Office of the Superintendent of Financial Institutions
OSFI has taken a number of actions that build resilience of federally regulated financial institutions and improve the stability of the Canadian financial system and economy in response to challenges posed by COVID-19.
OSFI announcements concerning COVID-19 are posted below.
Notice - July 23, 2020
Today, OSFI has updated its published FAQs for:
Notice - June 26, 2020
Notice - June 25, 2020
Notice - June 11, 2020
Notice - June 4, 2020
Notice - May 29, 2020
Today, the Department of Finance Canada announced the coming into force of the new Solvency Special Payments Relief Regulations, 2020. The regulations came into force on May 27, 2020 and are expected to be published in the Canada Gazette, Part II on June 10, 2020.
OSFI has added a new funding relief section to its COVID-19 FAQ series with additional details for defined benefit plan administrators on the new regulations.
Notice - May 28, 2020
Remarks - May 26, 2020
On May 13, Jamey Hubbs, Assistant Superintendent, Deposit-Taking Supervision Sector was interviewed by Sonia Baxendale, President and CEO of the Global Risk Institute as part of a webinar hosted by the Institute.
Remarks - May 21, 2020
On May 21, Superintendent Jeremy Rudin and Assistant Superintendent Ben Gully appeared before the House of Commons Standing Committee on Finance to discuss OSFI's response to the COVID-19 pandemic.
Notice - May 21, 2020
Notice - May 14, 2020
Directives - May 7, 2020
OSFI has revised the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives) to provide the Superintendent's automatic consent to portability transfers to locked-in vehicles for members who are eligible for early retirement subject to specific conditions. Please refer to question 4 in the FAQs for more information on the changes that were made. Administrators may still request the Superintendent's consent for other transfers or annuity purchases based on plan-specific or special circumstances.
Notice - May 7, 2020
Letter - May 1, 2020
OSFI continues to actively monitor the COVID-19 pandemic and is providing additional information in an industry letter on expectations surrounding capital management for deposit-taking institutions (DTIs). OSFI expects all DTIs, including those using the Standardized Approach to credit risk to consider the appropriateness of their capital management actions in the current environment.
Notice - April 30, 2020
Notice - April 23, 2020
Statement - April 17, 2020
The current economic instability caused by the COVID-19 pandemic has raised questions around the world about how best to approach bank capital requirements and the resulting implications for bank dividend policies. This statement provides an overview of the existing regime in Canada.
Notice - April 15, 2020
On Thursday, April 16 at 10:00 a.m. (ET), the Office of the Superintendent of Financial Institutions (OSFI) will offer a technical briefing for analysts on COVID-19 related regulatory measures announced for federally regulated insurers.
On Thursday, April 16 at 11:00 a.m. (ET), the Office of the Superintendent of Financial Institutions (OSFI) will offer a technical briefing for analysts on COVID-19 related regulatory measures announced for deposit-taking institutions.
News Release - April 9, 2020
On April 9, OSFI announced further regulatory adjustments to support the financial and operational resilience of federally regulated banks, and insurance companies. The measures focus primarily on capital adequacy requirements for these institutions as well as changes in their reporting requirements.
Statement - April 3, 2020
In a statement issued on April 3, Superintendent Jeremy Rudin noted that Canadians should continue to have confidence that OSFI is working to ensure that banks are still able to make loans, that deposits remain available to Canadians; that insurance companies can pay policyholders; and that pension plans can continue to make payments to retirees.
News Release - March 30, 2020
On March 30, OSFI issued direction on how federally regulated deposit taking institutions (DTIs) should treat new capital made available to small and medium sized enterprises through recently announced government programs. By announcing the capital treatment for loans made through these programs, OSFI is providing timely direction for institutions, financial markets and borrowers.
News Release - March 27, 2020
On March 27, OSFI announced a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers and private pension plans. This includes adjusting a number of regulatory capital, liquidity and reporting requirements.
Notice - March 16, 2020
On March 12, OSFI disclosed that one of its Ottawa employees was undergoing testing for the COVID-19 virus, and that as a precautionary measure Ottawa staff have been asked to work from home temporarily. The employee has received a negative test result.
News Release - March 13, 2020
Today the Office of the Superintendent of Financial Institutions is lowering the Domestic Stability Buffer (DSB) by 1.25% of risk-weighted assets, effective immediately. The release of the DSB will support in excess of $300B of additional lending capacity by domestic systemically important banks.
Notice - March 13, 2020
OSFI has decided to fully implement its Business Continuity Plan (BCP) across the organization. This means all staff in OSFI's four offices (Montreal, Ottawa, Toronto, Vancouver) have been asked to begin teleworking until April 5, 2020.
Notice - March 12, 2020
An OSFI employee located in Ottawa is being tested for COVID-19. Please note that, at this time, it is not a presumptive or confirmed case. OSFI has decided that in an abundance of caution to ask employees at the Ottawa offices to telework temporarily. Approximately 360 employees have been asked to work from home as a result.
Have a question that is not addressed in these FAQs? Please send your question to COVID-19FAQS@osfi-bsif.gc.ca.
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