Office of the Superintendent of Financial Institutions
The applicant is generally expected to provide:
the proposed extension period;
details relating to the acquisition of control of or the holding of a substantial investment in the entity through the loan default;
details of control or the substantial investment, including list of minority shareholders, if applicable, nature of business activities of the entity, and most recent financial statements of the entity; and
the rationale for requesting the extension and future plans of the FRE or the subsidiary holding the investment, for divestiture.
An application under any of the legislative authorities above may be subject to such terms and conditions as the Superintendent considers necessary.
The information requirements and administrative guidance are intended to satisfy typical applications. They have been derived from OSFI’s experience in assessing applications. Applicants who provide all information and material requested can generally expect a more timely assessment of their applications. As appropriate to the circumstances, OSFI may request additional information, take into account other matters, impose terms and conditions, or require undertakings.