- Type of Publication: Letter
- Date: May 16, 2016
- Our File: P1650-7
- To :
Schedule I and II Banks, Bank Holding Companies, Trust and Loan Companies, Life Insurance Companies, Property & Casualty Insurance Companies, Insurance Holding Companies, Fraternal Benefit Societies, Cooperative Credit Associations and Retail Associations
Attention: Chief Compliance Officer
Foreign Bank Branches (Schedule III banks), Foreign Life Insurance Companies, Foreign
Property & Casualty Insurance Companies, Foreign Fraternal Benefit Societies
Attention: Principal Officer / Chief Agent
- Debbie Smith
Manager, Returns Administration
Late Penalties have not been issued by OSFI for corporate returns since the implementation of the Regulatory Reporting System (RRS). We recognized that the filing of corporate returns using the new system was significantly different and provided more time for your learning and adoption.
We will now resume late filing penalties for corporate returns starting Q3, July 1, 2016. We encourage you to check your corporate profile and correct or update any information that may be overdue before June 30, 2016 to avoid any penalties.
RRS Corporate User Guide
These instructions are available from OSFI’s website at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Corporate Returns. The instructions are also available for download in RRS under Documents / Portal Documents / English / Return Instructions / Corporate Returns.
Canadian Companies Annual Corporate Certification
For Canadian FRFIs (except Canadian Fraternals), since the Annual General Meeting (AGM) date is unknown to OSFI, when the Canadian Companies Annual Corporate Certification (CCACC) return is scheduled for you, the maximum submission date is set as your due date within RRS. This return is however due at OSFI within 30 days of your AGM date and your AGM must be held within six months of your fiscal year end.
Mandatory Corporate Roles
Please note that all FRFIs are required to maintain a specific set of mandatory corporate roles within their Organization Profile. The list of mandatory roles can be found within the OSFI-658 instructions. Failure to provide these roles will produce a warning in RRS. This warning tells you that further updates are required. OSFI also added up to 5 new corporate roles back in March 2015. Out of the newly added roles, the role of Chief Risk Officer was made a mandatory role within RRS. If you have not already updated your Organization Profile with this information, please do so no later than June 30th .
If you have any questions or require clarification on any of the foregoing matters, please contact the Returns Administration at 613-991-0609.
- Canadian Bankers Association
- Canadian Fraternal Association
- Canadian Life and Health Insurance Association
- Insurance Bureau of Canada
- Trust Companies Association of Canada