Highlights

  • Apollo Power Inc. seeks to amend its permit to increase electricity exports to the U.S., with input requested from interested parties.
  • Several charities have had their registration revoked by the Canada Revenue Agency for non-compliance.
  • A public hearing will be held by the Canadian International Trade Tribunal on the classification of imported furniture items.
  • The Canadian Radio-television and Telecommunications Commission provides public access to its regulatory documents.
  • A report on addressing comments regarding federal and Saskatchewan methane regulations is available.
  • An Interim Order by the Minister of Transport outlines conditions for waiving pilotage requirements due to urgent concerns.
  • The Government of Canada is seeking diverse candidates for leadership roles, emphasizing a transparent appointment process.
  • BNY Trust Company of Canada plans to reduce its common shares’ capital, and E.SUN Commercial Bank intends to establish a branch in Toronto.
  • Proposed regulations aim to cap NSF fees and increase transparency, with oversight by the Financial Consumer Agency of Canada.

Regulatory Updates: Energy Export Amendment, Charity Revocations, Trade Tribunal Hearing, and CRTC Access

Apollo Power Inc. has applied to the Canada Energy Regulator to amend its permit to increase electricity exports to the United States up to 1,800,000 MWh annually until May 2033. The Commission seeks input from interested parties on the potential impact on other provinces and whether Apollo Power has offered Canadian buyers the opportunity to purchase electricity on similar terms. Submissions are due by December 16, 2024, with responses from Apollo Power due by December 31, 2024.

The Canada Revenue Agency has announced the revocation of registration for several charities, including the Chomyn-Hunt Foundation, Faith & Action Mission Society, and Grace Christian Chapel, due to non-compliance with the Income Tax Act.

The Canadian International Trade Tribunal will hold a public hearing regarding the classification of various furniture items imported by Canac Marquis Grenier Ltée and Canac Immobilier Inc. The hearing will address whether these goods are correctly classified under specific tariff items as determined by the Canada Border Services Agency or should be classified differently as claimed by the appellants.

The Canadian Radio-television and Telecommunications Commission provides access to its decisions, notices, and regulatory documents on its website, with details available for public examination. [Source]

Government Reports and Initiatives on Environmental Regulations, Pilotage Waivers, and Leadership Appointments

The Minister of the Environment has released a report summarizing how comments and objections were addressed concerning the Agreement on the Equivalency of Federal and Saskatchewan Regulations on Methane Release from the Oil and Gas Sector. This report is available on the Canadian Environmental Protection Act Registry.

The Minister of Transport issued an Interim Order regarding waivers of compulsory pilotage by the Pacific Pilotage Authority due to urgent safety, health, or environmental concerns. The order outlines conditions under which pilotage can be waived, such as distress, medical evacuation, rescue operations, or unavailability of a licensed pilot. Specific criteria for waivers based on ship tonnage and voyage history are detailed, with additional conditions for ships carrying dangerous goods.

The Government of Canada is seeking diverse candidates for various leadership positions, emphasizing a transparent, merit-based appointment process that reflects Canada’s diversity. Current opportunities include roles in organizations like the Bank of Canada, Canada Deposit Insurance Corporation, and Canadian Human Rights Commission, among others. The government is committed to fostering a respectful and harassment-free work environment for all appointees. [Source]

BNY Trust Capital Reduction and E.SUN Bank Toronto Branch Proposal

BNY Trust Company of Canada plans to seek approval from the Superintendent of Financial Institutions to reduce the stated capital of its common shares by up to $26.5 million, following a special resolution passed by its sole shareholder. The reduction will be distributed to the sole shareholder, and the company’s Chief Financial Officer will determine the exact amount within the authorized limit. The directors and officers are authorized to execute necessary actions to implement this resolution. Additionally, E.SUN Commercial Bank, Ltd., based in Taipei City, Taiwan, intends to apply to the Canadian Minister of Finance to establish a full-service branch in Toronto, Ontario. Objections to this proposal can be submitted in writing to the Office of the Superintendent of Financial Institutions by December 16, 2024. Approval for both actions is subject to regulatory review and discretion. [Source]

Proposed Regulations to Cap NSF Fees and Enhance Consumer Protection in Canada

Non-sufficient funds (NSF) fees, typically ranging from $45 to $48, cause financial hardship, especially for low-income Canadians, and can lead to debt cycles. Proposed regulations aim to cap NSF fees at $10, prohibit fees on re-presented charges, restrict fees within a 72-hour period, and eliminate fees on overdrawn amounts under $10. Banks would also need to alert customers when their account balance falls below zero and provide a three-hour grace period to cover the shortfall. Additionally, banks must disclose the number of NSF fees charged, the number of affected customers, and the total revenue from these fees annually. These measures are expected to benefit consumers by $5.1 billion over ten years, with a net societal benefit of $314.4 million, while banks would incur costs of $4.8 billion. The regulations are designed to protect consumers, particularly vulnerable groups, and increase transparency around NSF fees. The Financial Consumer Agency of Canada (FCAC) will oversee compliance, and the regulations will come into force in stages to allow banks time to adjust their systems. [Source]

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