Transaction instructions

Financial institutions need to apply for regulatory approval under federal acts that the Office of the Superintendent of Financial Institutions (OSFI) is responsible for. To make our process as transparent as possible and improve our assessment times, we’ve created transaction instructions. They supply applicants with: 

  • what information we need to assess your application 
  • what we look for in applications

If you provide all the information and material we request, you can expect a more timely assessment of your application. We may request more information, if needed.

Incorporation and continuance guides

For more detailed instructions for incorporation or continuance, please refer to the following guides:

List of transaction instructions

Type of transaction Legislative authorities Deemed approval/Not subject to deemed approval
Part XII: Acquisition of control of a provincially regulated financial institution or other financial intermediary
  • Paragraph 522.22(1)(a) or (b) of the Bank Act (the “Act”).
 Non deemed approval
Name reservation Non deemed approval
Materiality criteria for an RE or its subsidiaries to hold shares or ownership interests in a FRE or a FRE’s controlling entity Deemed approval
Issuance of subordinated debt in consideration of property Deemed approval
Issuance of Shares or Membership Shares in Consideration of Property Deemed approval
Giving up control of an entity while retaining a substantial investment Deemed approval
Giving up control in fact* of an entity while maintaining another type of control Non deemed approval
Extension of the holding period of a temporary investment of a foreign bank or an entity associated with a foreign bank
  • subsections 522.14(2) and 522.14(3) and paragraph 522.14(4)(a) of the Bank Act
 Non deemed approval
Extension of holding period of temporary investments - minister’s approval Non deemed approval
Extension of holding period for a temporary investment Deemed approval
Extension of divestiture period for the control of or substantial investment in an entity obtained through realization of a security interest Deemed approval
Extension of divestiture period for the control of or holding of a substantial investment in, an entity obtained as a result of a loan default Deemed approval
Extension of divestiture period for control or the holding of a substantial investment obtained through the realization of a security interest-minister’s approval Non deemed approval
Extension of divestiture period for control or holding of a substantial investment obtained as a result of a loan default-minister’s approval Non deemed approval
Extension of divestiture period for control or holding a substantial investment by a foreign bank or entity associated with a foreign bank obtained as a result of realization of a security interest or a loan default
  • subsections 522.15(2) and 522.15(3) of the Bank Act
 Non deemed approval
Exemption from self-dealing provisions disallowing issuance of shares of a FRE in exchange for shares of another body corporate Deemed approval
Exemption from restriction on being a partner in a partnership Deemed approval
Exemption from requirements for solicitation of proxies by dissidents Deemed approval
Establishment of a branch by a foreign insurer (order to insure in Canada risks) Non deemed approval
Discontinuance – Continuance under the Canada Business Corporations Act or the Canada Not-For-Profit Corporations Act Non deemed approval
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