Trustees and depositories of foreign bank branches and branches of foreign life insurance companies, fraternal benefit societies and property & casualty insurance companies (branches) have certain obligations under legislation and associated regulations related to Canada’s vested asset regime. Trustees and depositories are required to submit to OSFI monthly declarations of the assets they hold in trust for branches.
Trustee and depositories have had the option of mailing or faxing their monthly reporting. In an effort to streamline the filing process, OSFI will be requesting that trustees and depositories begin filing Schedule B monthly reporting via the Regulatory Reporting System (RRS) effective July 2018 (reports due August 15, 2018).
Starting in July 2018, the reports will essentially be identical to the current manually filed returns, except that they will now be filed through RRS. OSFI is also planning on converting the reports to a more structured format in 2019. The existing forms (Form 542 and A-10) can be found on OSFI’s external website.
At the end of each reporting period, the unstructured financial returns will be created within each trustee or depository’s RRS Draft Returns Folder. Trustees and depositories will need to upload as an attachment the Schedule B report within RRS. It is important that you file the Schedule B report as a .txt format only. In order to file these returns, individuals will require the role of “Filer – Financial Returns”. Please contact your Local Registration Authority (LRA) if additional permissions or access to RRS is required.
For any questions about completing or filing the above returns, please contact OSFI’s Returns Administration via email at RA‑RRS.Support@osfi-bsif.gc.ca.