Federal Financial Institutions Legislative and Regulatory Reporter – April 2026

Published

Title and Brief Summary

Status (if applicable)

Office of the Superintendent of Financial Institutions (OSFI)

April 21, 2026

Streamlined Approvals Framework for Targeted New Entrants

OSFI is launching a streamlined framework to speed the federal licensing process for specific types of entities.  This eligibility-based pathway will be offered to:

• Provincial credit unions that are seeking continuance as a federal credit union; and
• Entities with technologically innovative or emerging banking models seeking to incorporate as a bank or federally regulated trust and loan company. Such entities could include fintechs or crypto-asset custodians.

The framework will consist of the three phases of a typical process, but it is intended to have greater predictability, and established timelines between phases:

1. Initial Readiness Assessment (Pre Application);
2. Formal Application Review (Letters Patent);
3. Operational Readiness (Post Ministerial Approval).

OSFI is committing to provide the following materials to assist in the process by the time the framework is launched:

• Updated guidance, templates, forms, and checklists;
• A public-facing dashboard showing application status;
• Clearer expectations for each stage of the process.

While the details of the framework are still in development as of the time of this announcement, prospective applicants fitting the initial scope will be able to contact OSFI to begin the process once the framework launches in June 2026.

Streamlined approvals framework will launch in June 2026 for eligible applicants.

April 20, 2026

IFRS 18: Presentation and Disclosure Standard impact on Federally Regulated Insurer Reporting to OSFI

This notice tells Insurance Companies about IFRS 18 Presentation and Disclosure in Financial Statements, which will take effect in 2027.  IFRS 18 introduces new presentation and disclosure requirements for financial statements. Federally regulated financial institutions report under IFRS and will be applying the new standard. OSFI is updating its regulatory returns for insurers to align with these changes and support consistent reporting.

IFRS 18 includes three categories for the statement of profit or loss:

• Operating;
• Investing;
• Financing.

Included with the notice are updated regulatory returns templates that reflect these categories; they are intended to provide a preview of the final templates.  Final regulatory returns templates are expected to be published as part of OSFI's Third Quarterly Release, September 21, 2026.

IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027.

Filings using the revised OSFI regulatory returns will be expected starting January 1, 2027 (for December fiscal year end filers) and November 1, 2027 (for October fiscal year end filers).

April 14, 2026

OSFI Reintroduces Non-Bank Financial Institution Risk in its Latest Annual Risk Outlook

OSFI’s 2026-2027 Annual Risk Outlook (ARO) identifies the top risks that Canada’s financial institutions face, as well as OSFI’s response to these risks.

Key Risks identified in the ARO are:

• Real estate secured lending (RESL) risk;
• Non-bank financial institution (NBFI) risk;
• Liquidity and funding risk.

It notes that while two of the key risks also appear in last year’s ARO, environmental factors affecting them have changed. Each risk is described, along with OSFI’s response. The ARO also includes an Annex which describes OSFI’s supervisory industry strategies and priorities for fiscal 2026-2027

Bank of Canada

April 27, 2026

Retail Payments Supervision – Annual Reporting, Expanded Responsibilities

In an email to stakeholders, the Bank of Canada reminds Payment Service Providers (PSPs) subject to the Retail Payment Activities Act (RPAA) that they were required to submit their annual report to the Bank of Canada by March 31, 2026. PSPs registered after March 30, 2026, are not required to submit an annual report for 2025.  It notes that PSPs that do not submit their annual report may be subject to enforcement action.

It links stakeholders to resources it has published that are intended to support PSPs in completing their annual reports, including:

• How to complete an annual report: A step-by-step guide
• Information session for PSPs on the annual reporting requirements
• Supervisory policy on annual reporting
• Supervisory policy on annual reporting of retail payment activity metrics

PSPs subject to the Retail Payment Activities Act were required to submit their annual report by March 31, 2026.

