​The Bank Act, Trust and Loan Companies Act, Insurance Companies Act, and Cooperative Credit Associations Act all require federally regulated financial institutions (FRFIs) to seek regulatory approval from the Superintendent of Financial Institutions or the Minister of Finance (acting on the advice of OSFI), prior to engaging in certain transactions or business undertakings. Such regulatory approvals are also required by persons wishing to incorporate a FRFI, and by foreign banks or foreign insurance companies wishing to establish a presence or to make certain investments in Canada. OSFI administers a regulatory approval process that is prudentially effective, responsive, innovative and transparent. OSFI’s Approvals team strives to ensure that recommendations made to the Superintendent and to the Minister are in the best interest of depositors and policyholders as well as the Canadian financial sector.