Office of the Superintendent of Financial Institutions
OSFI has released a final revised version of Guideline B-10, Outsourcing
of Business Activities, Functions and Processes, which sets
out OSFI’s expectations for federally regulated entities (FREs)
that outsource or contemplate the outsourcing of one or more of
their business activities to a service provider.
On April 20, 2007, as a result of the coming into force of Bill
C-37, the need for a federally regulated entity no longer needs
to obtain the approval of the Superintendent to maintain and process
outside Canada information or data relating to the preparation and
maintenance of certain corporate, accounting and customer records.
The revisions to Guideline B-10 primarily reflect the repeal of
this approval requirement, or are otherwise designed to clarify
The Guideline includes, among others, the following revisions
from the December 2003 Guideline.
OSFI does not expect the revised Guideline will necessitate changes
to existing contracts that a FRE has in place with service providers,
or substantive amendments to policies and procedures. As such, no
new transition period is suggested for compliance with the revised
Questions with respect to the Guideline should be addressed to
Emiel van der Velden at (613) 998-7479 or by e-mail at email@example.com.
This version of the Guideline supersedes the December 2003 Guideline.