Highlights

  • The CDIC has updated its Differential Premiums By-law to match OSFI’s regulatory filing terms, with changes effective for the 2024 premium year, not increasing regulatory costs or burdens.
  • Canada has expanded sanctions against Iran, targeting two individuals linked to human rights abuses, with measures including asset freezes and travel bans.
  • The sanctions support Iranian women and align with international efforts, with minimal impact on Canadian businesses and enforceable penalties for non-compliance.

CDIC Board Updates Differential Premiums By-law to Align with OSFI Regulatory Terms

The Canada Deposit Insurance Corporation (CDIC) Board of Directors has amended the Differential Premiums By-law to ensure it remains current and aligns with the regulatory filings terminology used by the Office of the Superintendent of Financial Institutions (OSFI). The amendments involve updating references to specific schedules and forms within the By-law to match those used in OSFI’s regulatory filings. These changes are technical and do not alter the substantive elements of the By-law. The adjustments include renaming certain financial statements and regulatory forms to reflect their updated titles, as well as modifying the criteria for calculating various financial ratios and capital adequacy measures. The Amending By-law is designed to provide clarity to CDIC member institutions regarding data requirements and to ensure CDIC receives accurate information. The amendments will take effect for the 2024 premium year and do not introduce additional regulatory costs or administrative burdens. [Source]

Canada Expands Sanctions on Iran for Human Rights Violations

Canada has amended the Special Economic Measures (Iran) Regulations to impose sanctions on two additional individuals in response to the ongoing human rights violations in Iran, particularly those targeting women, girls, and minorities. The United Nations General Assembly, with Canada’s initiative, condemned Iran’s intensified repression, including the enforcement of the hijab and chastity law. The Iranian regime’s crackdown on the “Woman, Life, Freedom” movement, which began in September 2022, has led to widespread arbitrary arrests and the threat of the death penalty for protesters.

The amendments target Masoud Dorosti, who oversees the exclusion of unveiled women from Tehran’s metro services, and Zohreh Elahian, a parliamentarian supporting the execution of protesters. These individuals are now subject to asset freezes and inadmissibility to Canada under the Immigration and Refugee Protection Act. Canadian entities and citizens are prohibited from engaging in transactions with these listed persons.

The sanctions aim to pressure Iran to change its behavior and align with actions taken by Canada’s allies. The measures are expected to have minimal impact on Canadian businesses and trade, as the listed individuals have limited connections to Canada. Canadian financial institutions will incur minor compliance costs by updating their monitoring systems. The sanctions are not anticipated to affect small businesses or require new administrative processes.

The sanctions are designed to support Iranian women and are unlikely to significantly impact vulnerable groups. They come into force upon registration and are enforceable by Canadian law enforcement agencies, with penalties for non-compliance including fines and imprisonment. The names of the listed individuals will be added to the Consolidated Canadian Autonomous Sanctions List to assist with compliance. [Source]

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