Office of the Superintendent of Financial Institutions
OSFI’s Pillar 3 Disclosure Guideline for SMSBs provides requirements for disclosing capital, leverage, and other financial information by SMSBs.
OSFI’s existing Pillar 3 disclosure requirements for SMSBs require revisions as they are not aligned with the new SMSB Capital and Liquidity Requirements Guideline and the disclosure requirements may not appropriately reflect the size, complexity, and risk profile of SMSBs.
OSFI’s objective is to ensure that the Pillar 3 Disclosure Guideline for SMSBs adheres to OSFI’s proportionality principle that requirements should strike the right balance between improving transparency of disclosure requirements for SMSBs and reducing their complexity to make them fit for purpose.
OSFI issued the draft Pillar 3 Disclosure Guideline for SMSBs for public consultation in August 2021. A summary of the material comments received from industry stakeholders and an explanation of how they have been addressed has been published along with the final Guideline.
It is recommended that the Pillar 3 Disclosure Guideline for SMSBs be updated to facilitate disclosure requirements that are clear, easy to implement and align with OSFI’s proportionality principles for SMSBs.
The implementation date of the final version of the Guideline will be fiscal Q2-2023Footnote 1. OSFI will monitor adherence to the Guideline through its ongoing supervision of institutions.
February 1, 2023 for institutions with an October 31st year end and April 1, 2023 for institutions with a December 31st year end.
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