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On August 13, 2012, the Office of the Superintendent of Financial
Institutions issued for public comment a draft letter (the "Draft Letter")
that provides clarification on the implementation of the Basel
Committee on Banking Supervision's final rules regarding the
information that financial institutions must publicly disclose when
detailing the composition of their capital (the "BCBS
Disclosure Rules") for interim period from Q1-2013 and
Q2-2013. As noted in the BCBS Disclosure Rules, during the
financial crisis, many market participants found it difficult to
make detailed assessments and cross jurisdictional comparisons of
institutions' capital positions due to, among other things,
the lack of consistency in public reporting. The new public capital
disclosure requirements are, therefore, intended to improve both
the transparency and comparability of institutions' capital
positions.
The deadline for comments is September 17, 2012.
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