Service Standards

Document Properties

  • Date: June 2005

SERVICE STANDARD 1 - Superintendent Deemed Approvals 90% will be processed in less than 30 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. (Note, information requirements for Superintendent Deemed Approvals are described in the OSFI Transaction instructions for applications subject to the deemed approval process available on OSFI's Web site at: http://www.osfi-bsif.gc.ca/Eng/fi-if/app/aag-gad/ti-io/tida-ioa/Pages/default.aspx.)

OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For Deemed Approvals only, OSFI will issue a “notice of extension” if it is going to take more than 30 days (from the date of the “application receipt”) to complete the approval. (This is necessary because otherwise, the application would be “deemed” approved after 30 days.) For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension.

Description of Document or Service Bank Act T&LC ICA CCAA
Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity (Superintendent Approval)
  • 468(6)
  • 930(6)
453(6)
  • 495(8)
  • 971(6)
390(6)
Permission to retain control of, or to hold a substantial investment in, an entity for an indeterminate period
  • 471(5)
  • 933(4)
456(5)
  • 498(5)
  • 974(4)
393(5)
Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Superintendent Approval)
  • 471(1)
  • 471(2)
  • 933(1)
  • 456(1)
  • 456(2)
  • 498(1)
  • 498(2)
  • 557(1)
  • 557(2)
  • 974(1)
  • 393(1)
  • 393(2)
Approval of asset transactions with a related party or of arrangements applying to such transactions
  • 494(3)
  • 494(4)
  • 482(3)
  • 482(4)
  • 527(3)
  • 527(4)
  • 418(3)
  • 418(3.1)
Consent for purchase or redemption of shares or membership shares
  • 71
  • 715
74
  • 75
  • 754
79
Approval of special resolution for reduction of stated capital
  • 75
  • 718
78
  • 79
  • 757
82
Approval of amendment to by-laws to change name 217(3) 222(3)
  • 238(3)
  • 544.1
  • 851(3)
221(2)
Approval for the issuance of shares or other securities in consideration for property
  • 65
  • 80
  • 709
  • 723
  • 68
  • 83
  • 69
  • 84
  • 748
  • 762
  • 74
  • 87
Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Superintendent Approval)
  • 471(3)
  • 472(4)
  • 473(4)
  • 934(3)
  • 935(3)
  • 456(3)
  • 457(4)
  • 458(4)
  • 498(3)
  • 499(4)
  • 500(4)
  • 557(3)
  • 558(4)
  • 559(4)
  • 974(2)
  • 975(3)
  • 976(3)
  • 393(3)
  • 394(4)
  • 395(4)
Approval of an acquisition or a transfer of assets in excess of 10% of the total value of assets
  • 482
  • 944
470
  • 512
  • 569
  • 987
406
Approval of an acquisition or a transfer of assets in excess of 5% of the total value of assets from a related party that is not a federal financial institution 495.3 483.3 528.3 N/A
Approval to be reinsured by a related party that is not a company or foreign company N/A N/A
  • 523
  • 597(1)
N/A

SERVICE STANDARD 2 - Superintendent Non-deemed Approvals except those in Category 3 90% will be processed in less than 60 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or place it on hold.

Description of Document or Service Bank Act T&LC ICA CCAA
Order increasing the aggregate financial exposure limit 495.2(3) 483.2(3) 528.2(3) N/A
Authorization for the release of assets in Canada 599 N/A 650 N/A
Approval to maintain a representative office of a foreign bank 522 N/A N/A N/A
Approval of transactions that are part of the restructuring of a bank holding company or of an insurance holding company or any entity controlled by such a company and to which self-dealing provisions will not apply 487(2)(e) N/A 519(2)(f) N/A
Approval of the making or acquisition of commercial loans, or the acquisition of control of an entity that holds commercial loans, if the total value of commercial loans held exceeds the specified limit N/A 462 504 N/A
Reservation of a name
  • 43
  • 697
45
  • 45
  • 734
39
Accreditation of a provincial reinsurer N/A N/A N/A N/A
Approval of an amendment to an approved asset-to-capital multiple or borrowing multiple N/A N/A N/A N/A
Approval of the issuance of subordinated debt to a parent N/A N/A N/A N/A
Consent for purchase or redemption of securities other than shares N/A N/A N/A N/A
Variation of an order approving the commencement and carrying on of business of a body corporate or approving the insuring in Canada of risks by a foreign body corporate
  • 54
  • 534(6)
58
  • 59
  • 586(1)
  • 657(4)
62
Exemption from requirement to provide financial statements for non-bank affiliates 522.27 N/A N/A N/A

SERVICE STANDARD 3 - Superintendent Non-deemed Approvals of Deposit and Trust Agreements and Letters of Credit (Processed by the Securities Administration Unit) 90% will be processed in less than 15 business days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all material information relevant to the approval requirements. For the purposes of measuring performance against the service standard:

  • The final day for processes involving (a) the approval of a deposit agreement or of a trust deed to maintain assets in Canada, or (b) the approval of a reinsurance security agreement or an amendment to such an agreement, is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension;

  • The final day for processes involving the approval of a letter of credit in lieu of assets, is the day that OSFI advises the applicant that the letter of credit meets OSFI's requirements.

