OTTAWA ─ January 21, 2016 ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released for comment a draft guideline on Pillar 3 Disclosure Requirements. The draft guideline sets out OSFI’s expectations for domestic implementation by Canada’s six domestic systemically important banks of the Revised Pillar 3 Disclosure Requirements (Revised Basel Pillar 3 standards) issued by the Basel Committee on Banking Supervision in January 2015. The draft guideline is expected to take effect for the reporting period ending October 31, 2017. Additional disclosure requirements are likely to be introduced at a later date for those banks as the Basel Committee completes its review of Pillar 3 public disclosure requirements.
Pillar 3 disclosure requirements for other federally regulated deposit-taking institutions will be reviewed at a later date after the Basel Committee completes its work on Pillar 3. This will enable OSFI to conduct a comprehensive review of disclosure requirements applied to those institutions to ensure that they are effective and appropriate for the nature, size and complexity of those institutions.
- OSFI is inviting comments on the draft guideline, which it will consider in developing the final version of the guideline. The deadline for receipt of comments is March 21, 2016.
- A non-attributed summary of industry comments received, along with OSFI’s responses, will be posted on OSFI’s website when the final guideline is released later this year.
- The final version of the guideline will replace OSFI’s November 2007 Advisory on Pillar 3 Disclosure requirements.
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