OSFI is headed by the Minister of Finance and reports to Parliament through the Minister. OSFI’s legislation distinguishes between the powers of the Minister of Finance (e.g., approval of corporate transactions) and the Superintendent (e.g., examination of financial institutions), which are exercised independently.
| Superintendent |
Minister of Finance |
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- Full discretion to exercise his/her statutory powers (except taking control)
- Can direct the FRFI to take any measures necessary to remedy a prudential risk
- In extraordinary situations can take control of a FRFI
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- Must agree that the taking control of financial institution is consistent public good
- Can direct the Superintendent to take control of a FRFI for national security reasons
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- Provides reports for Tabling in the House of Commons to the Minister of Finance
- Annual Report
- Departmental Plan
- Departmental Results Report
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- Tables OSFI reporting requirements in the House of Commons
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- Reports on the findings of examinations of FRFIs and FRPPs (annually)
- Reports on the adequacy of policies and procedures to protect against threats, including foreign interference (annually)
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- Maintains awareness of the state of Canada’s financial industry
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- Administers the approvals process for financial institutions to conduct business/transactions including:
- Processing all applications for ministerial approval under applicable legislation
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- Approves financial institutions to conduct business in Canada
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