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ARTICLE · 01 MARCH 2011

New Electronic Documents Regulations For Financial Institutions: Consent Requirements Defined

McCarthy Tétrault
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The range of documents that banks and other federally regulated financial institutions (FIs) can provide to their customers exclusively by electronic means will get much broader when the new federal Electronic Documents Regulations come into force on June 1, 2011.

CanadaMedia, Telecoms, IT, Entertainment
James Archer
James Archer
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The range of documents that banks and other federally regulated financial institutions (FIs) can provide to their customers exclusively by electronic means will get much broader when the new federal Electronic Documents Regulations come into force on June 1, 2011. However, FIs must first obtain the customer's consent. The principal purpose of the Regulations is to set out the requirements that must be met for that consent to be valid.

While provincial electronic commerce laws and the Personal Information Protection and Electronic Documents Act (PIPEDA) have been in force for about ten years, the electronic document provisions of PIPEDA have never applied to banks and other federally regulated FIs. As a result, provincial law has continued to govern, subject to specific federal requirements.

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