On February 25, 2015, regulations amending the annual statement
requirements for federally regulated financial institutions (FRFIs)
were published in the Canada Gazette. The amendment
requires FRFIs (except for authorized foreign banks) to prepare a
statement of comprehensive income as part of their annual financial
statement, in addition to the other required statements.
We understand that to the extent institutions are already
preparing their annual statements in accordance with the
International Financial Reporting Standards (IFRS), which they are
expected to do under OSFI guidance, this change will not result in
any additional requirement as the statement of comprehensive income
is already required under IFRS.
The amending regulations came into force on February 5, 2015,
which is the day they were registered (about three weeks prior to
publication in the Canada Gazette). The amending
regulations amended the Annual Statement Regulations that apply to
banks, bank holding companies, federal trust and loan companies,
and federal insurance companies and insurance holding companies
under the Bank Act (Canada), the Trust and Loan
Companies Act (Canada), and the Insurance Companies
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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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