Highlights

  • The CBSA terminated some investigations on Chinese pea protein imports but found dumping and subsidizing by other exporters, with the CITT continuing to assess potential injury to Canadian industry.
  • The Canada Revenue Agency revoked a charity’s registration for non-compliance, and the CRTC made decisions on broadcasting applications.
  • The Public Service Commission allowed two individuals to run for municipal elections, and the Department of the Environment addressed comments on greenhouse gas regulations.
  • Innovation, Science and Economic Development Canada released technical requirements for spectrum utilization.
  • The government is seeking diverse candidates for leadership roles and is committed to inclusive trade policies, focusing on under-represented groups.
  • BNY Trust Company plans to reduce its capital, and E.SUN Commercial Bank seeks to establish a branch in Canada.
  • National Bank of Canada and Canadian Western Bank plan to merge, contingent on share acquisition.
  • The government aims to standardize investment data disclosure for large federally regulated pension plans to enhance transparency.

CBSA and CITT Investigate Chinese Pea Protein Imports; CRA Revokes Charity Status; CRTC and Public Service Commission Announcements

The Canada Border Services Agency (CBSA) terminated the dumping investigation of pea protein from certain Chinese exporters, as the goods were not dumped, and ended the subsidy investigation for one exporter due to an insignificant subsidy. However, the CBSA determined dumping and subsidizing for other Chinese exporters. The Canadian International Trade Tribunal (CITT) will continue to investigate potential injury to Canadian industry, with a decision expected by November 19, 2024. Provisional duties remain on subject goods from China until the CITT’s decision, but will be refunded for terminated investigations. If injury is confirmed, antidumping and countervailing duties will apply to future imports. The Canada Revenue Agency announced the revocation of a charity’s registration for failing to meet Income Tax Act requirements. The Canadian Radio-television and Telecommunications Commission (CRTC) posted applications and decisions, including a renewal application for OUTtv and a decision regarding Uvagut TV and Inuit TV. The Public Service Commission of Canada granted permission to two individuals from Correctional Service Canada to run for municipal election positions in Prince Albert, Saskatchewan. [Source]

Government Initiatives on Environmental Regulations, Spectrum Utilization, Insurance Authorization, Leadership Diversity, and Inclusive Trade

The Department of the Environment has released a report addressing comments and objections related to the draft Agreement on the Equivalency of Federal and Saskatchewan Regulations for controlling greenhouse gas emissions from electricity producers in Saskatchewan. Innovation, Science and Economic Development Canada has published SRSP-500, Issue 2, detailing technical requirements for efficient spectrum utilization in specific VHF bands. Alan CA Inc. has been authorized to continue as a company and commence business in accident, sickness, and life insurance. The Government of Canada is seeking diverse candidates for various leadership positions, emphasizing inclusion and a harassment-free workplace. Global Affairs Canada has released initial environmental and gender-based analyses for the Canada-Ecuador Free Trade Agreement negotiations, inviting public comments to ensure inclusive trade benefits. The government is committed to sustainable development and inclusive trade policies, focusing on under-represented groups such as women, Indigenous peoples, and SMEs. [Source]

Financial Institutions Announce Capital Reduction, New Branch, and Amalgamation Plans in Canada

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, as per a special resolution passed 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. The approval process is subject to the Superintendent of Financial Institutions.

E.SUN Commercial Bank, Ltd., headquartered in Taipei City, Taiwan, intends to apply for permission to establish a full-service branch in Canada, with its principal office in Toronto. Objections to this proposal can be submitted to the Office of the Superintendent of Financial Institutions by December 16, 2024. The approval is contingent on the Bank Act application review process and the Minister of Finance’s discretion.

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” in English and “Banque Nationale du Canada” in French, with the head office in Montréal, Quebec. This amalgamation is conditional on National Bank of Canada acquiring the shares of Canadian Western Bank. The merger will only proceed if the acquisition is completed, and the effective date will be set by the letters patent. The approval process is subject to the Bank Act application review and the Minister of Finance’s discretion. [Source]

Canadian Government to Standardize Investment Disclosure for Large Federally Regulated Pension Plans

The Canadian government is addressing the lack of standardized public information on the investments of federally regulated private pension plans. Currently, investment data is inconsistent, making comparisons difficult. The Pension Benefits Standards Act, 1985, and its regulations apply to certain federally regulated pension plans, excluding federal public service and military plans. The Office of the Superintendent of Financial Institutions (OSFI) oversees these plans, which include defined benefit (DB) and defined contribution (DC) plans. As of March 2023, there are 1,180 federally regulated plans with $238 billion in assets, with 50 large plans holding 89% of these assets.

The government plans to require large federally regulated pension plans to disclose investment distributions by jurisdiction and asset class in a standardized format. This initiative aims to enhance transparency and encourage similar provincial disclosures. The proposed regulations will apply to plans with assets of $500 million or more, requiring OSFI to publish investment data by geographic location and asset class. The data will cover plan years 2022 to 2024 and will be presented by plan type and employer.

Consultations with provincial counterparts and stakeholders have been conducted, and a 30-day comment period will follow the proposal’s prepublication. The amendments are not expected to impose significant costs on businesses or the government, as the required data already exists in investment records. OSFI will incur minimal costs to implement and maintain the new disclosure requirements. The initiative is not expected to impact small businesses or have environmental or gender-based effects. The regulations will come into force following the enactment of related legislative provisions. [Source]

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