standards for Canada's open banking system.

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
Robbie Grant
Robbie Grant
Mitch Koczerginski
Mitch Koczerginski
Robert C. Piasentin
Robert C. Piasentin
Pat Forgione
Pat Forgione
Isabelle Guevara
Isabelle Guevara
Kendra Wilson
Kendra Wilson
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Canada's open banking framework is beginning to take form.

Over the past three months, the four working groups assembled earlier this year have been working to develop common rules, accreditation criteria, and technical standards for Canada's open banking system. These working groups are made up of representatives from consumer groups, banks and other prospective open banking participants.1 Each group focuses on one of four essential elements of Canada's open banking framework: accreditation, liability, privacy and security.

Each working group has now had the opportunity to meet five times, and summaries of the first three meetings for each group have been published. This bulletin provides a high-level overview of the outcomes from these first twelve meetings.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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