This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions 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. Once a week, we break down the most important updates in this space in under five minutes.

Want to track other GR news in adjacent industries? Don’t miss this week’s updates in ICT & Cybersecurity. Also consider subscribing to our Finance - Washington edition covering critical GR news south of the border.

Dates: 2026-03-22 to 2026-03-28

📋 In This Week's Newsletter

• 🇨🇦 Federal Government News
• 🗺️ Provincial Government News
• 📚 What We're Reading This Week

Federal Government News

Budget Implementation Act 2025 Receives Royal Assent, Triggering Wide-Ranging Financial Reforms

Bill C-15, the Budget Implementation Act, 2025, No. 1, became law on March 26. The Act targets affordable housing through new investments, expands clean electricity and technology investment tax credits, and sets up the Productivity Super-Deduction to incentivize capital spending. Measures impacting the financial sector include requirements for banks to implement stronger anti-fraud policies, mandatory reporting of fraud data to the Financial Consumer Agency of Canada, and provisions for customers to control account features and limits. Legislative changes also allow for earlier access to cheque deposits, adjustments to help credit unions grow and operate federally, and completion of the legal framework for open banking. A regulated space for stablecoins is now authorized. Other provisions cover automatic delivery of federal benefits via pre-filled returns, new incentives for R&D, border and trade policy changes, and the creation of the Financial Crimes Agency dedicated to complex investigations. The Act brings a new voluntary Early Retirement Incentive for the federal public service, and introduces measures supporting critical minerals supply chains, infrastructure, and investment protection from US tariffs.

Sources: www.canada.ca

Fifth Spin Cycle Conference Concludes with Expanded Federal Enforcement on Financial Crime

On March 27, over 1,100 financial crime professionals concluded the Spin Cycle Conference in Ottawa. Participants reviewed trends in money laundering, crypto- and AI-enabled fraud, civil forfeiture, and regional enforcement efforts. The federal government presented recent initiatives, including the introduction of Bill C-22 to add law enforcement and intelligence agency tools for money laundering investigations, a $1.7 billion funding package for RCMP financial crime teams, and plans to recruit 1,000 new staff, with 150 dedicated to financial crime. Attendees discussed the formation of the new Financial Crimes Agency, amendments boosting civil penalties forty-fold and criminal fines ten-fold, and FINTRAC’s enhanced mandate to support extortion investigations. Policy advances included reforms for improved AML/ATF supervision and the pending National Anti-Fraud Strategy. The event restated the government’s intention to cooperate with financial institutions in targeting illicit financial flows.

Sources: www.canada.ca

Legislation Enacted to Strengthen Immigration System and Border Security; Enhanced AML Provisions Introduced

On March 27, the Strengthening Canada’s Immigration System and Borders Act (Bill C-12) received Royal Assent. The Act revises asylum processing, grants the CBSA new authorities to examine outbound goods, and allows the Coast Guard to collect and analyze security intelligence. It formally expands RCMP practices in sharing data on registered offenders, authorizes the Minister of Health to schedule controlled chemical precursors, and specifically strengthens anti-money laundering (AML) and anti-terrorist financing (ATF) coordination among federal agencies. The legislation increases penalties and oversight, targeting illicit funds linked to organized crime. The federal government also cited investments in personnel, AI technologies, and surveillance to mitigate cross-border financial risks.

Sources: www.canada.ca

Minister Champagne Announces Update on National Anti-Fraud Strategy and Economic Crime Initiatives in Montréal

Minister François-Philippe Champagne, Parliamentary Secretary Rachel Bendayan, Quebec Minister Ian Lafrenière, and Montréal’s mayor joined officials in Montréal to provide an update on federal measures to counter economic crime and extortion. The briefing included developments on the National Anti-Fraud Strategy and ongoing collaboration with provincial and municipal authorities. The Government of Canada is preparing to further detail these measures at a media event scheduled for March 30, with registration required for participation.

Sources: www.canada.ca

Canada Hosts Multilateral Bank Negotiations to Launch Defence, Security and Resilience Bank (DSRB)

Beginning March 23 in Montréal, Canada convened in-person negotiations among delegates from 18 countries to create the Defence, Security and Resilience Bank (DSRB), a planned multilateral institution to finance defence, security, and supply chain initiatives. The DSRB is designed to mobilize private capital for long-term, low-cost investments in member nations, with anticipated benefits for government procurement and small- and medium-sized enterprises in the defence sector. The sessions focused on finalizing a charter for bank operations, with Canada vying to host the agency’s headquarters. The development parallels $80 billion in new defence spending committed under Budget 2025 and the new federal Defence Industrial Strategy. Proceedings continue this week with the aim of finalizing the DSRB’s governance structure.

Sources: www.canada.ca

Senate Committee on National Finance Moves Bill C-15 Forward, Addressing PIPEDA Amendments and Financial Sector Implications

On March 24, the Senate Standing Committee on National Finance, chaired by Senator Claude Carignan, conducted a clause-by-clause review of Bill C-15 with witnesses from the RCMP, Innovation, Science and Economic Development Canada, the Public Health Agency of Canada, and Public Services and Procurement Canada. Notable for the financial sector, the meeting covered PIPEDA amendments granting consumers new 'data mobility' rights for enhanced competition, as well as governance and oversight issues for RCMP disability benefits, Canada Post’s financial solvency, and consumer access provisions. A proposed clean technologies terminology amendment was withdrawn, and the bill advanced with committee observations slated for tabling in the Senate.

