Regulation matters

A webinar series for financial services professionals

PwC is pleased to host a series of interactive webinars: Regulation Matters for financial services professionals who are dealing with today's growing body of diverse and complex regulations.

Each webinar in our Regulation Matters series will spotlight the latest regulatory updates to help you adapt through this fast-paced and ever-changing environment. At the end of each webinar, we will leave time to answer your specific questions. Beyond the webinar series, we will always be happy to continue the conversation with you.

Attendees for each session are eligible to receive one CPD credit per session.

June 21, 2017

Topics for this session included:

State of mortgage lending

Have you received questions about the quality of your mortgage portfolio? Are your investors looking for assurance about your mortgage origination processes? Do other stakeholders assume things about your mortgage portfolio? Join us as discuss the state of mortgage lending.

IFRS 9 – credit loss provision modelling and model validation

OSFI is paying close attention to the implementation of IFRS9, the new accounting standard that requires lending institutions to report provisions for the majority of their loan portfolio based on forward looking forecasts. The standard by provincial regulatory bodies across the country is expected to follow suit, affecting many mid-sized institutions.

Asset Management Update

We will provide an overview of some of the regulatory hot topics facing asset managers, with a focus on developments over the past 6 months

For a copy of the presentation click here.

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February 23, 2017

Topics for this session included:

  • United States Election
    We explored the economic implications that the outcome of the United States election has on the Canadian market.
  • State of Compliance - Canadian perspective
    We focused our discussion around our State of Compliance study, which explores compliance strategy and identifies key leading practices.
    It aims to show compliance leaders how Canadian organizations compare to their global peers and what drives key differences.
  • Consultation Paper 81-408, Consultation on the Option of Discontinuing Embedded Commissions
    This is potentially a significant business change coming to the Canadian industry. We provided a summary of the paper, explore the issues raised by the CSA and discussed the potential outcomes.

For a copy of the presentation click here.

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October 27, 2016

Topic for this session included:

  • RegTech
    Spurred by FinTech innovations, a new breed of technology and software solutions, called - “RegTech” - are emerging and promise to enhance the effectiveness of the operating models to combat Financial Crime. We will provide a perspective on the RegTech solutions and how organizations can best prepare themselves to capitalize on the emerging opportunities. Presented by Sandeep Dhiman, Financial Crime & Operational Risk Leader
    OSFI's new capital requirement guideline (Life Insurance Capital Adequacy Testing - LICAT) is a significant change from current requirements, and the effective date is fast approaching! Although neutral for the overall industry, impacts may vary widely for each company. We will explore potential implications of LICAT on capital requirements, reporting infrastructure, and product design and profitability. Presented by Gaurav Upadhyaya, Managing Director, Life Actuarial
  • Cyber in Asset Management 
    Cybersecurity & Privacy in the Asset Management industry will be a key regulatory focus for the foreseeable future. We will examine the areas of focus in this space and provide guidance on how your organizations should best respond to these evolving risks. Presented by David Craig, Partner, Cybersecurity & Privacy
  • Prudent residential mortgage risk management
    In July 2016, the OSFI released a letter designed to outline increased regulatory expectations and strengthened capital requirements related to prudent management of residential lending applicable to all federally regulated financial institutions (FRFIs) in Canada. We will provide an overview of the letter and what FRFIs should focus on going forward. Presented by John Ingold, Partner, Consulting & Deals and Andrew Smee, Partner, Risk Assurance.

A copy of the presentation is available for download.

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Tuesday, May 31, 2016

Speakers Barb Elliott, Yair Weisblum and Rebecca Vass focus on:

  • FinTech
    As one of the hottest topics in financial services, we will explore the world of FinTechs and take a look at what regulation could mean for these new comers to the industry.
  • IFRS 16 – Leases
    IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. We will explore the requirements, consider the implications, and steps to implementing the standard.
  • Best Interest Standard
    In April 2016, the Canadian Securities Administrators will be publishing Consultation Paper 33-404 - Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients. We will provide a brief history of this issue and a summary of the new proposals.

A copy of the presentation is available for download.

