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ARTICLE · 06 DECEMBER 2011

New Legislation Impacting Financial Institutions

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On November 23, 2011, the federal Government gave first reading in the Senate to the Financial System Review Act (FSRA) proposing changes to legislation governing financial institutions in Canada.

CanadaGovernment, Public Sector
Robert McDowell
Robert McDowell
Robert Elliott
Robert Elliott
Caitlin Fell
Caitlin Fell
Stephen Kerr
Stephen Kerr
James Lisson
James Lisson
Marvin Mikhail
Marvin Mikhail
Sunny Sodhi
Sunny Sodhi
Koker Christensen
Koker Christensen
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On November 23, 2011, the federal Government gave first reading in the Senate to the Financial System Review Act (FSRA) proposing changes to legislation governing financial institutions in Canada.

The Bank Act, Cooperative Credit Associations Act, Insurance Companies Act and Trust and Loan Companies Act each contain a "sunset clause" whereby each statute must be re-enacted by April 20, 2012. In the 2011 federal budget, the Government committed to having these statutes reviewed and updated by the sunset date. To this end, on September 20, 2010, the Government initiated its review of these statutes and obtained stakeholder input. The FSRA takes into account the outcome of this review.

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