Office of the Superintendent of Financial Institutions
On June 24, the Minister of Finance announced that Peter Routledge was appointed as the new Superintendent of Financial Institutions. His term will begin on June 29.
Continue reading: Appointment of Peter Routledge as Superintendent of Financial Institutions
The consultation process will help to refine the capital expectations that institutions will be required to meet upon implementation of IFRS 17.
Explanation of specific changes to each guideline, as well as how to make a submission, can be found in individual cover letters for each guideline.
Continue reading: Industry consultation – Draft insurance capital guidelines 2023
Preserving Financial Resilience in Banking
"I want to reiterate that timely implementation of the Basel III reforms is central to OSFI's prudential priorities. The innovations related to capital, leverage, and liquidity regulation are essential to preserving financial resilience. At the same time, sound regulation needs to continue to be backed by strong supervision and appropriate public disclosures."
Continue reading: Remarks by Assistant Superintendent Ben Gully
Today the Office of the Superintendent of Financial Institutions (OSFI) launched a ten-week consultation with the publication of a discussion paper,
Assurance on Capital, Leverage and Liquidity Returns for federally regulated insurers and deposit-taking institutions.
Beware of email scammers posing as OSFI employees.
The Domestic Stability Buffer (DSB) is set at:
1.00% of total risk-weighted assets,however will be set to 2.50% of risk-weighted assets effective October 31, 2021
Minimum Qualifying Rate for Uninsured Mortgages
Effective June 1, 2021, the minimum qualifying rate for uninsured mortgages is the greater of:the mortgage contract rate plus 2% or 5.25%.
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. OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight.
Why I am proud to work at OSFI!
About the Superintendent
OSFI works closely with its federal partners, including the Department of Finance, the Bank of Canada, the Canada Deposit Insurance Corporation and the Financial Consumer Agency of Canada.