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Federal financial regulators are proposing a series of changes to aspects of the liquidity rules for banks.

On Thursday, the Office of the Superintendent of Financial Institutions (OSFI) issued proposed revisions to its guidance that sets out the regulator’s expectations for managing liquidity risk.

OSFI said the proposed changes are intended to add clarity to its liquidity risk management requirements, while also ensuring that its guidance remains current, relevant and appropriate.

The rules in this area were last updated in 2012. “Since then, market practices have evolved and the complexity of both measuring and managing liquidity risk has increased,” OSFI noted.

The regulator also said that it has found that liquidity risk management practices at certain banks have needed improvement.

The deadline for providing feedback on the proposals is Sept. 13. OSFI aims to implement its proposed revisions by Jan. 1, 2020.

At the same time, OSFI is also revising its capital requirements for operational risk. The revisions aim to keep its requirements in line with the latest changes to the Basel III capital framework.

The new requirements will take effect starting in the first quarter of 2021.