- Type of Publication: Letter
- Date: November 26, 2019
- Foreign Bank Branches
- Foreign Insurance Branches
The Securities Administration Unit (SAU) acts as OSFI’s administrator for the vested asset/capital equivalency deposit accounts of federally regulated foreign banks and insurance branches. The SAU also oversees reinsurance collateral placed in Reinsurance Security Agreements with trustees in respect of insurance companies. The SAU’s primary role is supporting its lead supervisors in ensuring there is adequate monitoring of assets held in Canada, as required by the Bank Act and the Insurance Companies Act.
In 2018, OSFI completed a review of the responsibilities and general operating activities of the SAU. Today, we are announcing the first in a series of steps to modernize and improve the Securities Administration regime and process. Effective December 9, 2019, Regulatory Affairs Division (RAD) in Ottawa will replace Insurance Supervision Sector (ISS) in Toronto as administrator of the Securities Administration process. Because the activities of RAD’s approval team and those of the SAU are similar in many respects, OSFI expects this change to yield efficiencies.
What is changing?
On December 9, 2019, RAD in Ottawa will begin processing all SAU requests.
The SAU will be renamed the Securities Administration and Approvals Reporting Unit (SAAR) to reflect its new responsibilities within RAD. The e-mail address SAU@osfi-bsif.gc.ca will remain active for now but a new email has been set up for securities-related submissions – SAAR@OSFI-BSIF.gc.ca. In addition, faxes to 1-416-973-1171 will be forwarded to the following Ottawa fax number 613-990-5591.
In 2020, the next phase of the SAU modernization will continue with external consultations on initiatives to improve the Securities Administration regime and process.
If you have any questions or comments related to the above, please feel free to contact the undersigned.
Manager, Securities Administration and Approvals Reporting Unit
Regulatory Affairs Division