Finance Canada

April 28, 2026

2026 Spring Economic Update

The Government of Canada has issued its 2026 Spring Economic Update, which announces or highlights measures impacting financial institutions:

• Financial Crimes Agency: this would be a specialized federal law enforcement agency whose mandate is to investigate financial crimes and to contribute to the recovery of proceeds of crime. Bill C-29, An Act to establish the Financial Crimes Agency and to make consequential amendments to certain Acts and regulations would implement this; it was introduced on April 27, 2026, and is described below.
• Stablecoins: Following the passage of the Stablecoin Act (as part of Budget 2025 Implementation Act, No. 1, SC 2026, c. 3 (Bill C-15), which received Royal Assent on March 26, 2026), the government intends to engage with federally regulated financial institutions to better understand considerations related to their development and potential use of stablecoins, and other tokenised assets; and whether additional regulatory clarity is needed. Industry, regulators and the provinces and territories would also be engaged. The focus would be on balancing the support of innovation with maintaining financial stability and protecting consumers.
• Real-Time Rail (RTR): the government reiterates its commitment to RTR, and it states its intention to continue to engage with all relevant stakeholders to ensure the accelerated development of the RTR's future capabilities. The government is also advancing payments modernisation by strengthening the supervision of payment service providers and expanding their access to national payment systems.
• Money Services Businesses (MSBs): the government states its intention to combat criminal abuse of MSBs by various measures, including:
  • Introducing new Ministerial Directive powers to safeguard national security and the integrity of the financial system;
  • Expanding FINTRAC’s ability to refuse or revoke registration of MSBs;
  • Preventing the re-registration of non-compliant MSBs;
  • Increasing the number of criminal record checks for MSBs; and
  • Enhancing FINTRAC’s understanding of MSB risks by ensuring it has accurate and up-to-date information regarding the commencement of business and services provided by MSBs.
• Crypto ATMs: the government plans to ban crypto Automated Teller Machines, which it identifies as a primary method for scammers to defraud victims and for criminals to place their cash proceeds of crime.
• Fighting Extortion: the government highlights steps taken by FINTRAC to counter extortion.
• National Anti-Fraud Strategy: an update is provided on this strategy, which was announced in Budget 2025.  A consultation was launched March 30 to gather feedback on three initial measures: establishing a Multi‑Sector Anti-Fraud Framework that strengthens market‑conduct requirements for banks and other actors; to prevent, detect, and respond to fraud losses when they occur; to strengthen public awareness about fraud; and to support law enforcement’s ability to combat fraud.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

April 13, 2026

Modernization and Upcoming Changes Impacting Reporting Entities

This page informs reporting entities of new initiatives being implemented by FINTRAC as a result of recent legislative changes. It has been updated to include information about the following changes:

• Strengthening Canada’s Immigration System and Borders Act, SC 2026, c. 4, received Royal Assent on March 26, 2026, with various coming-into-force dates applying.  It amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations. Changes include:
  • New administrative monetary penalties framework, in force March 26, 2026;
  • Compliance program and knowing your client requirements, in force March 26, 2026;
  • Universal enrolment of businesses subject to the Act (other than those already required to register) with FINTRAC, in force March 26, 2026;
  • FINTRAC is enabled to provide financial intelligence disclosures to the Commissioner of Canada Elections, in force March 26, 2026;
  • Director and CEO of FINTRAC becomes a member of the Financial Institutions Supervisory Committee, and FINTRAC enabled to exchange supervisory information on federally regulated financial institutions with other members of the Financial Institutions Supervisory Committee, in force March 26, 2026.
• Budget 2025 Implementation Act, No. 1, SC 2026, c. 3, received Royal Assent on March 26, 2026, with various coming-into-force dates applying. It amends Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations. The Stablecoin Act is also enacted, which establishes regulatory requirements for stablecoin issuers that create stablecoins and make them available for purchase, directly or indirectly, by persons in Canada. Initiatives include:
  • Stablecoin issuers will be required to register with FINTRAC as money services businesses dealing in virtual currency. In addition, the Bank of Canada will maintain a public registry of stablecoin issuers. These requirements will come into force as part of Regulations that will be published in the Canada Gazette Part II.

FINTRAC will update its existing guidance to integrate information that relates to the above changes.

Changes relating to Strengthening Canada’s Immigration System and Borders Act in force March 26, 2026.

Changes relating to Budget 2025 Implementation Act, No. 1 not yet in force.

Payments Canada

April 29, 2026

Spring Economic Update Includes Measures to Advance Payment Modernization

Payments Canada has issued a statement highlighting initiatives in the Government of Canada’s Spring Economic Update (SEU) which impact payment systems. It points to the following initiatives and themes:

• Support for Real-Time Rail (RTR);
• Creation of a Financial Crimes Agency, as part of Bill C-29, An Act to establish the Financial Crimes Agency and to make consequential amendments to certain Acts and regulations;
• Proposed enforcement measures relating to Money Services Businesses;
• Intent to engage with federally regulated financial institutions to better understand considerations related to their development and potential use of stablecoins, other tokenized assets and whether additional regulatory clarity is needed;
• Intent to launch a Whole-of-Government Competition Plan to ensure that competition is prioritized throughout the federal government’s policies.

