For Immediate Release
OTTAWA ─ July 16, 2018 ─ Office of the Superintendent of Financial Institutions Canada
Today, the Office of the Superintendent of Financial Institutions (OSFI) released a discussion paper titled Implementation of the Final Basel III Reforms in Canada. The paper sets out OSFI’s preliminary views on the scope and timing of the domestic implementation of the final Basel III reforms, which were published by the Basel Committee on Banking Supervision (BCBS) in December 2017.
OSFI supports the changes set out in the final Basel III reforms and intends to implement them domestically, while making adjustments to reflect the Canadian market. Key areas where OSFI is considering modifications to the final Basel III reforms include the treatment of residential mortgages, the treatment of credit cards and the transition period for the capital floor.
OSFI invites stakeholders to comment on the discussion paper which will help to identify any implementation issues early on in the process.
"OSFI is committed to the implementation of the final Basel III reforms in Canada," said Carolyn Rogers, Assistant Superintendent, Regulation Sector. "The discussion paper is a key part of our commitment to consult with the industry and ensure that our implementation is properly adapted to the Canadian market”.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI – Public Affairs