Office of the Superintendent of Financial Institutions
The Foreign Bank Branch Deposit Requirement guideline (Guideline A-10) sets out OSFI’s expectations regarding the minimum deposit, to be held in trust, which authorized foreign banks must maintain in respect of their business in Canada.
The current version of the guideline dates back to 2002. Since then, OSFI’s expectations and processes with respect to Foreign Bank Branches have evolved and the guideline, therefore, requires updating.
OSFI’s objective is to update and better align the guideline with the Bank Act. Proposed revisions include:
OSFI is issuing a draft revised guideline for public consultation. Stakeholders may direct related questions and comments to Andrew Peterson, Director, Capital Division at email@example.com. OSFI will post a non-attributed summary of stakeholder comments and OSFI responses when the final version of the guideline is released.
OSFI recommends that Guideline A-10 be updated to reflect current practices and better align with the Bank Act.
Once the public consultation is complete, OSFI will consider all stakeholder comments when developing the final version of the guideline, which will be effective January 1, 2020.
The title of Guideline A-10 is being changed to Foreign Bank Branch Deposit Requirement from Capital Equivalency Deposit.
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