Superintendent Deemed Approvals
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. An application is deemed complete once all the information contained in the applicable transaction instructions is submitted to OSFI's satisfaction and any other material information that the Superintendent needs to render a decision has been received. (Note, information requirements for Superintendent Deemed Approvals are described in the OSFI
Transaction instructions for applications subject to the deemed approval process available on OSFI's Web site.)
OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For Deemed Approvals only, OSFI will issue a "notice of extension" if it is going to take more than 30 days (from the date of the "application receipt") to complete the approval. (This is necessary because otherwise, the application would be "deemed" approved after 30 days.) For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension.
| Service | BA | TLCA | ICA | Standard |
|---|
| Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity (Superintendent Approval) | 468(6)
930(6) | 453(6) | 495(8)
971(6) | Within 30 calendar days of receipt |
| Permission to retain control of, or to hold a substantial investment in, an entity for an indeterminate period | 471(5)
933(4) | 456(5) | 498(5)
974(4) | Within 30 calendar days of receipt |
| Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Superintendent Approval) | 471(1)
471(2)
933(1) | 456(1)
456(2) | 498(1)
498(2)
557(1)
557(2)
974(1) | Within 30 calendar days of receipt |
| Approval of asset transactions with a related party or of arrangements applying to such transactions | 494(3)
494(4) | 482(3)
482(4) | 527(3)
527(4) | Within 30 calendar days of receipt |
| Consent for purchase or redemption of shares or membership shares | 71
715 | 74 | 75
754 | Within 30 calendar days of receipt |
| Approval of special resolution for reduction of stated capital | 75
718 | 78 | 79
757 | Within 30 calendar days of receipt |
| Approval of amendment to by-laws to change name | 217(3) | 222(3) | 238(3)
544.1
851(3) | Within 30 calendar days of receipt |
| Approval for the issuance of shares or other securities in consideration for property | 65
80
709
723 | 68
83 | 69
84
748
762 | Within 30 calendar days of receipt |
| Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Superintendent Approval) | 471(3)
472(4)
473(4)
934(3)
935(3) | 456(3)
457(4)
458(4) | 498(3)
499(4)
500(4)
557(3)
558(4)
559(4)
974(2)
975(3)
976(3) | Within 30 calendar days of receipt |
| Approval of an acquisition or a transfer of assets in excess of 10% of the total value of assets | 482
944 | 470 | 512
569
987 | Within 30 calendar days of receipt |
| Approval of an acquisition or a transfer of assets in excess of 5% of the total value of assets from a related party that is not a federal financial institution | 495.3 | 483.3 | 528.3 | Within 30 calendar days of receipt |
| Approval to be reinsured by a related party that is not a company or foreign company | N/A | N/A | 523
597(1) | Within 30 calendar days of receipt |
Superintendent Non-deemed Approvals
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. An application is deemed complete once all the information contained in the applicable transaction instructions is submitted to OSFI's satisfaction and any other material information that the Superintendent needs to render a decision has been received. (Note, information requirements for Superintendent Deemed Approvals are described in the OSFI
Transaction instructions for applications not subject to the deemed approval process available on OSFI's Web site.)
OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or place it on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Order increasing the aggregate financial exposure limit | 495.2(3) | 483.2(3) | 528.2(3) | Within 60 calendar days of receipt |
| Authorization for the release of assets in Canada | 599 | N/A | 650 | Within 60 calendar days of receipt |
| Approval of transactions that are part of the restructuring of a bank holding company or of an insurance holding company or any entity controlled by such a company and to which self-dealing provisions will not apply | 487(2)(e) | N/A | 519(2)(f) | Within 60 calendar days of receipt |
| Approval of the making or acquisition of commercial loans, or the acquisition of control of an entity that holds commercial loans, if the total value of commercial loans held exceeds the specified limit | N/A | 462 | 504 | Within 60 calendar days of receipt |
| Approval of an amendment to an approved asset-to-capital multiple or borrowing multiple | N/A | N/A | N/A | Within 60 calendar days of receipt |
| Approval of the issuance of subordinated debt to a parent | N/A | N/A | N/A | Within 60 calendar days of receipt |
| Consent for purchase or redemption of securities other than shares | N/A | N/A | N/A | Within 60 calendar days of receipt |
| Variation of an order approving the commencement and carrying on of business of a body corporate or approving the insuring in Canada of risks by a foreign body corporate | 54
534(6) | 58 | 59
586(1)
657(4) | Within 60 calendar days of receipt |
| Exemption from requirement to provide financial statements for non-bank affiliates | 522.27 | N/A | N/A | Within 60 calendar days of receipt |
Superintendent Non-Deemed Approvals of Deposit and Trust Agreements and Letters of Credit (Processed by the Securities Administration and Approvals Reporting Unit)
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all material information relevant to the approval requirements. For the purposes of measuring performance against the service standard:
- The final day for processes involving (a) the approval of a deposit agreement or of a trust deed to maintain assets in Canada, or (b) the approval of a reinsurance security agreement or an amendment to such an agreement, is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or request an extension;
- The final day for processes involving the approval of a letter of credit in lieu of assets, is the day that OSFI advises the applicant that the letter of credit meets OSFI's requirements.
