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ARTICLE · 09 OCTOBER 2018

USMCA To Remove "In Canada" Record-Keeping Requirements For Financial Institution Sectors

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The United States-Mexico-Canada Agreement (USMCA), announced on September 30, 2018, looks to remove certain record-keeping requirements for financial institution sectors.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The United States-Mexico-Canada Agreement (USMCA), announced on September 30, 2018, looks to remove certain record-keeping requirements for financial institution sectors. The USMCA is a new treaty between Canada, Mexico and the U.S., which will replace the North American Free Trade Agreement

The USMCA addresses several digital trade issues, including data localization. Among other things, once ratified, the USMCA will require changes to Canadian legislation to provide federally regulated financial entities (FREs) from the U.S. and Mexico with the flexibility to house data at computing facilities in their home jurisdiction. This is a much-anticipated change, particularly for FREs based in the U.S.

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