Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) is issuing the
Assurance on Capital, Leverage and Liquidity Returns Guideline, following a public consultation on a Discussion Paper in April 2021 and a Draft Guideline in March 2022.
Regulatory returns are key contributors to the assessment of safety and soundness of a federally regulated financial institution (FRFI). This guideline enhances and aligns assurance expectations on regulatory returns across all FRFIs.
In developing the Guideline, OSFI considered the range of feedback received during the consultation process and made adjustments where deemed appropriate.
OSFI thanks all stakeholders who provided feedback. The Annex below provides a non-attributed summary of the main feedback and an explanation of how that feedback has been addressed.
Any questions on the Guideline may be addressed by email to
Assistant Superintendent, Policy Innovation and Stakeholder Affairs
OSFI received feedback on the Draft Guideline from 12 respondents, including FRFIs, audit firms, industry, and professional associations. The summary of feedback below reflects those issues raised by a large number of respondents.
Respondents requested clarification on:
The Guideline clarifies that:
OSFI is deferring external audit requirements to 2025. The effective dates are as follows:
See OSFI’s Guideline,
Small and Medium-Sized Deposit-Taking Institutions (SMSBs) Capital and Liquidity Requirements, for categorizations of SMSBs.
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