| Service | BA | TLCA | ICA | Standard |
|---|
| Approval of a deposit agreement or of a trust deed to maintain assets in Canada | 582 | N/A | 611 | Within 15 business days of receipt |
| Approval of a reinsurance security agreement or of an amendment to a reinsurance security agreement | N/A | N/A | N/A | Within 15 business days of receipt |
| Approval of a letter of credit in lieu of assets | N/A | N/A | N/A | Within 15 business days of receipt |
Ministerial Approvals
This service standard is more lenient than the Superintendent Approvals because Ministerial Approvals typically involve complex cases that demand additional time. For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. An application is deemed complete once all the information contained in the applicable
transaction instructions is submitted to OSFI's satisfaction and any other material information that the Minister of Finance needs to render a decision has been received. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a Recommendation Memorandum has been sent to the Minister to approve or deny the application or the day that the applicant decides to withdraw the application or place it on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Letters patent of amalgamation | 228
808 | 233 | 251
862 | Within 90 calendar days of receipt |
| Approval of an agreement respecting the sale of all or substantially all assets | 236 | 241 | N/A | Within 90 calendar days of receipt |
| Approval of the acquisition or increase of a significant interest | 373
875 | 375 | 407
927 | Within 90 calendar days of receipt |
| Approval of a purchase, reinsurance or transfer of policies, a reinsurance against risks undertaken by the company, or a sale of assets | N/A | N/A | 254
587.1 | Within 90 calendar days of receipt |
| Approval of the acquisition of control of, or the acquisition or increase of a substantial investment in, an entity (Ministerial Approval) | 468(5)
930(5) | 453(5) | 495(7)
554(5)
971(5) | Within 90 calendar days of receipt |
| Approval to retain control of, or to continue to hold a substantial investment in, an entity for longer than 90 days | 471(4)
522.14(4)
933(3) | 456(4) | 498(4)
557(4)
974(3) | Within 90 calendar days of receipt |
| Approval, for an indeterminate period, to retain control of, or to hold a substantial investment in, an entity that was acquired by way of a loan workout or realization of a security interest | 472(7)
473(5)
522.15(3)
934(6)
935(4) | 457(7)
458(5) | 499(7)
500(5)
558(7)
559(5)
975(6)
976(4) | Within 90 calendar days of receipt |
| Approval of a time period to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Ministerial Approval) | 522.14(2) | N/A | N/A | Within 90 calendar days of receipt |
| Letters patent of dissolution | 342
344 | 347
349 | 380
382
570.04
570.06
920
922 | Within 90 calendar days of receipt |
| Short-term exemption order | 973.1 | N/A | N/A | Within 90 calendar days of receipt |
| Letters patent of, or approval of, continuance or amalgamation under any other Act of Parliament or any Act of the legislature of a province | 39.2
689 | 38(1) | 39(1)
726 | Within 90 calendar days of receipt |
| Approval to amend an incorporating instrument | 215 | 220 | 224
849 | Within 90 calendar days of receipt |
| Extension of the deadline to do all things necessary to relinquish control of, or a substantial investment in, an entity or to relinquish an increase to a substantial investment in an entity (Ministerial Approval) | 522.14(3)
522.15(2) | N/A | N/A | Within 90 calendar days of receipt |