Rulings

Rulings describe how OSFI has applied or interpreted provisions of the federal financial institutions legislation, regulations or guidelines. They may provide guidance for other transactions where the relevant facts are the same or similar to those of a particular transaction or type of transaction. However, subsequent transactions may raise additional or different considerations that were not raised in a previous Ruling. Therefore, Rulings are not necessarily binding on OSFI's consideration of subsequent transactions.

Questions or comments regarding Rulings may be directed to the Legislation and Approvals Division.

No. Subject BA TLCA ICA CCAA
2016-01 Promotion of a “Comprehensive Credit Insurance” Policy by a Bank 416 and 549 416 489 and 607 381
2015-01 Demutualization – Property and casualty companies – Eligible policyholders N/A N/A 236.1, 237 N/A
2011-02 Business in Canada – Credit card activities 510(1) N/A N/A N/A
2011-01 "Near" Foreign Banks – Securities dealer undertakings Part XII N/A N/A N/A
2008-05 Alternate Name - Use of a trade name 40, 42, 255, 530, 693, 696, 832 41, 44, 260 42, 44, 278, 730, 733, 880 35, 38, 250
2008-04 Foreign banks - Investments - Financial services entity 507(1)      
2008-03 Control in Fact – Major shareholder and service provider 3(1)(d) 3(1)(d) 3(1)(d) 3(1)(e)
2008-02 Classes of Insurance – Reverse mortgage loan insurance     Schedule - Classes of Insurance  
2008-01 Business in Canada – Referral arrangement 510(1)      
2007-03 Insurance in Canada of Risks – Financial Guarantee Insurance and Residual Value Insurance N/A N/A 573(1) and (2) N/A
2007-02 Control in Fact – Trustee or manager

3(1)(d)

3(1)(d)

3(1)(d)

3(1)(e)

2007-01 Business in Canada – Access to the Canadian capital market 510(1)(a) and (b) and 510(2) and (3) N/A N/A N/A
2005-03-R1 Insurance in Canada of Risks – Group Policy N/A N/A 573(1), 573(2) N/A
2005-02 Classes of Insurance - Aquaculture insurance N/A N/A Schedule - Classes of Insurance N/A
2005-01 Capital Structure – Conversion of subordinated debt 65, 69, 78, 80 68, 71, 81, 83 69, 72, 82, 84 74, 76, 85, 87
2004-08 Sanctions - Unauthorized use of the word "bank" 983(2), 983(4) to (6.1) and (10) to(12) N/A N/A N/A
2004-07 Foreign Bank Representative Offices - Asset management services 522(a), Section 6 of the Foreign Bank Representative Offices Regulations N/A N/A N/A
2004-06 Foreign Bank - Business in Canada - Realization of security interests 510(1), 510(2) N/A N/A N/A
2004-05 Physically settled commodity trading 409(1), 409(2),410(2), 538(1), 538(2), 539(2) 409(1), 410(2) 440(1), 441(3) 375(1), 376(3)
2004-04 Foreign Banks - Business in Canada - Financing Program 510(1); 510(2) N/A N/A N/A
2004-03 Foreign Banks - Business in Canada - Mortgage loan administration services 510(1); 510(3) N/A N/A N/A
2004-01 Business and Powers - Experience Refund Programs N/A N/A 573(2) N/A
2003-06 Foreign Banks – Foreign remittance activities through representative offices 522(a) N/A N/A N/A
2003-05 Foreign Banks – Small denomination notes 545(1), 545(3) N/A N/A N/A
2003-04 Classes of Insurance – Property Valuation Indemnity Insurance N/A N/A Schedule - Classes of Insurance N/A
2003-02-R1 Voluntary Liquidation – Outstanding deposit liabilities 364, 366 369, 371 402, 404 348, 350
2003-01 Business and Powers - Acting as a service provider 15, 409 14, 409 15, 440 16, 375
2002-01 Business and Powers - Acting as trustee for a trust 412, 544 412 466 378
2001-03 Self-dealing - Deeming a party to be a related party 486 474 518 410
2001-02 Capital Structure - Holding of shares in the FRFI or its controlling body corporate 70 73 74 78
2001-01 Capital Structure -Conversion of shares 65, 69, 77 68, 71, 80 69, 72, 81 74, 76, 84

Removed Rulings

  • 2003-03 Classes of Insurance – Vehicle title insurance

    As a result of amendments to the Schedule to the Insurance Companies Act that came into force in 2006, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2004-02 Incorporation, Continuance and Discontinuance - Continuance of a Bank under the CBCA 

    As a result of amendments to the FRFI legislation that came into force in 2007, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2009-01 Directors of Federally Regulated Entities - Agent of a Crown Corporation

    As a result of amendments to the FRFI legislation that came into force in 2013, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2009-02 Business and Powers - Insurance Promotion on a Bank’s Website

    As a result of amendments to the Insurance Business Regulations that came into force in 2012, this document is no longer relevant and has therefore been removed from OSFI’s website.