Regulatory Alerts2021-12-27
Adjustments to Proper Conduct of Banking Business Directives for Dealing with the Coronavirus Crisis (Temporary Provision)
The Supervisor of Banks issued Circular C-06-2690 to update Proper Conduct of Banking Business Directives following the expiration of the Coronavirus crisis Temporary Provision. The regulation extends specific easings for financial reporting and virtual board meetings until mid-2022, while permanently allowing up to 25% of meetings to be held via advanced communication media. Additionally, the directive modifies industry indebtedness limits, increases capital requirements for certain housing loans, and removes written notice requirements for debit cancellations to align with modern payment practices.
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