The Office of the Superintendent of Financial Institutions has issued a couple of updates to capital adequacy requirements.A new advisory from OSFI addresses changes to the aggregate limit on tier-1 qualifying preferred shares and innovative instruments. Previously, OSFI maintained that a strongly capitalized financial institution should not have innovative instruments and perpetual non-cumulative preferred shares […]
The Office of the Superintendent of Financial Institutions has issued a couple of new rulings, one dealing with foreign banks, and the other on classes of insurance. OSFI reviewed an arrangement between a foreign bank (a credit card issuer) and a Canadian financial institution that would see the Canadian institution refer some of its clients […]
Volk named head of corporate services
Insurers likely to encounter similar hurdles
The Office of the Superintendent of Financial Institutions has published final versions of its capital adequacy guidelines ahead of Basel II taking effect November 1.OSFI is reissuing certain guidelines that were published towards the end of last year, incorporating comments it received from industry associations and individual banks, and to correct errors that were identified […]
The Office of the Superintendent of Financial Institutions has issued a new regulatory and legislative advisory on the insurance of risks in Canada.The advisory provides guidance on determining whether a foreign entity is considered to be insuring risks in Canada, and states how OSFI will apply these criteria to various business models.OSFI notes that the […]
New guidelines correct errors from previous version released in December 2006
The Office of the Chief Actuary has established a panel of actuaries to review the 23rd Actuarial Report on the Canada Pension Plan (CPP).Produced every three years, the Actuarial Report on the CPP is considered by the federal and provincial ministers of Finance when reviewing and making recommendations on the CPP. The external peer review […]
Hanna appointed Assistant Superintendent, Regulation Sector
Foreign banks selling their debt to Canadian securities dealers are not carrying on business in Canada, regulators says