The Superintendent of Financial Institutions took additional action to protect creditors of the Silicon Valley Bank’s Canadian branch by taking permanent control of its assets. In addition, the Ontario Superior Court of Justice granted a winding up order in respect of the institution. The winding up order under section 10.1 of the Winding-up and Restructuring Act begins an orderly, … Read more
Superintendent of Financial Institutions Peter Routledge moved to protect creditors by taking temporary control of the assets of the Canadian branch of Silicon Valley Bank, as well as issuing notice that he intends to seek permanent control of its assets and requesting that the Attorney General of Canada apply for a Winding-Up Order. The full release is … Read more
The Office of the Superintendent of Financial Institutions (OSFI) published Guideline B-15: Climate Risk Management, which sets out OSFI’s expectations for the management of climate-related risks. The Guideline is OSFI’s first prudential framework that is climate sensitive and recognizes the impact of climate change on managing risk in Canada’s financial system. Two chapters currently comprise the guideline: … Read more
The Office of the Superintendent of Financial Institutions released a draft Culture and Behaviour Risk Guideline for consultation. The consultation period will run from Feb. 28 to May 31. Industry and stakeholders can comment on the draft Culture and Behaviour Risk guideline by contacting culture@osfi-bsif.gc.ca. The full release is available online. Call 343-550-9373.
The Office of the Superintendent of Financial Institutions (OSFI) launched a public consultation of Guideline B-20 on Residential Mortgage Underwriting Practices and Procedures. In this initial consultation, OSFI is interested in stakeholder feedback on a set of proposed complementary debt serviceability measures designed to better control prudential risks arising from high consumer indebtedness. OSFI welcomes stakeholder views … Read more
The Office of the Superintendent of Financial Institutions (OSFI) announced that the minimum qualifying rate (MQR) for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 per cent or 5.25 per cent. In January, OSFI will launch a review of Guideline B-20. This review will include the MQR, which forms part of B-20, … Read more
The Superintendent of Financial Institutions released a statement: “Given the recent attention Canadians have directed towards the economy and the housing market, I thought it would be a good time to describe what the Office of the Superintendent of Financial Institutions does to enhance financial system resilience,” reads the statement. “In the simplest of terms, we … Read more
The Office of the Superintendent of Financial Institutions (OSFI) released the results of its fall 2022 review of the Domestic Stability Buffer (DSB) and announced that the DSB level will be set at 3 per cent as of Feb. 1, 2023. In addition, OSFI has increased the DSB’s range from 0 to 4 per cent, instead of the previous … Read more
The Office of the Superintendent of Financial Institutions announced a new Assurance on Capital, Leverage and Liquidity Returns guideline. This guideline applies to the capital returns of all federally regulated insurers, and the capital, leverage and liquidity returns of all federally regulated deposit-taking institutions. The full release is available online. Call 343-550-9373.
On Oct. 20, the Office of the Superintendent of Financial Institutions and the Canadian Public Accountability Board co-hosted a roundtable on audit quality with the Canadian Securities Administrators in Toronto. During the roundtable, senior representatives from financial regulators, standard-setters and audit firms shared perspectives on current and emerging risks, the role of audit firm culture, developments … Read more
