Draft amendments to Pillar 3 disclosure guidelines for D-SIBs and SMSBs

Document properties

  • Type of publication: Letter
  • Date: April 28, 2023
  • To:
    • Banks
    • Bank holding companies
    • Federally regulated trust and loan companies

Today, the Office of the Superintendent of Financial Institutions (OSFI) released the draft amendments to the Pillar 3 Disclosure Guidelines for consultation. These amendments incorporate the market risk and credit valuation adjustment risk disclosures of the Basel III Pillar 3 frameworkFootnote 1.

The draft amendments are for D-SIBsFootnote 2 and SMSBsFootnote 3 designated by OSFI to apply the market risk framework of the Capital Adequacy Requirements Guideline effective in Q1 2024. These disclosures would be effective for the fiscal year-end 2024 reporting period.

The draft amendments to the guidelines are open for a 60-day consultation period. Questions and comments should be addressed to Pillar3-Pilier3@osfi-bsif.gc.ca by June 27, 2023. Stakeholders are also welcome to submit comments through the online questionnaire during the consultation. A non-attributed summary of comments received, along with OSFI’s responses, will be posted on OSFI’s website with the issuance of the final guideline later this year.

Tolga Yalkin
Assistant Superintendent Policy, Innovation and Stakeholder Affairs


Footnote 1

OSFI is monitoring developments from the Basel Committee on Banking Supervision Technical Amendments (PDF) public consultation issued in March 2023 and will consider the appropriateness of any changes to the credit valuation adjustment disclosures in the final guidelines.

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Footnote 2

Chapter 1 of the Capital Adequacy Requirements (CAR) Guideline identifies D-SIBs as Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and Toronto-Dominion Bank.

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Footnote 3

SMSBs are banks (including federal credit unions), bank holding companies, federally regulated trust companies, and federally regulated loan companies that have not been designated by OSFI as domestic systemically important banks (D-SIBs). This includes subsidiaries of SMSBs or D-SIBs that are banks (including federal credit unions), federally regulated trust companies or federally regulated loan companies.

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