Sources: senparlvu.parl.gc.ca

Report from Financial Industry Forum on Artificial Intelligence (FIFAI 2) Offers Sectoral Guidance on AI Use, Risks, and Consumer Protection

The Financial Consumer Agency of Canada, in partnership with the OSFI and the Global Risk Institute, released the final report on the Financial Industry Forum on Artificial Intelligence (FIFAI 2) on March 25. Topics addressed included consumer financial well-being, AI-related cybersecurity challenges, fraud risks, and the importance of clear AI governance. The workshops, held throughout 2025, brought together banks, insurers, regulators, and advocacy groups. The final report examines how control frameworks, accountability, and consumer education can affect outcomes from AI adoption in banking and insurance, and summarizes regulatory priorities for AI in the Canadian financial system.

Sources: www.canada.ca

Senate Banking Committee Reviews Regional Investment Models Supporting SMEs in Québec

On March 25, Senator Gignac chaired the 28th meeting of the Standing Senate Committee on Banking, Commerce and the Economy, where Dany Pelletier of Fonds de solidarité FTQ reviewed the fund’s approach to regional equity investment. As a labour-sponsored fund with $23 billion in assets, the FTQ supports over 4,300 companies in Québec and operates through 17 regional entities. The committee discussed the fund’s patient capital strategy, leveraging $11.53 in investment for each federal tax credit dollar, its governance model, returns, succession planning, and capital access issues, including those relevant for women entrepreneurs. The conversation included potential replication of the FTQ’s structure in other provinces and the challenges SMEs face in succession and in guarding local headquarters from foreign ownership.

Sources: senparlvu.parl.gc.ca

Statistics Canada Releases Wholesale Services Price Index for Q4 2025

Statistics Canada published data for the Wholesale Services Price Index (base year 2020) for the fourth quarter of 2025. The complete dataset is now accessible via the Statistics Canada Daily, with details available in the referenced release.

Sources: www.statcan.gc.ca

Statistics Canada Releases Economic and Social Reports, March 2026

Four articles were posted on March 25 in the Economic and Social Reports collection by Statistics Canada, providing new analytical content on key themes in the Canadian economy and society.

Sources: www.statcan.gc.ca

Provincial Government News

Ontario Releases 2026 Budget, Initiates $4 Billion Investment Fund and Tax Reforms

Ontario's 2026 Budget maintains investment in key infrastructure and introduces a $4 billion Protect Ontario Account Investment Fund. The plan delivers HST relief on new homes, cuts the small business CIT rate, accelerates capital cost deductions, and draws new private capital for growth.

Sources: news.ontario.ca

Alberta Establishes Premier’s Investment Council to Accelerate Major Projects

The Alberta government has formed the Premier’s Investment Council to coordinate provincial economic development agencies, expedite high-value investments, and secure new capital, with institutional input from agencies like AIMCo and the Heritage Fund Opportunities Corporation.

Sources: www.alberta.ca

Alberta Enacts Multiple Financial and Pension Board Appointments, New Regulations, and Amends Insurance Legislation

Orders in Council dated March 25 cover new and extended appointments to various boards, the Peace Officer Amendment Regulation, amendments to the Insurance Act, and changes affecting land ownership exclusions for resource development and pipelines.

Sources: www.alberta.ca

British Columbia and UBC Launch $40 Million Innovation Fund

B.C.'s InBC and the University of British Columbia are creating the UBC Catalyst Ventures Fund, backed by $20 million in public funds and up to $20 million from the private sector, to invest in local life sciences and technology companies.

Sources: news.gov.bc.ca

What We're Reading This Week

• As Canada Faces Record $704M in Fraud Losses, How Can We Avoid Falling Victim to Scams?: Analysis on the escalation of fraud losses in Canada and strategies for consumer protection.
• Wealthsimple receives regulatory approval to offer prediction markets to investors: Wealthsimple expands its offering in the Canadian fintech space with permission to provide prediction markets.
• Opinion: What’s in it for Canada in the new global defence bank? It may not be what you think: Commentary exploring Canada's potential gains from hosting the new Defence, Security and Resilience Bank.
• Ontario seeks private-sector manager for new $4-billion Protect Ontario investment fund: Coverage on Ontario's approach to attract private managers for its new strategic investment fund.
• NS Securities Commission talks Fraud Prevention Month: News segment marking Fraud Prevention Month and current provincial regulator activities.
• Money Matters with Aspire Wealth Partners: Financial planning themes discussed in Canadian news media.
• In the next frontier of technology, digital trust is the new foundation: Discussion on the role of digital trust as technology evolves in the Canadian market.
• Opinion: Are we steering Canadians toward private markets at their very peril?: Commentary on private market investments and disclosure risks for Canadian investors.
• Potomac Bank to Present at the Banking Virtual Investor Conference March 26th: Notice regarding Potomac Bank's participation in an investor conference.
• Canadian Fintech: Is Shopify a Lender? 🛍️: Examination of Shopify's position in the Canadian fintech credit market.

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