Revised implementation timeline for FRTB Rules

OSFI is revising the timeline for the Canadian implementation of the Minimum capital requirements for market risk (Fundamental Review of the Trading Book, or FRTB) rules. The domestic implementation timeline is being extended by at least one year, with the first regulatory reporting under the FRTB rules commencing no earlier than the first quarter of 2021. This change recognizes the challenges of implementation and the fact that the majority of key competitors in foreign markets may not implement the new rules by the Basel Committee on Banking Supervision’s expected 2019 year-end date for initial regulatory reporting.