Office of the Superintendent of Financial Institutions
The applicant is generally expected to provide:
the reasons for and circumstances of non-compliance with legislation;
the date that non-compliance came to the attention of the company; and
a plan for rectifying non-compliance, including estimated time of executing the plan.
An application under any of the legislative authorities:
must be submitted for approval of the Superintendent by the Federally Regulated Entity within 45 days of discovery of the non-compliance and must be accompanied by the plan developed to rectify the non-compliance; it must be possible to execute the plan within a reasonable time; and
should be prudent and reasonable considering the circumstances and, where possible, should include more than one alternative for rectifying the non-compliance.
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.