Financial Stability Board (FSB)

April 29, 2026

Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes: Final Report

FSB announced, in 2022, that it would no longer identify global systemically important insurers (G-SIIs).  Instead, among other things, it would provide guidance about approaches to determining the scope of application to insurers of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions.

Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes: Final Report provides a structured approach for authorities to assess which insurers should be subject to recovery and resolution planning (RRP) requirements, consistent with the FSB’s Key Attributes. It provides criteria that authorities should use to assess whether an insurer should be subject to RRP requirements and the circumstances under which RRP requirements should always apply.  This report completes a consultation that began on November 25, 2025, with the release of Draft Guidance.

April 29, 2026

Identification of Critical Functions of Insurers: Practices Paper – Revised Version

This Practices Paper sets out the approaches taken by Australia, China, France and the Netherlands for the identification of critical functions of insurers. It outlines commonalities and differences in the approaches and describes the main critical functions which were identified and the main considerations which supported the identification of critical functions.

The Practices Paper was originally published in November 2023; with the publication of Guidance on the Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes, it has been updated to reflect the revised definition of a critical function provided in this Guidance.

Key Attributes Assessment Methodology for the Insurance Sector: Revised Version

This methodology sets out essential criteria to guide the assessment of the compliance of a jurisdiction’s insurance resolution framework with the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions. It was developed in collaboration with experts from FSB jurisdictions, relevant standard-setting bodies, the International Monetary Fund and the World Bank.

The methodology was originally published in August 2020; with the publication of Guidance on the Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes, it has been updated to reflect the revised definition of a critical function provided in this Guidance.

Developing Effective Resolution Strategies and Plans for Systemically Important Insurers: Revised Version

This guidance was developed to help authorities in meeting the resolution planning requirement under the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) and support Crisis Management Groups of global systemically important insurers in their resolution planning work.

The guidance was originally published in June 2016; with the publication of Guidance on the Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes, it has been updated to reflect the revised definition of a critical function provided in this Guidance.

International Association of Insurance Supervisors (IAIS)

April 28, 2026

Issues Paper on Customers Receiving Value from Insurance Products: Public Consultation

IAIS has issued a draft Issues Paper describing challenges encountered by consumers when evaluating the value of insurance products when making insurance purchasing decisions. It is meant to build understanding of the importance of insurance products delivering meaningful value to customers and of ways to achieve this.

The Issues Paper describes characteristics of insurance, or practices, which may either diminish or enhance the value of insurance products.  It also provides examples of initiatives from member jurisdictions to show possible supervisory approaches, including:

• Establishing expectations that insurance products deliver “fair value”;
• Supporting consumers in making informed insurance decisions;
• Monitoring and assessing that the insurance industry is offering value; and
• Intervening when low-value products are identified.

IAIS Publishes Aggregate report on the Peer Review Process on ICP 13 (Reinsurance and Other Forms of Risk Transfer)

This report provides the aggregate assessment results and observations from the IAIS Peer Review Process (PRP) on the topic of reinsurance and other forms of risk transfer, covering the standards set out in Insurance Core Principle (ICP) 13. A total of 80 authorities participated in the PRP.  Among other findings, the assessment showed a high level of observance for ICP 13 and its standards. Eighty-five per cent of members received ratings of either Observed (34%) or Largely Observed (51%), demonstrating that supervisors have, and are exercising, the necessary legal authority and supervisory practices. The overall effectiveness was deemed sufficiently robust, with no material risks left unaddressed in requiring insurers to effectively manage their use of reinsurance and other forms of risk transfer.

Legislation

April 29, 2026

Bill C-30, An Act to implement certain provisions of the spring economic update tabled in Parliament on April 28, 2026

Among its provisions to implement the 2026 Spring Economic Update, the following measures of Bill C-30 affect federally regulated financial institutions:

• Division 1 of Part 3 amends the Bank Act to provide that the Investment Canada Act does not apply in respect of certain transactions made by foreign banks or entities associated with a foreign bank if the transactions are subject to an approval under the Bank Act, the Trust and Loan Companies Act or the Insurance Companies Act.
• Division 2 of Part 3 amends the Bank of Canada Act to combine into a single Act the Bank of Canada’s powers, duties and functions related to the recovery of costs incurred by it for or in connection with the administration of certain Acts. It also makes related amendments to other Acts.
• Division 3 of Part 3 amends the Canadian Payments Act to provide immunity for the Canadian Payment Association and certain individuals from any civil liability, other than in contract, for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties conferred under that Act.

