Press Release Department: Federal - Office of the Superintendent of Financial Institutions

The Office of the Superintendent of Financial Institutions announced a consultation for feedback on proposed changes to the Capital Adequacy Requirements and Mortgage Insurer Capital Adequacy Test guidelines. These changes will help banks and mortgage insurers address risks related to mortgages in negative amortization, where payments are insufficient to cover the interest portion. Superintendent of Financial Institutions Peter Routledge … Read more

The Office of the Chief Actuary released the findings of an independent panel’s review of the 31st Actuarial Report on the Canada Pension Plan. The full release is available online. Call 343-550-9373.

The Office of the Superintendent of Financial Institutions raised the Domestic Stability Buffer by 50 basis points to 3.5 per cent of total risk-weighted assets, effective November 1, 2023. The full release is available online. Call 343-550-9373.

The Office of the Superintendent of Financial Institutions launched the Climate Risk Forum to build awareness and capacity within Canada’s financial sector to respond to climate-related risks. The full release is available online. Call 343-550-9373.

The Office of the Superintendent of Financial Institutions released two draft frameworks, open for public consultation until June 30, 2023, that will strengthen Canada’s financial system: Parental Stand-alone (Solo) Total Loss-Absorbing Capacity Framework for Domestic Systemically Important Banks; and Parental Stand-alone (Solo) Capital Framework for internationally active life insurance groups. The full release is available online. … Read more

The Office of the Superintendent of Financial Institutions published its final Third-Party Risk Management Guideline which sets out associated risk management expectations for Federally Regulated Financial Institutions. The full release is available online. Call 343-550-9373.

The Office of the Superintendent of Financial Institutions released a framework to help identify areas where the financial sector could be vulnerable to sophisticated cyber-attack. The Intelligence Led Cyber Resilience Testing framework outlines a methodology and serves as an implementation guide for federally regulated financial institutions conducting I-CRT assessments. The full release is available online. Call 343-550-9373.

The Office of the Superintendent of Financial Institutions and the Global Risk Institute jointly released a report on the ethical, legal, and financial implications of artificial intelligence on financial services institutions. The full release is available online. Call 416-918-7137. The Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook (ARO) for 2023-24, a publication that outlines … Read more

The Office of the Superintendent of Financial Institutions launched initial consultations on international recommendations related to fiat-referenced crypto-asset arrangements and activities. The full release is available online. Call 343-550-9373.

OSFI issued a statement to reinforce guidance around the design of the regulatory treatment of Additional Tier 1 and Tier 2 capital instruments: “Canada’s capital regime preserves creditor hierarchy which helps to maintain financial stability. If a deposit-taking bank reaches the point of non-viability, OSFI’s capital guidelines require Additional Tier 1 and Tier 2 capital instruments to … Read more