As the economy picks up and financial markets stabilize, the Office of the Superintendent of Financial Institutions (OSFI) is planning to restart its policy work in the fall.
When the pandemic emerged, OSFI halted its policy work and consultations to relieve some of the operational demands on industry firms. It also took actions, such as easing capital buffers and other requirements, to give firms more flexibility to cope with the disruption.
“As the country takes steps towards economic recovery, we must now look ahead,” the regulator said Monday in a statement.
OSFI’s focus and pace will be adjusted “to reflect the new economic and operational environment.”
To help guide its agenda, the regulator said it will be seeking input from the industry sectors it oversees.
At the same time, it acknowledged that risks and uncertainty remain in the financial sector.
“We will continue to look forward when developing guidance and approaches that support reasonable risk taking but at the same time provides the necessary safeguards for depositors, policyholders and private pension plan beneficiaries,” it said.