The Office of the Superintendent of Financial Institutions Canada took another step forward today in providing greater transparency to its stakeholders with the release of rulings aimed at promoting a better understanding of how OSFI applies and interprets the financial institution legislation it administers.

“This initiative is in keeping with OSFI’s objective to enhance the transparency of its activities and explain the rationale behind the actions it takes. On an ongoing basis, we will be looking for opportunities to promote a better understanding by the institutions we regulate and our other stakeholder groups of what OSFI focuses on and how we administer the legislation,” said Nick Le Pan, the Superintendent of Financial Institutions.

An initial group of rulings is posted to OSFI’s Web site (www.osfi-bsif.gc.ca) to indicate the kinds of rulings that will be posted from time to time to assist institutions. Rulings will be posted without names to safeguard the confidentiality of the financial institutions involved. They are not intended to be exhaustive of all cases reviewed by OSFI.

“Of course, the existence of a Ruling will not replace the requirement for approval of the transaction under the applicable financial institution legislation,” stated Mr. Le Pan. “And when considering the relevancy of a particular Ruling, stakeholders will also need to refer to the legislation, as well as to any amendments that may have come into effect subsequent to the publication of the Ruling.”