OSFI announces regulatory flexibility to support COVID-19 efforts

Today the Office of the Superintendent of Financial Institutions (OSFI) announced a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers and private pension plans. This includes adjusting a number of regulatory capital, liquidity and reporting requirements.

These measures, along with the delays of previously planned regulatory changes, are designed to help reduce some of the operational stress on institutions. They also ensure that OSFI’s guidance is appropriate for these extraordinary circumstances while remaining risk-focused and forward-looking.

Details on the sector-specific measures are outlined in three targeted industry letters:

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“The regulatory changes we are announcing today will ensure that our capital and liquidity requirements are fit for purpose in today’s extraordinary conditions. We are also acting to alleviate some of the pressure on federally regulated banks, insurers and private pension plans so that they can focus their efforts on the most critical operational areas during the current disruption.” — Jeremy Rudin, Superintendent.