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.
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OSFI [Applicable to life insurance companies and reinsurers] |
Longevity Risk Transfer – Market and Regulatory Developments Consultation OSFI supports the development of international principles and standards to help promote a level playing field and limit the arbitrage of regulatory rules between jurisdictions. To this end, the industry and provincial insurance supervisors are encouraged to provide comments directly to the Joint Forum on its recently released draft consultation paper entitled "Longevity Risk Transfer Markets: Market Structure, Growth Drivers and Impediments, and Potential Risks". |
The Joint Forum is seeking comments by October 15, 2013 |
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OSFI [Applicable to banks and trust and loan companies] |
OSFI is issuing a letter that clarifies the application of the Credit Valuation Adjustment (CVA) capital charge in Chapter 4 of the Capital Adequacy Requirements guideline and the treatment of market risk hedges used for the purposes of mitigating CVA risk. These changes will be reflected in the next revision of the CAR guideline. In the interim, the annex of this letter will reflect the new CVA methodology. |
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OSFI [Applicable to banks, retail associations, and trust and loan companies] |
OSFI is issuing its second Capital Ruling on the application of exceptions that may be granted in relation to the calculation of the assets to capital multiple (ACM) under International Financial Reporting Standards. The Ruling describes the specifics of a second situation involving National Housing Act Mortgage Backed Securities and how OSFI concluded with respect to the treatment under the ACM. |
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