EXTENSION OF DIVESTITURE PERIOD FOR THE CONTROL OF OR SUBSTANTIAL INVESTMENT IN AN ENTITY OBTAINED THROUGH REALIZATION OF A SECURITY INTEREST

Document Properties

  • Publication Type: Transaction Instructions
  • Revised: April 2009
  • Index DA No: 17
  • Category: Deemed Approval

Legislative Authorities

Information Requirements

The applicant is generally expected to provide:

  1. the proposed extension period;

  2. details relating to the acquisition of control of or the holding of a substantial investment through the realization of a security interest;

  3. details of control or the substantial investment, including a list of minority shareholders, if applicable, the nature of the business activities of the entity, and the most recent financial statements of the entity; and

  4. the rationale for requesting the extension and the FRE’s future plans for divestiture.

Administrative Guidance

An application under any of the legislative authorities noted 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.