(April 2 – 11:45 ET) – The Office of the Superintendant of Financial Institutions is implementing a “Late and Erroneous Filing Penalty Framework” on a notional basis effective April 1.

During the initial 12-month “phase-in” period, OSFI will monitor all regulatory returns and filings subject to the framework for compliance with its requirements. It will also provide institutions with quarterly reports of their filing performance.

The first quarterly reports will be mailed in late July covering all returns and filings received between April 1 and June 30. No invoices will be issued during the phase-in period. Rather, the quarterly reports will inform institutions of the monetary penalties that would have been assessed if the framework were fully operational. The framework will be fully implemented effective April 1, 2002.

“It had been our intention to distribute a final package in the first part of 2001 reflecting any changes resulting from the consultation process. Completion of the final package has been delayed, however, until some time in April,” says Jeff Miller, director Capital Division at OSFI, in a letter to financial institutions.

“Nonetheless, we are proceeding with the phase-in period effective April 1 as the changes that are being introduced are not substantive and, for the most part, constitute clarifications.”

A list will be made available in December outlining the returns and filings that will be covered by the framework in 2002.
-IE Staff