Superintendent of Financial Institutions Jeremy Rudin has informed Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) that he will conclude his seven-year term as Superintendent on June 28, 2021 and will not be seeking a second term. Rudin will continue to serve Canadians and the Government of Canada through the rest of his … Read more
The Office of the Superintendent of Financial Institutions announced that the Domestic Stability Buffer will remain at 1 per cent of total risk-weighted assets, unchanged from the level set on March 13, 2020 and maintained in the June 23, 2020 DSB announcement. Maintaining the buffer at 1 per cent reflects OSFI’s view that the DSB reduction in March continues to be … Read more
The Bank of Canada and the Office of the Superintendent of Financial Institutions announced plans for a pilot project to use climate-change scenarios to better understand the risks to the financial system related to a transition to a low-carbon economy. A small group of institutions from the banking and insurance sectors will participate voluntarily in … Read more
The Office of the Superintendent of Financial Institutions released its Annual Report. The report covers OSFI’s activities from April 1, 2019 to March 31, 2020 and also details the progress made in delivering the first year of OSFI’s 2019-2022 Strategic Plan. The report is available online. Call 43-550-9373.
The Office of the Superintendent of Financial Institutions released three documents that update the timelines for Canadian insurer’s implementation of International Financial Reporting Standards – Insurance Contracts. These changes provide institutions with a clear picture of OSFI’s expectations for the implementation of this important project. The full release is available online. Call 343-550-9373.
The Canadian Public Accountability Board and the Office of the Superintendent of Financial Institutions recently co-hosted a virtual meeting on external audit quality in Canada. CPAB’s Chief Executive Officer, Carol Paradine and OSFI’s Superintendent, Jeremy Rudin chaired the meeting. The forum provided an opportunity for more than 25 of Canada’s public accounting and regulatory leaders … Read more
The Office of the Superintendent of Financial Institutions launched a three-month consultation with the publication of a discussion paper, Developing financial sector resilience in a digital world. The paper focuses on risks arising from rapid technological advancement and digitalization, as these trends impact the stability of the Canadian financial sector. OSFI welcomes comments and submissions on … Read more
The Basel Committee on Banking Supervision, the Office of the Superintendent of Financial Institutions and the Bank of Canada announced that the 21st International Conference of Banking Supervisors will be held as the first virtual ICBS from 19-22 October 2020. The full release is available online. Call 343-550-9373.
The Office of the Superintendent of Financial Institutions announced that it is lifting the temporary freeze on portability transfers for private pension plans. As well, OSFI is gradually phasing out the special capital treatment of loan and insurance premium payment deferrals that was provided to banks and insurers at the start of the global pandemic. As the economy stabilizes, risks remain in … Read more
The Office of the Superintendent of Financial Institutions released the following statement: “It has been a challenging and uncertain time for many Canadians. Since the beginning of the pandemic, Canadians, governments, businesses, and organizations across the country have adapted and shown remarkable resilience during very extraordinary circumstances.” He continued “As the country takes steps towards economic recovery, … Read more
