Federal Government Invokes Emergencies Act
Scott Long - February 23, 2022 - Featured Content Area
This page has the information you need to know on the recent Federal Emergencies Act order.
Background:
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On February 14, 2022, the Federal Government announced they would invoke the Emergencies Act and declare a public order emergency to end blockades and protests against pandemic restrictions.
How does this order impact the industry?
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The order required Canadian financial institutions to temporarily stop providing financial services for suspected accounts to be used to fund or support the blockades.
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The orders came into effect on February 14, 2022, and ended on February 23, 2022.
What potential unintended consequences has the CFLA identified?
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If an insurer suspends its coverage on an asset, it may breach financing agreements.
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Assets used to support blockades and protests may be seized by law enforcement.
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Suspending insurance and seizures may lead to repossessions.
What is the CFLA doing?
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We met with senior officials in the Department of Finance on February 15 and 17, 2022, to raise concerns about the public emergency order’s potential impacts and unintended consequences on the industry.
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We asked the Government to provide us with an RCMP contact that may provide us with information on assets law enforcement may seize.
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We will continue working with the Government and our stakeholders to help prevent any disruptions to the asset-based financing and leasing industry.
More information:
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Check this page for the CFLA's latest updates.
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Review the Federal Government's announcement about the public order emergency ⇒.
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Read through the Federal Government's Emergency Economic Measures Order ⇒.
Contact us:
Get in touch with our policy team:
Marcel Buerkler
Director, Policy
Marcel@cfla-acfl.ca
Michael Rothe
President & CEO
Michael@cfla-acfl.ca
Media contact:
Scott Long
Manager, Membership & Communications
416-937-4182
Scott@cfla-acfl.ca