Transaction instructions

Financial institutions need to apply for regulatory approval under federal acts that the Office of the Superintendent of Financial Institutions (OSFI) is responsible for. To make our process as transparent as possible and improve our assessment times, we’ve created transaction instructions. They supply applicants with: 

  • what information we need to assess your application 
  • what we look for in applications

If you provide all the information and material we request, you can expect a more timely assessment of your application. We may request more information, if needed.

Incorporation and continuance guides

For more detailed instructions for incorporation or continuance, please refer to the following guides:

List of transaction instructions

Type of transaction Legislative authorities Deemed approval/Not subject to deemed approval
Acquisition or disposal of assets exceeding 5% of a FI’s assets, to/from a widely held bank or insurance holding company or a subsdiary of the holding company that is related to FI Deemed approval
Acquisition or increase of a significant interest* in, and/or acquisition of control** of, a federally regulated entity*** Non deemed approval
Amalgamations Non deemed approval
Amending an order to commence and carry on business to add or delete a class of insurance (Canadian company) Non deemed approval
Amending an order to insure in Canada risks to add or delete a class of insurance (foreign company) Non deemed approval
Asset transaction greater than 10% of assets Deemed approval
Change of name – by-law Deemed approval
Change of name – foreign entity Non deemed approval
Change of name – letters patent Non deemed approval
Continuation of a body corporate Non deemed approval
Discontinuance – Continuance under the Canada Business Corporations Act or the Canada Not-For-Profit Corporations Act Non deemed approval
Establishment of a branch by a foreign insurer (order to insure in Canada risks) Non deemed approval
Exemption from requirements for solicitation of proxies by dissidents Deemed approval
Exemption from restriction on being a partner in a partnership Deemed approval
Exemption from self-dealing provisions disallowing issuance of shares of a FRE in exchange for shares of another body corporate Deemed approval
Extension of divestiture period for control or holding a substantial investment by a foreign bank or entity associated with a foreign bank obtained as a result of realization of a security interest or a loan default
  • subsections 522.15(2) and 522.15(3) of the Bank Act
 Non deemed approval
Extension of divestiture period for control or holding of a substantial investment obtained as a result of a loan default-minister’s approval Non deemed approval
Extension of divestiture period for control or the holding of a substantial investment obtained through the realization of a security interest-minister’s approval Non deemed approval
Extension of divestiture period for the control of or holding of a substantial investment in, an entity obtained as a result of a loan default Deemed approval
Extension of divestiture period for the control of or substantial investment in an entity obtained through realization of a security interest Deemed approval
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