House of Commons First Reading on April 29, 2026.

Division 1 of Part 3 comes into force on the 120th day after the day on which Bill C-30 receives Royal Assent.

Division 2 of Part 3 comes into force on proclamation but see coming into force provisions for section 20.

Division 3 of Part 3 is in force on Royal Assent.

Bill C-13, Act to implement the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Bill C-13 implements the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, done July 16, 2023.  It includes consequential amendments to the definition of “regulated foreign entity” in sections 2 of the Bank Act, Insurance Companies Act and Trust and Loan Companies Act respectively.

Senate Third Reading April 28, 2026.

Act comes into force on proclamation.

Bill C-29, An Act to establish the Financial Crimes Agency and to make consequential amendments to certain Acts and regulations

Bill C-29 establishes the Financial Crimes Agency as a specialized federal law enforcement agency with the mandate to:

• Investigate serious and complex financial crimes;
• Contribute to the recovery of proceeds of crime; and
• Participate in international efforts to counter crimes of a financial nature.

House of Commons First Reading April 27, 2026.

Act in force on Royal Assent, except section 27 (in force on first anniversary of date of Royal Assent), and section 29 (in force on Royal Assent or date section 33 of the Public Complaints and Review Commission Act comes into force (whichever is later).

Bill C-8, Act Respecting Cyber Security, Amending the Telecommunications Act and Making Consequential Amendments to other Acts

Bill C-8 establishes a regulatory framework to protect systems and services essential to public safety or national security.

Part 1 amends the Telecommunications Act to add the promotion of the security of the Canadian telecommunications system as an objective of the Canadian telecommunications policy and to authorize the Governor in Council and the Minister of Industry to direct telecommunications service providers to do anything, or refrain from doing anything, that is necessary to secure the Canadian telecommunications system.

Part 2 enacts the Critical Cyber Systems Protection Act (CCSPA) to provide a framework for the protection of the critical cyber systems of services and systems that are vital to national security or public safety and that are delivered or operated as part of a work, undertaking or business that is within the legislative authority of Parliament. The CCSPA imposes onerous cyber security obligations on “designated operators” of federally regulated critical cyber systems. These operators carry out vital services or systems (that is, infrastructure essential to preserving national security and public safety). These obligations include, among others:

• Developing, maintaining, and regularly reviewing cyber security programs (CSPs);
• Reporting material changes in ownership, control, or use of third-party products and services to the appropriate regulator, as to mitigate supply-chain and third-party risks; and preserving detailed records of cyber security programs and incidents.

The CCSPA delegates broad, sector-specific powers to the appropriate regulators, including banking systems overseen by OSFI and the clearing and settlement systems overseen by the Bank of Canada.

The CCPSA will allow the regulators to, inter alia, enter any place (subject to limitations) to examine records and data, order internal audits, and issue compliance orders.

The CCPSA also introduces significant administrative monetary penalties for violations. While the proposed regime is designed to promote compliance, fines could amount to $15 million per violation, per day, for organizations, and $1 million per violation, per day, for individuals. Moreover, directors and officers of designated operators could be held personally liable if they were complicit in committing a violation.

Bill S-6, Federal Law–Civil Law Harmonization Act, No. 4

Bill S-6 is the fourth in a series of enactments drafted in the course of the harmonization of federal statutes by the Department of Justice of Canada resulting from the coming into force of the Civil Code of Québec in 1994. Among the Acts amended by Bill S-6 are Acts governing financial institutions: the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act. The amendments are made in order to ensure that each language version takes into account the common law and the civil law.

House of Commons Second Reading April 16, 2026.

By-law Amending the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law, SOR/2026-53

This By-law amends the Canada Deposit Insurance Corporation Eligible Financial Contracts By-law, modifying the prescribed class of Eligible Financial Contracts (EFCs) to exclude central counterparties (CCPs), the departments and agencies of a government of a foreign country, and multilateral development banks (MDBs).