Services Not Subject to a Fee

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.

ServiceBATLCAICAStandard
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 period471(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 transactions494(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 shares71
715
7475
754
Within 30 calendar days of receipt
Approval of special resolution for reduction of stated capital75
718
7879
757
Within 30 calendar days of receipt
Approval of amendment to by-laws to change name217(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 property65
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 assets482
944
470512
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 institution495.3483.3528.3Within 30 calendar days of receipt
Approval to be reinsured by a related party that is not a company or foreign companyN/AN/A523
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.

ServiceBATLCAICAStandard
Order increasing the aggregate financial exposure limit495.2(3)483.2(3)528.2(3) Within 60 calendar days of receipt
Authorization for the release of assets in Canada599N/A650 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 apply487(2)(e)N/A519(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 limitN/A462504 Within 60 calendar days of receipt
Approval of an amendment to an approved asset-to-capital multiple or borrowing multipleN/AN/AN/AWithin 60 calendar days of receipt
Approval of the issuance of subordinated debt to a parentN/AN/AN/AWithin 60 calendar days of receipt
Consent for purchase or redemption of securities other than sharesN/AN/AN/AWithin 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 corporate54
534(6)
5859
586(1)
657(4)
Within 60 calendar days of receipt
Exemption from requirement to provide financial statements for non-bank affiliates522.27N/AN/AWithin 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.

ServiceBATLCAICAStandard
Approval of a deposit agreement or of a trust deed to maintain assets in Canada582N/A611Within 15 business days of receipt
Approval of a reinsurance security agreement or of an amendment to a reinsurance security agreementN/AN/AN/AWithin 15 business days of receipt
Approval of a letter of credit in lieu of assetsN/AN/AN/AWithin 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.

ServiceBATLCAICAStandard
Letters patent of amalgamation228
808
233251
862
Within 90 calendar days of receipt
Approval of an agreement respecting the sale of all or substantially all assets236241N/AWithin 90 calendar days of receipt
Approval of the acquisition or increase of a significant interest373
875
375407
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 assetsN/AN/A254
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 days471(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 interest472(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/AN/AWithin 90 calendar days of receipt
Letters patent of dissolution342
344
347
349
380
382
570.04
570.06
920
922
Within 90 calendar days of receipt
Short-term exemption order973.1N/AN/AWithin 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 province39.2
689
38(1)39(1)
726
Within 90 calendar days of receipt
Approval to amend an incorporating instrument215220224
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/AN/AWithin 90 calendar days of receipt