The Reporter provides a monthly summary of significant
international and Canadian federal legislative and regulatory
developments of relevance to federally regulated financial
institutions in Canada. 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.
Title and Brief
[Applicable to banks, cooperative credit and cooperative retail
associations, trust and loan companies and insurance
OSFI is issuing the final version of the Guideline, which includes
updates to reflect the over-the- counter (OTC) derivatives market
reforms initiated by G-20 leaders and communicates OSFI's
expectations for central clearing of standardized OTC derivatives
and reporting derivatives data to a trade repository.
Following a regular review of the Bank's policy in relation to
Assets Eligible as Collateral under the Bank of Canada's
Standing Liquidity Facility (SLF), the Bank is planning to add
certain Canadian-dollar denominated term asset-backed securities
(ABS), including those backed by residential mortgages, to the list
of eligible collateral.
The revisions to the disclosure requirements address shortcomings
in Pillar 3 of the Basel framework. The revised disclosure
requirements will enable market participants to better compare
banks' disclosures of risk-weighted assets.
The revisions notably focus on improving the transparency of the
internal model-based approaches that banks use to calculate minimum
regulatory capital requirements.
BIS indicates that disclosure to be
effective from year-end 2016
[Applicable to banks, bank holding companies, cooperative credit
and cooperative retail associations, trust and loan companies
and insurance companies]
OSFI is issuing the final version of the Advisory on the Early
Adoption of IFRS 9 Financial Instruments for Domestic Systemically
Important Banks (D-SIBs). In an effort to consolidate OSFI
guidance, this final Advisory incorporates the relevant sections of
the March 2010 Advisory Conversionto International Financial
Reporting Standards (IFRSs) by Federally Regulated Entities
(FREs) and the February 2014 letter entitled Early
Adoption of Amendments to IFRS 9 – General Hedging andOwn
Credit Risk. As a result, these two documents have been
removed from the OSFI website.
D-SIBs expected to adopt IFRS 9 for
their annual period beginning on Nov 1, 2014
This paper describes the principles and, in summary, the concepts
supporting the development of some key components of the potential
new life insurance capital framework standard approach. The paper
reflects the current stage of development, up to and including
QIS6, and should not be viewed as OSFI final positions.
The amendments are to improve the CPA's ability to monitor both
Severity 1 and Severity 2 incidents encountered by all Participants
and improve the CPA's ability to engage Large Value Transfer
System (LVTS) Participants regarding operational events.
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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