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: 2026-03-01 to 2026-03-07

📋 In This Week's Newsletter

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

This Week's Parliamentary Calendar

• Public Accounts Committee to Study Debt Forgiveness Registry and Auditor General Reports: On March 11, the Public Accounts Committee will examine Bill C-230 (debt forgiveness registry), with officials from the Canada Revenue Agency, Department of Finance, and Treasury Board Secretariat scheduled to testify from 4:00–6:00 p.m. The committee will also discuss Auditor General reports focusing on trade corridors and federal office space.
• Public Accounts of Canada 2024 and 2025 on Committee Agenda: Public Accounts Committee will hold a televised meeting on March 9 to review the Public Accounts for 2024 and 2025, featuring testimony from senior officials at the Department of Housing, Infrastructure and Communities.

Federal Government News

Competition Bureau Outlines Roadmap for Open Banking and Data Portability

Jeanne Pratt, Acting Commissioner of Competition, addressed the Open Banking Expo Canada 2026 on March 5, outlining the Bureau's view on the implementation of open banking under the Consumer-Driven Banking Act. She identified barriers to market entry, switching frictions, and limited data portability as significant issues in the sector, referencing a 2024 Abacus Data poll showing two-thirds of Canadians unwilling to consider switching providers. Pratt referenced the Bureau's enforcement actions, including a recent investigation into Interac’s variable e-transfer pricing, which preceded Interac’s transition to a flat-fee model in November 2025. Findings from the Bureau's recent data portability study were shared, estimating annual consumer savings between $1.1 billion and $3.8 billion if applied to insurance markets. She noted challenges such as the lack of consumer awareness about data portability and concerns about privacy and interoperability. The speech included calls for clear consent rules and cost management for smaller financial firms. Pratt also mentioned the Bureau’s ongoing market study into competition and financing for small- and medium-sized enterprises, and referenced progress on open banking in Budget 2025, including the introduction of the Consumer-Driven Banking Act.

Sources: www.canada.ca

Fraud Losses Exceed $704 Million in 2025 As Government Launches Fraud Prevention Month

According to the Competition Bureau, Canadians reported losses of over $704 million to fraud in 2025, with cumulative reported losses since 2022 surpassing $2.4 billion. The Bureau attributes much of the harm to underreporting, estimating only 5% to 10% of frauds are disclosed. The 22nd edition of Fraud Prevention Month will see the Competition Bureau, Canadian Anti-Fraud Centre, and RCMP collaborating to provide information on fraud types including investment scams and identity theft. Over 80 organizations are participating nationwide, with campaign activities and the #FPM2026 hashtag aimed at increasing public awareness.

Sources: www.canada.ca

Canadian Enterprises Record $620.3 Billion in Net Income Before Taxes for 2024

Statistics Canada reported that Canadian enterprises achieved net income before taxes of $620.3 billion in 2024, a 2.9% increase from the prior year. Ontario contributed the highest increase both in value and growth rate, adding $14.9 billion, a 6.1% rise. Six of thirteen provinces and territories posted year-over-year gains.

Sources: www.statcan.gc.ca

Federal Government's 2023 Business Innovation and Growth Support Results Published

Results from the 2023 Business Innovation and Growth Support (BIGS) program are now available. The dataset, produced in partnership with Treasury Board Secretariat, tracks both financial and service-based support provided to Canadian businesses across a range of government programs.

Sources: www.statcan.gc.ca

Provincial Government News

OSC, AMF, and CIRO Approve Distributed Ledger-Based Bond Market Pilot

The Ontario Securities Commission, Autorité des marchés financiers, and the Canadian Investment Regulatory Organization authorized a pilot (Project Samara), including major banks and Bank of Canada, to test distributed ledger technology for the end-to-end bond life cycle. The project involves tokenized bond issuance, secondary trading, and settlement of trades, with expected publication of research findings.

Sources: www.quebec.ca

Alberta Recognizes Fraud Prevention Month

Minister Dale Nally of Service Alberta and Red Tape Reduction marked Fraud Prevention Month, noting the evolving tactics of fraudsters and the province’s work in consumer protection through education.

Sources: www.alberta.ca

Government Consultations

Federal Consultation: Cybersecurity Guidelines for Licensed Insolvency Trustees

The Office of the Superintendent of Bankruptcy is seeking input on proposed amendments to directives covering cybersecurity for Licensed Insolvency Trustees. The consultation covers minimum requirements and related measures.

Sources: ised-isde.canada.ca

What We're Reading This Week

• Private lending sector needs closer watchdog surveillance, Macklem says: Bank of Canada Governor Tiff Macklem calls for more scrutiny of the private lending market.
• Canaccord to pay more than $100-million in settlement for breaking U.S. banking laws: Canaccord Genuity reaches a major settlement over violations of U.S. Bank Secrecy Act.
• Toronto fintech linked to missing tips permitted to resume payments under court oversight: A Toronto fintech firm under investigation for missing payments is permitted to resume operations, subject to court supervision.
• Global Credit Markets Wobble as War Deepens AI-Triggered Selloff: Global credit markets experience volatility amid conflict-related, AI-driven market turbulence.
• Money Matters with Aspire Wealth Partners: Industry commentary from Aspire Wealth Partners on financial planning.
• Driving Canada’s economic resilience: Discussion of factors underpinning Canada's economic stability.
• Tips for single people to protect their income and save for retirement: Advice on income protection and retirement saving strategies for single-person households.
• Opinion: As government debt surges, a moment of truth approaches: Analysis on the implications of rising government debt levels in Canada and abroad.

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