Office of the Superintendent of Financial Institutions
The applicant is generally expected to provide:
the business rationale for requesting an indeterminate extension;
details relating to the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity, by the applicant or subsidiary of the applicant, obtained as a result of a loan default, including a description of the debt-restructuring program, and a list of minority shareholders, if applicable;
description of the business activities of the entity and the most recent financial statements of the entity; and
refer to the information requirements set out in the document, Substantial Investment Requiring Minister’s Approval, A No. 8, which can be found in this series of Transaction Instructions.
In the event that the temporary investment is not a permitted investment, the approval of the Superintendent must be sought under the Deemed Approvals Regime.
The information requirements and administrative guidance are intended to satisfy typical applications. They have been derived from OSFI’s experience in assessing applications. Applicants who provide all information and material requested can generally expect a more timely assessment of their applications. As appropriate to the circumstances, OSFI may request additional information, take into account other matters, impose terms and conditions, or require undertakings.