The Reporter provides a monthly summary of Canadian federal
legislative and regulatory developments of relevance to federally
regulated financial institutions. It does not address Canadian
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
In developing ComFrame, the IAIS has utilised an open and
transparent process involving both
Members and insurance professionals. A Concept Paper was issued
for public consultation in 2011 with the Draft ComFrame similarly
being issued for public consultation in 2012 and 2013. The IAIS has
also held numerous meetings and dialogues with industry
participants in order to obtain and incorporate actual business
IAIS finalised ComFrame for the purposes of Field Testing in
2013. The ComFrame is being revised and updated as field testing
progresses. The next steps are the finalisation of ICS for the
purposes of field testing (2016), the consultation on ComFrame
including ICS (2017) and the finalisation and adoption of ComFrame
OSFI's draft guideline on Pillar 3 Disclosure Requirements
clarifies OSFI's expectations regarding domestic implementation
by federally regulated deposit-taking institutions of the Revised
Pillar 3 Disclosure Requirements issued by the Basel Committee on
Banking Supervision in January 2015.
Comments should be provided no later than March 21, 2016.
The Revised Market Risk Framework is a key component of the
Basel Committee's overall efforts to reform global regulatory
standards in response to the global financial crisis.
The purpose of the Revised Market Risk Framework is to ensure
that the standardised and internal model approaches to market risk
deliver credible capital outcomes and promote consistent
implementation of the standards across jurisdictions. The final
standard incorporates changes that have been made following two
consultative documents published in October
2013 and December 2014 and several quantitative impact
An explanatory note has been published to provide
a non-technical description of the rationale and main features of
the January 2016 revisions to the market risk framework.
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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