The Reporter provides a monthly summary of federal legislative
and regulatory developments of relevance to federally regulated
financial institutions. It does not address provincial financial
services legislative and regulatory developments, although this
information is tracked by BLG and can be provided on request. In
addition, purely technical and administrative changes (such as
changes to reporting forms) are not covered.
This memorandum outlines the proposed measure of earthquake
exposure and earthquake financial resource formula within the
Minimum Capital Test. The memorandum also includes a proposed
revision to the annual Earthquake Exposure Data Form.
Comments on both proposed changes
should be provided no later than August 31, 2013.
[Applicable to banks, authorized foreign banks, trust companies,
loan companies, cooperative credit societies, life insurance
companies, property and
casualty insurance companies, and fraternal benefit
In order to protect the international financial system from money
laundering and terrorist financing risks, the Financial Action Task
Force issued statements on June 21, 2013. Links to the full texts
of these statements can be found at http://www.fatf-gafi.org. The OSFI Notice is a
summary of the statements and OSFI's expectations with respect
[Applicable to banks, bank holding companies, federally regulated
trust and loan companies, and cooperative retail associations]
On June 26, 2012, the Basel Committee on Banking Supervision (BCBS)
issued its final rules on the information banks must publicly
disclose when detailing the composition of their capital. The
publication sets out a framework to ensure that the components of
banks "capital bases are publicly disclosed in standardised
formats across and within jurisdictions for banks subject to Basel
III". This advisory provides clarification on the
implementation of the BCBS Disclosure Rules for all institutions
and builds on OSFI's November 2007 Advisory on Pillar 3
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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