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Fintechs and other entities that contract with federally regulated financial institutions (FRFIs) should be aware of the possibility of more stringent requirements regarding risk...
On April 27, 2022, the Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal financial institutions regulator, released its much-anticipated new Draft...
that branches must prepare and maintain regarding their business in Canada (the " Canadian Records"). OSFI expects the Canadian Records to be "updated and accurate as at the end of each business day," and that the Canadian Records will be sufficiently detailed to enable: OSFI to conduct an examination and inquiry into the branch's business; OSFI to manage the branch's assets, prior to the appointment of a liquidator, should the Superintendent take control of the branch's assets in Canada; and The liquidator to conduct an effective liquidation of the branch's assets in Canada. Guideline E-4 sp...
In a statement issued by the Superintendent released on July 13, 2020, OSFI signalled a gradual restart of OSFI's policy development work in the fall of 2020. On August 31, 2020, OSFI announced in a series of letters issued to industry that it would unwind certain of the temporary measures put in place at the beginning of the pandemic, including a gradual phaseout of the special capital treatment of loan and insurance premium payment deferrals that was provided to banks and insurers. On December 12, 2020, OSFI announced that the domestic stability buffer would remain at one per cent of total ...