Legislative 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 Regulatory Affairs Division.

Bank Act (BA)
Trust and Loan Companies Act (TLCA)
Insurance Companies Act (ICA)
Cooperative Credit Associations Act (CCAA)

No.	Subject	BA	TLCA	ICA	CCAA
2017-01	Acting Jointly or in Concert	9, 486(3)(b), 507(3)	9, 474(3)(b)	9, 518(4)(b)	11, 410(2)
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.