Description of Document or Service Bank Act T&LC ICA CCAA
Approval of a deposit agreement or of a trust deed to maintain assets in Canada 582 N/A 611 N/A
Approval of a reinsurance security agreement or of an amendment to a reinsurance security agreement N/A N/A N/A N/A
Approval of a letter of credit in lieu of assets N/A N/A N/A N/A

SERVICE STANDARD 4 - Ministerial Approvals 80% will be processed in less than 90 calendar days of receipt

This service standard is more lenient than the Superintendent Approvals (Categories 1 to 3) because Ministerial Approvals typically involve more complex cases that demand additional time. For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a Recommendation Memorandum has been sent to the Minister to approve or deny the application or the day that the applicant decides to withdraw the application or place it on hold.

Description of Document or Service Bank Act T&LC ICA CCAA
Letters patent of incorporation
  • 22
  • 671
21
  • 22
  • 708
23
Letters patent of continuance
  • 33
  • 682
31
  • 32
  • 719
N/A
Order permitting a foreign bank to carry on business in Canada 524(1) N/A N/A N/A
Order approving the insuring in Canada of risks by a foreign body corporate N/A N/A 574 N/A
Letters patent of amalgamation
  • 228
  • 808
233
  • 251
  • 862
231
Approval of an agreement respecting the sale of all or substantially all assets 236 241 N/A N/A
Approval of the acquisition or increase of a significant interest
  • 373
  • 875
375
  • 407
  • 927
354
Approval of a purchase, reinsurance or transfer of policies, a reinsurance against risks undertaken by the company, or a sale of assets N/A N/A
  • 254
  • 587.1
N/A
Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity (Ministerial Approval)
  • 468(5)
  • 930(5)
453(5)
  • 495(7)
  • 554(5)
  • 971(5)
390(5)
Approval to retain control of, or to continue to hold a substantial investment in, an entity for longer than 90 days
  • 471(4)
  • 522.14(4)
  • 933(3)
456(4)
  • 498(4)
  • 557(4)
  • 974(3)
393(4)
Approval, for an indeterminate period, to retain control of, or to hold a substantial investment in, an entity that was acquired by way of a loan workout or realization of a security interest
  • 472(7)
  • 473(5)
  • 522.15(3)
  • 934(6)
  • 935(4)
  • 457(7)
  • 458(5)
  • 499(7)
  • 500(5)
  • 558(7)
  • 559(5)
  • 975(6)
  • 976(4)
  • 394(7)
  • 395(5)
Order exempting an entity from being a member of a material banking group 508(3) N/A N/A N/A
Order approving a foreign bank or an entity associated with a foreign bank to carry out any activity described in section 522.22 of the Bank Act 522.22 N/A N/A N/A
Approval to have a financial establishment in Canada
  • 522.21(1)
  • 522.211(1)
N/A N/A N/A
Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Ministerial Approval) 522.14(2) N/A N/A N/A
Letters patent of dissolution
  • 342
  • 344
  • 347
  • 349
  • 380
  • 382
  • 570.04
  • 570.06
  • 920
  • 922
  • 326
  • 328
Short-term exemption order 973.1 N/A N/A N/A
Letters patent of, or approval of, continuance or amalgamation under any other Act of Parliament or any Act of the legislature of a province
  • 39.2
  • 689
38(1)
  • 39(1)
  • 726
32(1)
Approval to amend an incorporating instrument 215 220
  • 224
  • 849
219
Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Ministerial Approval)
  • 522.14(3)
  • 522.15(2)
N/A N/A N/A

SERVICE STANDARD 5 - Precedents/Rulings/Interpretations 80% will be processed in less than 180 calendar days of receipt

This service standard is the most lenient service standard because these requests typically take a considerable amount of time for analysis. For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the request and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a ruling or interpretation is issued to the applicant or the day the applicant decides to place the request on hold.

Description of Document or Service Bank Act T&LC ICA CCAA
Written, precedent-setting ruling relating to the quality of capital N/A N/A N/A N/A
Written interpretation of Acts, regulations, guidelines or rulings N/A N/A N/A N/A

SERVICE STANDARD 6 - Non-precedential Confirmations of Quality of Capital 90% will be processed in less than 60 calendar days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a “deficiency letter” to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a confirmation is issued to the applicant or the day the applicant requests to place the application on hold.

Description of Document or Service Bank Act T&LC ICA CCAA
Written, non-precedent-setting confirmation of quality of capital N/A N/A N/A N/A

SERVICE STANDARD 7 - Copies of corporate documents and certificates of confirmation 90% will be processed in less than 2 business days of receipt

For the purpose of measuring performance against the service standard, the first day of the process will be the day that OSFI receives the request. If a request is made for delivery at a day longer than 2 business days after the request, for the purposes of measuring performance against the service standard, OSFI will be viewed as having met the service standard.

Description of Document or Service Bank Act T&LC ICA CCAA
Copies of any one of the following corporate documents (per request and per body corporate): (a) a certificate of confirmation; (b) a certified copy of letters patent or of incorporation or amalgamation documents; and (c) the corporate history of a body corporate N/A N/A N/A N/A