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ARTICLE · 20 APRIL 2018

New Rules Will Stir Innovation In Fintech

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Finally, the financial institutions will have new powers to engage in any activity that relates to the provision of financial services by the financial institution and its affiliates.

CanadaTechnology
Blair Keefe
Blair Keefe
Eli Monas
Eli Monas
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On March 27, Bill C-74 1 introduced a number of proposed amendments to the Bank Act, the Trust and Loan Companies Act and the Insurance Companies Act (collectively, the Acts) which, if enacted, will provide greater flexibility for banks, trust and loan companies and insurance companies governed by the Acts (collectively, financial institutions) to undertake and leverage broader fintech activities.

Networking

Existing

The Acts currently permit financial institutions to enter into networking arrangements with other financial institutions and "permitted entities," and they are interpreted restrictively such that "permitted entity" means an entity for which a financial institution would have received any necessary approval to hold. In addition, financial institutions are currently unable to collect referral fees from entities that are not financial institutions or "permitted entities."

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