The Office of the Superintendent of Financial Institutions charges fees for services in accordance with the
Service Fees Act (the
Act). The
Act requires the implementation of
service standards for the delivery of services that are subject to a fee.
When service standards are not met, Section 7 of the
Act requires OSFI to remit all or part of the fee paid to the payer before July 1, of the following fiscal year.
Remissions will not be issued for service standards that were missed due to circumstances outside of the department's control such as acts of nature that require the removal of personnel or prevent personnel from accessing their workplace (e.g. floods, power failures, etc.), labour disruptions that prevent the delivery of services, or delays caused by the applicant's failure to provide information in a timely manner.
OSFI reviews service standards for all service fees quarterly and will remit fees in the form of a refund for service standards missed in the subsequent quarter in accordance with the following table. Please note that interest is not paid on pending remissions.
| Schedule Item | Service | Standard missed by 1 to 180 days % of fee remitted | Standard missed by more than 180 days % of fee remitted |
|---|
| S1-01 | Letters patent of incorporation | 25% | 100% |
| S1-02 | Letters patent of continuance | 25% | 100% |
| S1-03 | Order permitting a foreign bank to carry on business in Canada | 25% | 100% |
| S1-04 | Order approving the insuring in Canada of risks by a foreign body corporate | 25% | 100% |
| S1-14 | Exemption from material banking group status | 25% | 100% |
| S1-15 | Approval for a foreign bank or an entity associated with a foreign bank to have a financial establishment in Canada | 25% | 100% |
| S1-16 | Approval for a foreign bank or an entity associated with a foreign bank in respect of investments and activities | 25% | 100% |
| S1-21 | Approval to maintain a representative office of a foreign bank | 25% | 100% |
| S1-40 | Reservation of a name | 100% | N/A |
| S2-01 | Written, precedent-setting ruling relating to the quality of capital | 25% | 100% |
| S2-02 | Accreditation of provincial reinsurer | 25% | 100% |
| S2-03 | Written interpretation of Acts, regulations, guidelines or rulings | 25% | 100% |
| S2-04 | Written, non-precedent-setting confirmation of quality of capital | 25% | 100% |
| S2-10 | Copies of any one of the following corporate documents (per request and per body corporate):
- certificate of confirmation
- certified copy of letters patent or of incorporation or amalgamation documents
- corporate history of a body corporate
| 100% | N/A |