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Tuesday, January 19, 2016

Speakers Barb Elliott, Marco Fillion, Leigh Chalmers and Ken Stoneham discussed:

  • IFRS 9 Financial Instruments for insurers
    Do you understand your options and are you ready to respond to the IASB's recent exposure draft: "Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts"?
  • Third Party Risk Management (TPRM)
    What are the evolving market and regulatory expectations for TPRM? Join us as we discuss trends, challenges and approaches in the marketplace.
  • CRM2
    Still challenged with CRM2? We'll highlight upcoming deadlines and provide comments on issues registrants are facing in meeting the requirements.
  • Liquidity for funds
    Wondering about the increased regulatory focus on liquidity in investment funds? We'll provide a summary of the OSC guidance, SEC proposed rules and comment on some actions registrants are taking to address these new requirements.

A copy of the presentation is available for download.

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Thursday, October 15, 2015 — Fall 2015 Session

Speakers Ryan Leopold, Chris Wood, Barb Elliott, Andrew Smee and Lilly Zhou discussed:

  • IFRS 9 Financial Instruments
    Common challenges faced by banks in adopting the new Expected Credit Loss standard, including accounting, data and regulatory considerations.
  • OSFI Guidelines for mortgage lenders
    B-20 and E-13; what we're seeing in the marketplace and how you can demonstrate compliance.
    Future timelines, reporting requirements and commonly asked questions regarding FATCA / CRS compliance.

Did you miss this webinar? A copy of the presentation is available for download.

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Thursday, June 11, 2015 — Summer 2015 Session

Speakers Sandeep Dhiman, Barb Elliott and Owen Thomas discussed:

  • IFRS 4, Phase II - Ongoing changes and interaction with IFRS 9
    An update on the latest developments for the proposed new standard for Insurance Contracts and consideration of the interaction with IFRS 9 Financial Instruments.
  • Changes to National Instrument 45-106: Prospectus Exemptions
    Effective May 5, 2015, changes were made to the prospectus exemptions rules. The changes included a new category of accredited investor, updates to the friends, family and business associates exemption, new risk acknowledgment forms and removal of the minimum amount exemption. We will provide a summary of the changes, discuss the rationale behind them and provide thoughts on key considerations.
  • Operational risk: The importance of risk culture and conduct
    In the aftermath of the financial crisis, managing reputational risk has become a key consideration for regulators and financial institutions to sustain and ensure confidence in the financial system. We will discuss key elements of risk culture and risk conduct, including tone from the top, accountability and the role of effective challenge.

Did you miss this webinar? A copy of the presentation is available for download.

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April 16, 2015 — Spring 2015 Session

Speakers Sean Cable, Petrina Dolby, Barb Elliott and Byren Innes discussed:

  • IFRS 15 Revenue from Contracts with Customers
    In May 2014, the International Accounting Standards Board (IASB) published a new standard IFRS 15 Revenue from Contracts with Customers, that sets out the principles for when revenue should be recognized and how it should be measured. We will look at the requirements of IFRS 15, consider the implications, and steps to implementing the standard.
  • Client Relationship Management (CRM) II
    An update on the latest developments on the Client Relationship Management (CRM) II regulation. The aim of CRM is to enhance investor protection in Canada through improved relationship disclosure, conflict management, and suitability and account performance reporting. Phase 2, known as CRM II, is focused on enriching investors' understanding of the cost and performance of their investments.

Did you miss this webinar? A copy of the presentation is available for download.

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January 28, 2015 — Winter 2015 Session

Speakers Marc Buklis, Sydney Richardson and Jonathan Riva discussed:

  • Risk Reporting and Data Aggregation
    A discussion on Risk Reporting and Data Aggregation in the Financial Services sector, including a brief introduction of the Basel Committee for Banking Supervision (BCBS) 239 Principles for Risk Reporting and Data Aggregation. OSFI has mandated that the Canadian D-SIBs (7) be compliant with the BCBS 239 Principles by December 2016.
  • 2015 Minimum Capital Test (MCT) Guideline
    A discussion of the significant changes to the MCT guideline effective on January 1, 2015 for all P&C insurers and foreign branches. The changes to the guideline are significant to some P&C insurers, but not to others. This discussion will highlight how the changes will impact your regulatory capital and which types of insurers will experience the biggest impact.
  • OSFI/Basel leverage ratio
    A review of the OSFI guidance and disclosure requirements on the Basel III Leverage Ratio framework, finalized in November 2014, including guidance and implementation challenges. The framework provides a transparent, non-risk based leverage ratio to supplement current risk-based capital measures and Pillar 3 Disclosure Requirements. OSFI regulated banks will need to provide this disclosure and related explanations in 2015.

Did you miss this webinar? A copy of the presentation is available for download.

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Contact us

Tressa Teranishi

Senior Marketing Manager, Financial Services

Tel: +1 416 687 8599

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