On 30 November 2025, Canada introduced the Consumer-Driven Banking Act (CDBA) as part of Bill C-15, establishing a federal framework for open banking.
The CDBA aims to enhance consumer control over financial data by creating a secure system for data sharing among accredited entities. It designates the Bank of Canada as the supervisory authority, sets accreditation and security standards, and mandates clear consent requirements. The Act also introduces liability protections, complaint mechanisms, and enforcement measures, including penalties of up to CAD 10 million. Implementation is expected in early 2026 following supporting regulations.

The European Supervisory Authorities report steady improvement in principal adverse impact (PAI) disclosures under the SFDR, especially among larger financial groups. However, disclosures often lack quantifiable actions, and “non-consideration” statements remain generic. The ESAs recommend clearer, shorter, and machine-readable disclosures, more proportional requirements, and less frequent reporting to enhance quality and relevance. Further regulatory guidance may follow to address persistent shortcomings.

Baker McKenzie’s Global Financial Services Regulatory Guide has been fully revised for 2024 and covers 35+ jurisdictions worldwide, making it our most expansive edition to date. The Guide acts as a quick reference tool when distributing financial products and offering services into new markets, providing a comprehensive summary of regulations applicable to banks and other financial services companies around the world. This expanded edition includes the rapidly growing area of cryptoassets, AML and CFT supervisors, and the extension of regulation to critical third-party outsourcers. Given the pace of regulatory change in this domain, staying informed is critical for market participants. Baker McKenzie is exceptionally well-positioned to simplify the complexity and provide expert guidance.