Highlights

  • Several charities and an athletic association lost registration due to non-compliance or voluntary requests.
  • A trade tribunal reviewed complaints and cases related to international trade and domestic industry impact.
  • New immigration instructions require specific documentation for study permit applications to manage application numbers.
  • Online submission is mandated for certain visa applications, with exceptions for specific cases.
  • Environmental regulations were issued for a chemical substance in cosmetics.
  • A port authority was authorized to acquire new property.
  • Two financial companies amalgamated into a single entity.
  • The government is seeking diverse candidates for various positions, emphasizing diversity and inclusion.
  • A trust company plans to reduce its capital, and an insurance corporation seeks reinsurance approval.
  • A bank relocated its office, and two banks plan to merge, pending regulatory approval.
  • Proposed amendments to a by-law aim to better align with regulatory changes and improve risk differentiation for insurance premiums.

Canadian Agencies Announce Revocations, Tribunal Decisions, and Regulatory Updates

The Canada Revenue Agency has revoked the registration of several charities and a Canadian amateur athletic association due to requests from the organizations themselves or failure to meet filing requirements under the Income Tax Act. The Canadian International Trade Tribunal determined that a complaint by C-CORE regarding a procurement by the Department of Natural Resources was not valid. The Tribunal also initiated an expiry review of an order concerning the dumping of certain steel plates from Bulgaria, the Czech Republic, and Romania, and found that wire rod from China, Egypt, and Vietnam has caused injury to the domestic industry. The Canadian Radio-television and Telecommunications Commission has published notices of consultation and a proposed Code of Conduct for bargaining related to online news content. The Public Service Commission of Canada granted permission and leave to Riley Ellis to seek nomination as a candidate in the federal election. [Source]

New Immigration Instructions, Environmental Regulations, Port Acquisition, Corporate Amalgamation, and Government Job Opportunities

The Minister of Citizenship and Immigration has issued new instructions for processing study permit applications, requiring a provincial or territorial attestation letter for applications made by foreign nationals in the student class. The aim is to manage the number of applications to not exceed 606,250 for a year starting January 22, 2024. Certain categories, such as those studying at primary or secondary levels or in graduate programs, are exempt from these requirements. Applications without the required attestation letter will not be processed, and fees will be returned.

Additionally, new instructions mandate that applications for temporary resident visas, work permits, and study permits from outside Canada must be submitted online, with exceptions for those unable to apply online due to disability or other specified reasons. Applications not submitted electronically will not be processed, and fees will be returned.

The Department of the Environment has issued conditions for the manufacture or import of a specific chemical substance, setting limits on its concentration in cosmetics and requiring record-keeping and information sharing with recipients.

The Trois-Rivières Port Authority has been authorized to acquire a new immovable property, with amendments to its letters patent reflecting this acquisition.

CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company Inc. have been amalgamated into a single entity, effective November 1, 2024.

The Government of Canada is seeking diverse candidates for various Governor in Council positions, emphasizing the importance of diversity, inclusion, and a harassment-free workplace. Current opportunities include positions in organizations such as the Bank of Canada, Canada Deposit Insurance Corporation, and Canadian Human Rights Commission, among others. [Source]

Corporate Financial Moves and Mergers in Canadian Banking Sector

BNY Trust Company of Canada plans to apply for approval to reduce the stated capital of its common shares by up to $26.5 million, following a special resolution by its sole shareholder. The reduction will be distributed to the sole shareholder, and the Chief Financial Officer will determine the exact amount within the authorized limit.

Employers Reassurance Corporation intends to apply for approval to have its Canadian branch reinsured by Munich Reinsurance Company Canadian Branch, covering life, critical illness, and disability reinsurance treaties. Relevant documents will be available for inspection at ERAC’s chief agency in Toronto.

Equitable Bank has relocated its designated office for service of enforcement notices in Alberta to a new address in Calgary.

National Bank of Canada and Canadian Western Bank plan to apply for letters patent of amalgamation to merge into one bank under the name “National Bank of Canada,” with the head office in Montréal. This amalgamation is contingent upon National Bank of Canada acquiring the shares of Canadian Western Bank and receiving necessary regulatory approvals. [Source]

CDIC Proposes Amendments to Premiums By-law for Better Risk Differentiation

The Canada Deposit Insurance Corporation (CDIC) is proposing amendments to the Differential Premiums By-law to ensure alignment with the Office of the Superintendent of Financial Institutions (OSFI) terminology and recent regulatory changes. These amendments include increasing the number of premium categories from four to five, which aims to better differentiate member institutions based on risk levels and ensure fairer premium allocation. The changes also align with OSFI’s updated guidelines for Small and Medium-Sized Deposit-Taking Institutions (SMSBs), reducing filing requirements for Category III SMSBs. Technical amendments are also proposed to update the By-law with OSFI’s Basel Capital Adequacy Reporting. The amendments are expected to take effect for the 2025 premium year, with no significant compliance or enforcement issues anticipated. The proposal has undergone stakeholder consultation, and feedback has generally supported the addition of a fifth premium category for improved risk differentiation. The amendments are not expected to impact small businesses or have environmental or gender-based effects. [Source]

Source