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.

Dates: 2025-06-22 to 2025-06-28

📋 In This Week's Newsletter

• 🇨🇦 Canadian Federal GR News
• 🇺🇸 US Federal GR News
• 🗺️ Canadian Provincial GR News
• 💬 Government Consultations
• 📱 Public Officials' Social Media
• 📚 What We're Reading This Week

Canadian Federal GR News

G7 Finance Ministers Reach Understanding on Approach to Global Minimum Tax Rules

On June 28, Canada issued a statement on behalf of G7 Finance Ministers outlining a shared understanding on the application of Pillar 2 global minimum tax rules, in particular the treatment of U.S. parented groups. Under the proposed 'side-by-side' solution, U.S. parented firms would be excluded from the OECD's Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR), reflecting the United States' existing minimum tax framework and the recent Senate amendment of H.R. 1 (the One Big Beautiful Bill Act). The agreement includes ongoing commitments to address substantial risks to a level playing field and base erosion under the new regime. Work on simplifications to Pillar 2 administration and compliance, and changes to the treatment of substance-based non-refundable tax credits, will continue in parallel. The removal of section 899 from the U.S. legislative process is recognized as central to bringing stability during the discussions at the Inclusive Framework.

Sources: Announcements: www.canada.ca

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Fiduciary Trust Company of Canada Applies for Approval to Reduce Stated Capital

Fiduciary Trust Company of Canada has notified its intention to apply to the Superintendent of Financial Institutions for approval to reduce the stated capital of common shares by up to $22 million, as authorized by a recent special resolution. The reduction would be distributed to its sole shareholder, conditional on regulatory approval under section 78 of the Trust and Loan Companies Act.

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

Royal & Sun Alliance, Intact Insurance, and 13130100 Canada Inc. Announce Intended Amalgamation

Royal & Sun Alliance Insurance Company of Canada, Intact Insurance Company, and 13130100 Canada Inc. have jointly given notice, pursuant to section 250 of the Insurance Companies Act, of their plan to apply for letters patent of amalgamation to operate as one entity under the name 'Intact Insurance Company.' Pending approval by the Minister of Finance, the head office will remain in Toronto.

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

BMO Life Insurance and BMO Life Assurance Company to Merge

BMO Life Insurance Company and BMO Life Assurance Company have published notice of their goal to amalgamate as 'BMO Life Assurance Company,' contingent upon ministerial approval under section 250 of the Insurance Companies Act. The amalgamated institution will be headquartered in Toronto, with a proposed effective date of November 1, 2025, or as otherwise specified in the letters patent. As with other amalgamations, completion remains subject to full regulatory review and ministerial discretion.

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

Statistics Canada: Membership in Pension Plans Increases by 293,500 in 2023

Statistics Canada reported that active membership in registered pension plans (RPPs) rose by 293,500 (+4.2%) in 2023, surpassing 7.2 million individuals. This growth rate aligns with a 3.8% increase in overall employment during the same period, as tracked by the Labour Force Survey.

Sources: Open Government Data Set: www.statcan.gc.ca

Federal Deficit Drops to $12.4 Billion in Q1 2025

Finance data released by Statistics Canada indicates that in the first quarter of 2025, the Canadian general government posted a deficit of $12.4 billion, a decrease of $19.6 billion compared to Q1 2024. Excluding social security funds, the deficit for Q1 2025 amounted to $30.2 billion.

Sources: Open Government Data Set: www.statcan.gc.ca

US Federal GR News

OCC Updates Annual Money Laundering Risk Assessment With Expanded Focus on Bank-Fintech Partnerships

The Office of the Comptroller of the Currency (OCC) has issued a notice soliciting feedback on proposed revisions to its annual Money Laundering Risk (MLR) System information collection. The 2025 update introduces a new product/service/customer (PSC) category for bank-fintech partnerships, consolidates various existing items, and removes others, resulting in a total of 68 PSCs, down from 71.

Sources: U.S. Federal Announcements: www.federalregister.gov

Multiple U.S. Financial Regulators Issue Plans for Criminal Enforcement Guidance per Executive Order 14294

Pursuant to Executive Order 14294 on fighting overcriminalization in federal regulations, several agencies—including the Federal Financial Institutions Examination Council’s Appraisal Subcommittee—have published notices outlining their approach to referring potential criminal regulatory offenses to the Department of Justice.

