July 12, 2026 to July 18, 2026

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.

📋 In This Week's Newsletter

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

Federal Government News

Finance Ministers Advance Internal Trade Integration; Securities Passport Expansion Moves Forward

On July 15, François-Philippe Champagne, Minister of Finance and National Revenue, convened provincial and territorial finance ministers in Charlottetown to advance priorities related to affordability, internal trade, housing supply, and Canada’s long-term economic positioning. The session included updates on federal affordability measures such as the Canada Groceries and Essentials Benefit and the temporary suspension of the federal fuel excise tax. Notably, Ontario’s formal commitment to join the national securities regulatory passport system was announced, eliminating a longstanding barrier and expanding regulatory harmonization for securities across Canada. Discussions also covered the Canada-United States-Mexico Agreement Joint Review and coordination with U.S. and Mexican partners. Ministers reviewed the establishment of the new Financial Crimes Agency and explored further action on anti-money laundering and beneficial ownership transparency. The group committed to continued coordination on economic competitiveness and domestic trade.

Sources: www.canada.ca

Federal Government Receives Top Marks for Leadership on Internal Trade from CFIB

The Canadian Federation of Independent Business (CFIB) has awarded the federal government an A+ in its 2026 State of Internal Trade report card for actions to reduce interprovincial barriers and enhance labour mobility. Federal initiatives cited include adoption of the One Canadian Economy Act, implementation of the Free Trade and Labour Mobility in Canada Act, and elimination of all federal exceptions in the Canadian Free Trade Agreement. The report highlights the Canadian Mutual Recognition Agreement on the Sale of Goods, the new Financial Services Chapter under the CFTA, and the launch of the Domestic Trade Commissioners Network. These measures are credited with improving transparency, predictability, and market access, including in financial services. Pending implementation steps for interprovincial trucking and direct-to-consumer alcohol sales were also noted.

Sources: www.canada.ca

Minister Champagne Hosts Pre-Budget Consultations with Finance Ministers and Stakeholders in PEI

Minister François-Philippe Champagne initiated pre-budget consultations and led a Finance Ministers’ Meeting in Charlottetown on July 14 and 15. The agenda featured affordability, housing, economic growth, and preparations for Budget 2026. Champagne also met with Charlottetown Mayor Philip Brown and biotechnology sector leaders to gather regional and industry priorities ahead of finalized federal economic proposals. The schedule offered media opportunities for the roundtable, opening remarks with Minister Jill Burridge (PEI), and a closing press conference.

Sources: www.canada.ca

Competition Bureau Seeks Stakeholder Input on Cartel Enforcement Guidelines

The Competition Bureau is seeking feedback on proposed Cartel Enforcement Guidelines, which detail the Bureau’s approach to enforcing cartel provisions under the Competition Act, including bid-rigging, price-fixing, market allocation, supply restriction, and wage-fixing or no-poaching agreements. These activities are criminal offences with penalties including fines and imprisonment. The guidelines aim to clarify practical compliance matters for businesses involved in collaborations or joint ventures. Submissions are invited until September 13, 2026.

Sources: www.canada.ca

FinDev Canada Participates in Major Financial Transactions and Bilateral Cooperation with Brazil

On July 14, Canada’s Global Affairs Minister Anita Anand announced a $42.5-million loan from FinDev Canada and a $20-million loan from Sumitomo Mitsui Banking Corporation to Equatorial Maranhão Distribuidora de Energia in Brazil, targeting grid expansion for nearly three million customers. FinDev is also providing a US$58-million loan to support Acelen Renewable’s biorefinery construction in Bahia, part of a wider US$854-million international consortium financing sustainable aviation fuel and renewable diesel production. Additional agreements were concluded related to wildfire mutual assistance, customs co-operation, and health sector collaboration. An upcoming Joint Committee for Cooperation meeting on science and technology is scheduled for September in Brasília.

Sources: www.canada.ca

StatsCan: Non-Bank Mortgage Lending Data Available for Q1 2026

Statistics Canada released first quarter 2026 data detailing the operations of non-bank mortgage lenders. The dataset provides insight into trends in non-bank residential and commercial mortgage financing activity.

Sources: www.statcan.gc.ca

StatsCan: Lending Services Price Index First Quarter 2026 Published

The Lending Services Price Index figures for Q1 2026 are now available. The updated data series enables analysis of price movements in lending services over time using 2017 as the base year.

Sources: www.statcan.gc.ca

StatsCan: International Securities Transactions, May 2026

Foreign investors purchased $7.9 billion in Canadian securities in May 2026, a decrease compared to $46.9 billion in April. Meanwhile, Canadian investors increased their holdings of foreign securities by $22.3 billion after a divestment of $11.4 billion in April, reflecting active portfolio movements in both directions.

Sources: www.statcan.gc.ca

StatsCan: Rural Employment by Industry Dashboard Updated—June 2026

Statistics Canada published updated June 2026 figures to its interactive dashboard on rural employment by industry, providing sector-specific and regional labour market data for the current period.

Sources: www.statcan.gc.ca

Provincial Government News

Ontario Commits to Nationwide Securities Passport System

British Columbia’s Finance Minister Brenda Bailey welcomed Ontario’s entry into Canada's Securities Passport system, allowing regulators’ decisions to apply across all jurisdictions and reducing compliance costs for businesses and investors.

Sources: news.gov.bc.ca

Quebec Publishes Public Accounts Early, Posts Smaller-than-Expected Deficit

Quebec Finance Minister Eric Girard reported a $5.5 billion accounting deficit for 2025-26, lower than the $11.4 billion projected, with the province highlighting improved transparency through early publication.

Sources: www.quebec.ca

Ontario Offers Disaster Recovery Assistance for Flood-Affected Communities

Ontario activated its Disaster Recovery Assistance for Ontarians program for communities hit by spring and summer flooding, making financial aid available to eligible residents, small businesses, farms, and not-for-profit organizations.

Sources: news.ontario.ca

Government Consultations

OSFI Consults on Proposed Guideline: Capital and Liquidity Treatment of Crypto-Asset Exposures (Banking), 2027

The Office of the Superintendent of Financial Institutions is consulting on proposed updates to its guideline for capital and liquidity treatment of crypto-asset exposures in banking until July 20.

Sources: www.osfi-bsif.gc.ca

OSFI Consultation Open: Liquidity Adequacy Requirements Guideline Update, 2027

OSFI is accepting feedback on draft amendments to its Liquidity Adequacy Requirements Guideline for 2027, part of its regular update process.

Sources: www.osfi-bsif.gc.ca

OSFI Consultation: Draft Pillar 3 Disclosure Guidelines—Interest Rate Risk

OSFI launched a consultation on proposed amendments to Pillar 3 Disclosure Guidelines for domestic systemically important banks and small- and medium-sized banks regarding interest rate risk in the banking book.

Sources: www.osfi-bsif.gc.ca

OSFI Opens Consultation: Draft Guideline B-12 Interest Rate Risk Management

A consultation is open on targeted adjustments to OSFI’s Guideline B-12, with proposed updates to interest rate risk scenarios in response to recent Basel Committee revisions.

Sources: www.osfi-bsif.gc.ca

What We're Reading This Week

• Opinion: Ottawa owes it to investors to manage systemic risks and criminal enforcement in capital markets: Commentary on the federal government's approach to investor protection and law enforcement in capital markets.
• News of the day: Alberta oilsands incentives, Carney investment summit, interest rates expected to hold, Ontario’s homebuyer rebates, WestJet strike vote and more: Updates on interest rate expectations, oil sands, and investment topics.

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