If passed, Bill 44, the Financial Statutes Amendment Act, 2020, will update seven pieces of legislation to modernize and improve oversight of Alberta’s financial services sector.
“Alberta’s government is committed to ensuring we have a competitive business environment to lead the country in economic recovery. These changes will make it easier for financial services job creators to do business in Alberta, and were built in consultation with financial sector experts.”
The changes will support Alberta’s commitment to cut red tape by allowing financial institutions to be more flexible and collaborative, while reducing redundant paperwork. Amendments also facilitate access to central bank liquidity for Alberta’s financial institutions and make information sharing easier during the pandemic.
Bill highlights
- ATB Financial Act: enables access to the Bank of Canada’s Standing Term Liquidity Facility and facilitates information sharing.
- Credit Union Act: reduces the size of the Credit Union Deposit Guarantee Board by two directors, allows Alberta credit unions to conduct virtual general meetings and makes it easier to share information and services.
- Credit Union Amendment Act, 2016 (Amendment Act): repeals unproclaimed provisions.
- Loan and Trust Corporations Act: allows the President of Treasury Board and Minister of Finance to dissolve unregistered corporations and enable more timely incorporation of new corporations in Alberta.
- Local Authorities Capital Financing Act: allows the President of Treasury Board and Minister of Finance to provide emergency loans to select local authorities as necessary.
- Freedom of Information and Protection of Privacy Act: changes references to ATB Financial to align with its new legal name.