Can you list who the OSFI regulates?
The Office of the Superintendent of Financial Institutions (OSFI) regulates and supervises all banks and federally incorporated or registered trust and loan companies in Canada, as well as insurance companies and fraternal benefit societies.
Are credit unions regulated by OSFI?
Federal credit unions The legislative model was based on the framework applicable to banks. The model wove in unique cooperative elements for federal credit unions and established transitional elements to facilitate the migration of credit unions to federal jurisdiction and subject to OSFI’s regulation.
Is OSFI federal?
The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their requirements.
Who governs banks in Canada?
OSFI regulates and supervises domestic banks and foreign banks operating in Canada. Foreign bank subsidiaries are regulated under the Bank Act .
Is OSFI a regulator?
OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight.
What is OSFI compliance?
OSFI regulates and supervises both domestic and foreign banks operating in Canada. It regulates foreign bank subsidiaries under the Bank Act and controls them through eligible foreign institutions.
Is OSFI a Crown corporation?
While the Department of Finance reports directly to the minister, OSFI and the others are arm’s-length agencies or Crown corporations, reporting to Parliament through the minister.
Is OSFI part of Bank of Canada?
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987 to contribute to the safety and soundness of the Canadian financial system.
What is OSFI in cloud?
The Office of the Superintendent of Financial Institutions Canada (“OSFI”) is responsible for regulating federally registered banks and insurers, trust and loan companies, as well as private pension plans in Canada. OSFI contributes to the safety and soundness of the Canadian financial system.
What are regulatory compliance requirements?
Regulatory compliance is an organization’s adherence to laws, regulations, guidelines and specifications relevant to its business processes. Violations of regulatory compliance often result in legal punishment, including federal fines.
Who is OSFI superintendent?
OSFI Leadership The current Superintendent is Peter Routledge, appointed June 29, 2021, for a seven-year term. His role is to represent Canada on the Financial Stability Board Steering Committee and the Standing Committee on Supervisory and Regulatory Cooperation.
What is OSFI e13?
Guideline E-13 sets out OSFI’s expectations for FRFIs with respect to the management of regulatory compliance risk inherent in FRFIs’ business activities enterprise-wide. A wide variety of laws and regulations apply to FRFIs in Canada, and for some, outside Canada.