Sources: U.S. Federal Announcements: www.federalregister.gov

OCC Renews and Seeks Comments on Community Reinvestment Act Qualifying Activities Confirmation Request Form

On June 26, the OCC requested comments on its renewal of the Community Reinvestment Act (CRA) Qualifying Activities Confirmation Request Form, used by institutions to obtain written confirmation that an activity is CRA-qualified. The estimated annual burden is 456 hours across 24 respondents.

Sources: U.S. Federal Announcements: www.federalregister.gov

SEC Reviews Joint Investment Applications for Portfolio Co-Investment Orders

The Securities and Exchange Commission published a notice of application for an order that would permit Principal Private Credit Fund I, Principal Real Asset Fund, and affiliated entities to co-invest in portfolio companies and with certain affiliated investment entities.

Sources: U.S. Federal Announcements: www.federalregister.gov

FDIC Outlines Referral Policy for Potential Criminal Regulatory Offenses

In accordance with Executive Order 14294, the Federal Deposit Insurance Corporation (FDIC) described its procedure for handling information regarding criminal regulatory offenses. The FDIC generally refers such matters to its Office of Inspector General, which evaluates evidence for potential referral to the Department of Justice.

Sources: U.S. Federal Announcements: www.federalregister.gov

Canadian Provincial GR News

British Columbia Expands Municipal Borrowing Powers to Accelerate Infrastructure Delivery

The B.C. government amended borrowing regulations, allowing municipalities to access up to 10% of their annual revenue—double the prior limit—for infrastructure financing, bypassing the public vote requirement for certain projects.

Sources: Provincial Announcement: news.gov.bc.ca

Saskatchewan FCAA Issues Investor Alert Regarding Quantum Ai, GTA, Rapliplen, and London Group

The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan warned residents that Quantum Ai, Galaxy Trading Analytics, Rapliplen, and London Group are not registered to trade or sell securities or derivatives in the province.

Sources: Provincial Announcement: www.saskatchewan.ca

Saskatchewan FCAA Warns of Scam Involving Fake Endorsement by Prime Minister Carney

Saskatchewan FCAA cautioned the public about an impersonation scam using fraudulent news articles that falsely attribute investment platform endorsements to Prime Minister Mark Carney. The implicated platforms, InvestCanada and BigProfitPulse, are not registered with the FCAA.

Sources: Provincial Announcement: www.saskatchewan.ca

SGI Reports $43.2 Million Net Income for 2024-25

Saskatchewan Government Insurance (SGI) released its annual report, noting net income of $43.2 million and an $18 million dividend to the provincial government, despite increased claims and economic pressures.

Sources: Provincial Announcement: www.saskatchewan.ca

Government Consultations

Canada Launches Consultation on Digital Trade Agreement Talks with EU

Global Affairs Canada opened a public consultation to gather feedback on the potential Canada-EU digital trade agreement. Submissions are open until August 23, 2025.

Sources: Canadian Government Consultations: international.canada.ca

Public Officials' Social Media

MP François-Philippe Champagne noted on Twitter that G7 Finance Ministers agreed to cooperate on global economic predictability and acknowledged progress on removing Section 899 from U.S. legislation.

Sources: Social Media: x.com

MP Brad Vis referred to FICO’s new data indicating that younger and financially vulnerable Canadians are increasing their credit card usage and falling behind on payments.

Sources: Social Media: x.com

Senator Tony Loffreda noted that he questioned Auditor General Karen Hogan on the breakdown and adequacy of the requested $136 million for the Office of the Auditor General's annual audit activities.

Sources: Social Media: x.com

What We're Reading This Week

• The Globe and Mail: Canadian banking regulator maintains domestic stability buffer for large lenders: OSFI holds the domestic stability buffer steady for Canadian banks.
• The Globe and Mail: The U.S. Senate Just Passed a Landmark Cryptocurrency Regulation Bill. Here's What Investors Need to Know.: The U.S. Senate advances comprehensive cryptocurrency legislation.