OSFI announces continued regulatory flexibility measures to support COVID-19 efforts

Today the Office of the Superintendent of Financial Institutions (OSFI) announced further regulatory adjustments to support the financial and operational resilience of federally regulated banks and insurance companies. The measures focus primarily on capital adequacy requirements for these institutions as well as changes in their reporting requirements. 

Each sector that OSFI oversees—federally regulated deposit-taking institutions, insurance companies and private pension plans—has different regulatory obligations and requirements. OSFI continues to develop and refine its expectations for those sectors to provide flexibility and clarity so that they can effectively respond to current challenges.

“The regulatory changes announced today, like those we announced earlier, are credible, consistent, necessary and fit for purpose in the Canadian context. They ensure these institutions can continue to respond to this unprecedented economic disruption while remaining well capitalized and resilient."

Jeremy Rudin, Superintendent.