Good morning! This is Queen Street Analytics' weekly roundup 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: 2025-05-04
End Date: 2025-05-10

Top Headlines

Main Stories

Canada to Host G7 Finance Ministers and Central Bank Governors’ Meeting in Banff

From May 20 to 22, Canada will host the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta. Media accreditation for coverage of the event is open until May 9. The meeting will convene senior financial officials from G7 nations and is expected to address topics relevant to the Canadian finance sector, including international monetary policy and cross-border banking cooperation. The Department of Finance Canada has specified that only credentialed media will be granted access, and accreditation does not guarantee admittance to all sessions. The event is positioned to attract significant attention from both domestic and international financial stakeholders.

Sources: Announcements: www.canada.ca

Safety National Casualty Corporation Seeks Release of Canadian Assets

Safety National Casualty Corporation announced its intention to apply to the Superintendent of Financial Institutions for an order authorizing the release of assets maintained in Canada. Policyholders and creditors opposing the release can submit objections to OSFI by June 2. The application follows procedures set out in section 651 of the Insurance Companies Act. The corporation is represented by Dentons Canada LLP and the notice was published in the Canada Gazette on May 10.

Sources: Gazette, Part I: www.gazette.gc.ca

S&P Affirms Canada’s AAA Long-Term Sovereign Credit Rating

On May 5, S&P Global Ratings reaffirmed Canada’s ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings. The rating agency cited Canada’s high wealth levels, diversified economy, predictable policy environment, robust fiscal and monetary buffers, and strong external profile as factors supporting the rating. The announcement follows recent economic data and global market developments. S&P’s assessment indicates continued confidence in the country’s ability to meet its fiscal obligations.

Sources: Social Media: x.com

Hedge Funds Absorb 40% of Canadian Government Debt Issuance

Approximately 40% of Canadian government debt issuance is now held by hedge funds, according to a May 9 statement from MP Adam Chambers. Chambers noted that a shift in non-bank investor demand could increase debt service costs and impact Canada’s fiscal position. The use of leverage by these funds introduces additional sensitivity to external credit events. The commentary follows ongoing discussions regarding federal borrowing and debt issuance strategies.

Sources: Social Media: x.com

Senator David Wells Addresses Global Trade and Investment Policy

Senator David Wells delivered closing remarks at a London event focused on global trade and investment, attended by over 120 international policymakers and investors. The event featured the launch of two reports on export promotion and investment attraction. Discussions included data-sharing and multilateral engagement as tools for stable economic growth. The event highlighted Canada’s participation in global economic policy forums.

Sources: Social Media: x.com

Important Updates

Secondary Stories

BMO GAM Launches Collateralized Loan Obligation ETF

BMO Global Asset Management introduced a collateralized loan obligation (CLO)-focused ETF, expanding fixed income product offerings for institutional and retail investors.

Sources: Canadian News Outlet: www.theglobeandmail.com

EU Mulls Easing Use of Securitizations for Bank Liquidity Buffers

European regulators are considering measures to allow easier use of securitizations as liquidity buffers for banks, which may influence global regulatory practices.

Sources: Canadian News Outlet: business.financialpost.com

Episode Six and Berkeley Payment Announce Card Migration Partnership

Episode Six and Berkeley Payment unveiled a partnership aimed at enhancing speed and scalability for card migration, targeting financial institutions and fintechs.

Sources: Canadian News Outlet: financialpost.com

Ponzi Scheme Victims File Class Action Naming Royal Bank and B.C. Regulator

Victims of a Ponzi scheme have named Royal Bank and the British Columbia financial services regulator in a class action lawsuit, alleging failures in oversight.

Sources: Canadian News Outlet: www.cbc.ca

IBN Technologies Expands Accounts Receivable Services in New Jersey

IBN Technologies has expanded its accounts receivable service offerings to businesses in New Jersey, citing increased demand for financial efficiency solutions.

Sources: Canadian News Outlet: www.theglobeandmail.com

New York Businesses Turn to Expert Accounting Amid Economic Shifts

Accountancy and bookkeeping services from IBN Technologies are being adopted by New York businesses in response to ongoing economic volatility.

Sources: Canadian News Outlet: www.theglobeandmail.com

Public Officials' Social Media

MP Kevin Vuong Comments on Bill 166 Amendments and Ministerial Directives

MP Kevin Vuong discussed provisions in Bill 166, noting that the Minister will have authority to issue directives to affected entities with compliance timelines and enforcement steps.

Sources: Social Media: x.com