QSA's Week in Finance (#10, 2025)
Canada issues US$3.5 billion bond; counterfeit currency seized; finance sector regulatory updates; pension funds data; mortgage regulation changes.

Good morning! Welcome back to Queen Street Analytics' weekly digest of regulatory developments, legislative discussions, political announcements and other government-related news for professionals in the financial industry, banking, credit unions, insurance, payment processing, fintech, credit card issuing, asset management, venture capital, private equity, and crypto-currencies.
Every Monday, we break down the most important updates in this space in under five minutes.
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Start Date: 2025-03-09
End Date: 2025-03-15
Top Headlines
Main Stories
Canada Issues US-Dollar Global Bond to Strengthen Foreign Reserves
On March 12, the Department of Finance Canada announced the issuance of a five-year US$3.5 billion global bond, which attracted strong investor interest, with orders exceeding US$13.9 billion. This move aims to bolster Canada's liquid foreign reserves, promoting stability in foreign exchange markets and reflecting confidence in Canada's fiscal position and AAA credit rating.
Sources: Announcements: www.canada.ca
Regulations Updated for Counter-Terrorist Financing Obligations
Amendments to the list of terrorist entities under the Criminal Code were published, requiring financial institutions to update their lists and implement counter-terrorist financing obligations. These changes align Canada with international standards, ensuring robust action against terrorist financing with minimal administrative costs for stakeholders.
Sources: Canada Gazette, Part II: www.gazette.gc.ca
Seizure of Counterfeit Canadian Currency by CBSA and RCMP
The CBSA and Nova Scotia RCMP reported the seizure of over $100,000 in counterfeit Canadian currency, intercepted from shipments originating in China. The investigation, involving multiple law enforcement agencies, underscores the ongoing efforts to combat counterfeit money circulation in Canada.
Sources: Announcements: www.canada.ca
Employer Pension Plans Data Released for Third Quarter 2024
Statistics Canada released data on trusteed pension funds for the third quarter of 2024, detailing assets by sector and foreign versus domestic holdings. This update provides valuable insights for stakeholders analyzing pension fund performance and sector-specific asset allocations.
Sources: Open Government Data Set: www.statcan.gc.ca
Mortgage Loan Regulations Amended
New amendments to the Insurable Housing Loan Regulations were announced, impacting eligibility criteria for mortgage loans under the National Housing Act. These changes are designed to ensure compliance with updated financial stability and capital markets policies.
Sources: Canada Gazette, Part II: www.gazette.gc.ca
Important Updates
Secondary Stories
MCAN Mortgage Corporation Exemption Notice
MCAN Mortgage Corporation has been exempted from certain requirements under the Trust and Loan Companies Act regarding proxy circular distribution, effective February 19, 2025.
Sources: Gazette, Part I: www.gazette.gc.ca
CorePointe Insurance Company Seeks Asset Release
CorePointe Insurance Company plans to apply for the release of assets maintained in Canada. Stakeholders may file opposition by April 28, 2025.
Sources: Gazette, Part I: www.gazette.gc.ca
Gore Mutual Insurance Company Plans Transition
Gore Mutual Insurance Company intends to apply for a private Act to transition under Quebec law, continuing its corporate operations.
Sources: Gazette, Part I: www.gazette.gc.ca
Lending Services Price Index Updated
Data for the Lending Services Price Index for the fourth quarter of 2024 is now available, providing insights into pricing trends within lending services.
Sources: Open Government Data Set: www.statcan.gc.ca
National Balance Sheet and Financial Flow Accounts Released
The fourth quarter 2024 data reveals a $236.3 billion increase in household net worth, indicating a rise in asset values and financial health.
Sources: Open Government Data Set: www.statcan.gc.ca
Quebec Assurance Company Applies for Continuance
Quebec Assurance Company seeks approval from the Minister of Finance to continue as a corporation under the Canada Business Corporations Act.
Sources: Gazette, Part I: www.gazette.gc.ca
Provincial Announcements
Quebec Offers Repayment Relief to Businesses Affected by Tariffs
Quebec announced a six-month repayment reprieve under Local Investment Funds for businesses impacted by tariffs, enhancing financial support.
Sources: Provincial Announcement: www.quebec.ca
Saskatchewan Warns of Crypto Scam Using Premier's Image
Saskatchewan's FCAA alerts residents of a cryptocurrency scam falsely endorsing platforms using Premier Scott Moe's image in fake news articles.
Sources: Provincial Announcement: www.saskatchewan.ca
Public Officials' Social Media
Julie Dzerowicz on Banking Fee Reforms
MP Julie Dzerowicz highlighted recent caps on NSF fees and increased transparency in banking, marking a step toward fairness in the system.
Sources: Social Media: x.com
Parm Bains Warns Against Counterfeit Money
MP Parm Bains emphasized the criminality of using counterfeit money and the importance of recognizing security features to prevent fraud.
Sources: Social Media: x.com
Nathaniel Erskine-Smith Discusses Cabinet Decisions
MP Nathaniel Erskine-Smith mentioned ongoing efforts in financial processes, noting recent cabinet decisions and planned improvements.
Sources: Social Media: x.com
Rosa Galvez Promotes Sustainable Finance Event
Senator Rosa Galvez invited the public to a virtual roundtable on sustainable finance in Canada, scheduled for March 20, 2025.
Sources: Social Media: x.com
What We're Reading This Week
- How to Protect Credit: Must-Know Practices: Advice on safeguarding credit from potential risks.
- Financial Institutions, Inc. Settles Auto Lending Litigation: Settlement details involving auto lending disputes.
- Expert Mortgage Assistance Highlights Key Documents Needed for a Smooth Mortgage Process: Essential documents for efficient mortgage processing.
- Global Credit Union and First Financial Northwest, Inc. Announce Receipt of Final Regulatory Approval for Transaction: Final approval for a major financial transaction.
- Mitel files for creditor protection with restructuring plan aimed at ending chronic liquidity woes: Mitel seeks creditor protection amid liquidity challenges.
- BlackLine Announces 2024 Partner Award Winners, Recognizing Excellence in Digital Finance Transformation: Awards recognizing achievements in digital finance.
- Buy the dip, stay put or run for cover? Canadian money managers respond to tariff whiplash: Money managers' strategies amidst tariff changes.
- Mass Fintech Hub Welcomes the American Bankers Association as its Newest Member: ABA joins the fintech hub initiative.
- Global Federal Credit Union and First Financial Northwest, Inc. Announce Expected Closing Date for Transaction: Upcoming transaction closing date announced.