The Office of the Superintendent of Financial Institutions announced revised capital, leverage, liquidity and disclosure rules that incorporate the final Basel III banking reforms with additional adjustments to make them suitable for federally regulated deposit-taking institutions. The full release is available online. Call 343-550-9373.
The Office of the Superintendent of Financial Institutions confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 per cent or 5.25 per cent. Peter Routledge, superintendent, stated “Sound mortgage underwriting is critical for maintaining the stability of the financial system. This is especially true … Read more
Peter Routledge, Superintendent, Office of the Superintendent of Financial Institutions, released the following open letter: “On January 22, 2021, the Clerk of the Privy Council and Secretary to the Cabinet released the Call to Action on Anti-Racism, Equity and Inclusion in the Federal Public Service. I am pleased to share with you OSFI’s open letter in response, which highlights … Read more
The Office of the Superintendent of Financial Institutions announced that the Domestic Stability Buffer (DSB) will remain at 2.50 per cent of total risk-weighted assets. This level was set at the last DSB announcement in June 2021, and came into effect on Oct. 31, 2021. The full release is available online. Call 343-550-9373.
OSFI’s continued acceleration of actions to address climate-related risks now includes its new membership to The Network of Central Banks and Supervisors for Greening the Financial System. Peter Routledge, OSFI Superintendent, stated “Climate change is the challenge of our generation, and it demands all of us to address its threats with a greater sense of urgency, vigour … Read more
Peter Routledge, the Superintendent of Financial institutions, issued a statement: “In March 2020, the Office of the Superintendent of Financial Institutions set out a series of regulatory and supervisory adjustments to support the financial and operational resilience of federally regulated financial institutions following the onset of the COVID-19 pandemic. Among these measures were temporary expectations that institutions … Read more
Peter Routledge, Superintendent of Financial Institutions, issued the following statement: “On September 30, I will be joining Indigenous and non-Indigenous Canadians in marking the inaugural National Day for Truth and Reconciliation. The day provides an opportunity for us to pause and reflect on the history of residential schools and the negative impact they continue to … Read more
On Aug. 12, the Office of the Superintendent of Financial Institutions confirmed that the exclusion of sovereign-issued securities from the leverage ratio exposure measure for deposit-taking institutions, introduced at the outset of the COVID-19 pandemic, will not be extended past Dec. 31, 2021. Central bank reserves will continue to be excluded from the leverage ratio exposure measure … Read more
The Office of the Superintendent of Financial Institutions issued the final version of Guideline E-4 Foreign Entities Operating in Canada on a Branch Basis. Guideline E-4 places greater emphasis on the expectations of the foreign entity operating in Canada, and better reflects the responsibilities of the foreign entity and its management in overseeing the day-to-day operations … Read more
The Office of the Superintendent of Financial Institutions launched an industry consultation on proposed regulatory changes to the treatment of credit valuation adjustments and market risk hedges of other valuation adjustments of over-the-counter derivatives referred to as XVA. The proposed revisions affect OSFI’s Capital Adequacy Requirements Guideline, Chapter 8 on CVA risk. OSFI is seeking input on … Read more
