OSFI
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OSFI delays implementation of new disclosure requirements
The federal financial watchdog has given Canada’s big banks an extension to implement global reforms that establish more consistent disclosure rules to allow them to focus and devote the “significant level of effort required” to implement new international accounting standards for financial instruments. Continue reading
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OSFI exchanges with insurers and financial institutions not confidential
The Quebec Court of Appeal upheld a lower court ruling that could have a chilling effect on the flow and quality of confidential information financial institutions disclose to regulatory authorities, and even potentially undermine the “safety and soundness” of Canada’s financial system, according to business lawyers. Continue reading
Categories: Business, Class actions, Corporate law, Financial services, Quebec, Quebec Court of Appeal, Rulings