Financial Technology Activities

Title

Financial Technology Activities

Enabling Acts:  Bank Act, Insurance Companies Act, Trust and Loans Companies Act, Green Shield Canada Act

Description

Regulations are proposed to establish terms and conditions under which federally-regulated financial institutions invest in, and undertake, a broader range of technologically-enabled financial services (Fintech), as permitted by amendments made in the 2018 Budget Implementation Act, 1 to the Bank Act, the Insurance Companies of Canada Act, the Trust and Loan Companies Act, and the Green Shield Canada Act. 

This regulatory initiative is associated with the Finance Canada’s most recent legislative review of the federal financial sector framework.

Regulatory Cooperation Efforts (Domestic and International)

On regulatory matters related to federally-regulated financial institutions in Canada, the Department of Finance Canada works closely with financial sector agencies, including the Office of the Superintendent of Financial institutions, Canada Deposit Insurance Corporation, Financial Consumer Agency of Canada and the Bank of Canada.

The Department of Finance Canada regularly works to align the financial regulatory framework with Canada’s international agreements and the work of the international organizations, such as the Financial Action Task Force, the International Monetary Fund, and the Financial Stability Board.

Potential Impacts on Canadians, including Businesses

To be determined. The Small Business Lens is not expected to apply.

Consultations

Canadians were consulted on the legislative provisions as part of the 2016 and 2017 consultations to review the federal financial sector framework.  

Interested stakeholders will have an opportunity to review and comment on the proposed regulations as part of the formal regulation-making process when the regulatory proposal is pre-published in the Canada Gazette, Part I.

Departmental Contact Information

Erin O’Brien
Director General, Financial Services Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin St.
Ottawa, Ontario K1A 0G5
Email: erin.obrien@canada.ca

Date Regulatory Initiative First Included in Forward Regulatory Plan: July 2020