Legislative Rulings

Rulings describe how OSFI has applied or interpreted provisions of the federal financial institutions legislation, regulations or guidelines. They may provide guidance for other transactions where the relevant facts are the same or similar to those of a particular transaction or type of transaction. However, subsequent transactions may raise additional or different considerations that were not raised in a previous Ruling. Therefore, Rulings are not necessarily binding on OSFI's consideration of subsequent transactions.

Questions or comments regarding Rulings may be directed to the Regulatory Affairs Division.

No.Subject BA TLCA ICA CCAA
2017-01 Acting Jointly or in Concert9,
486(3)(b), 507(3)
9,
474(3)(b)
9,
518(4)(b)
11,
410(2)
2016-01 Promotion of a “Comprehensive Credit Insurance” Policy by a Bank416 and 549416489 and 607381
2015-01 Demutualization – Property and casualty companies – Eligible policyholdersN/AN/A236.1, 237N/A
2011-02 Business in Canada – Credit card activities510(1)N/AN/AN/A
2011-01 "Near" Foreign Banks – Securities dealer undertakingsPart XIIN/AN/AN/A
2008-05 Alternate Name - Use of a trade name40, 42, 255, 530, 693, 696, 83241, 44, 26042, 44, 278, 730, 733, 88035, 38, 250
2008-04 Foreign banks - Investments - Financial services entity507(1)   
2008-03 Control in Fact – Major shareholder and service provider3(1)(d)3(1)(d)3(1)(d)3(1)(e)
2008-02 Classes of Insurance – Reverse mortgage loan insurance  Schedule - Classes of Insurance 
2008-01 Business in Canada – Referral arrangement510(1)   
2007-03 Insurance in Canada of Risks – Financial Guarantee Insurance and Residual Value InsuranceN/AN/A573(1) and (2)N/A
2007-02 Control in Fact – Trustee or manager

3(1)(d)

3(1)(d)

3(1)(d)

3(1)(e)

2007-01 Business in Canada – Access to the Canadian capital market510(1)(a) and (b) and 510(2) and (3)N/AN/AN/A
2005-03-R1 Insurance in Canada of Risks – Group PolicyN/AN/A573(1), 573(2)N/A
2005-02 Classes of Insurance - Aquaculture insuranceN/AN/ASchedule - Classes of InsuranceN/A
2005-01 Capital Structure – Conversion of subordinated debt65, 69, 78, 8068, 71, 81, 8369, 72, 82, 8474, 76, 85, 87
2004-08 Sanctions - Unauthorized use of the word "bank"983(2), 
983(4) to (6.1) and (10) to (12)
N/AN/AN/A
2004-07 Foreign Bank Representative Offices - Asset management services522(a), Section 6 of the Foreign Bank Representative Offices Regulations N/AN/AN/A
2004-06 Foreign Bank - Business in Canada - Realization of security interests510(1), 510(2)N/AN/AN/A
2004-05 Physically settled commodity trading409(1),
409(2),
410(2),
538(1),
538(2),
539(2)
409(1), 410(2)440(1), 
441(3)
375(1), 
376(3)
2004-04 Foreign Banks - Business in Canada - Financing Program510(1);
510(2)
N/AN/AN/A
2004-03 Foreign Banks - Business in Canada - Mortgage loan administration services510(1);
510(3)
N/AN/AN/A
2004-01 Business and Powers - Experience Refund ProgramsN/AN/A573(2)N/A
2003-06 Foreign Banks – Foreign remittance activities through representative offices522(a)N/AN/AN/A
2003-05 Foreign Banks – Small denomination notes545(1),
545(3)
N/AN/AN/A
2003-04 Classes of Insurance – Property Valuation Indemnity InsuranceN/AN/ASchedule - Classes of InsuranceN/A
2003-02-R1 Voluntary Liquidation – Outstanding deposit liabilities364, 366369, 371402, 404348, 350
2003-01 Business and Powers - Acting as a service provider15, 40914, 40915, 44016, 375
2002-01 Business and Powers - Acting as trustee for a trust412, 544412466378
2001-03 Self-dealing - Deeming a party to be a related party486474518410
2001-02 Capital Structure - Holding of shares in the FRFI or its controlling body corporate70737478
2001-01 Capital Structure -Conversion of shares65, 69, 7768, 71, 8069, 72, 8174, 76, 84

Removed Rulings

  • 2003-03 Classes of Insurance – Vehicle title insurance

    As a result of amendments to the Schedule to the Insurance Companies Act that came into force in 2006, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2004-02 Incorporation, Continuance and Discontinuance - Continuance of a Bank under the CBCA 

    As a result of amendments to the FRFI legislation that came into force in 2007, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2009-01 Directors of Federally Regulated Entities - Agent of a Crown Corporation

    As a result of amendments to the FRFI legislation that came into force in 2013, this document is no longer relevant and has therefore been removed from OSFI’s website.

  • 2009-02 Business and Powers - Insurance Promotion on a Bank’s Website

    As a result of amendments to the Insurance Business Regulations that came into force in 2012, this document is no longer relevant and has therefore been removed from OSFI’s website.