Dashboard
Streamlined Approvals Framework for Targeted New Entrants
Applicant progress dashboard
To support public confidence in the Canadian financial system and improve transparency, the streamlined framework introduces an applicant progress dashboard. Participation is voluntary and requires applicant consent.
The dashboard will track application progress against key milestones. It will be updated as applicants are admitted into the framework and progress through the application process. OSFI’s goal is for the dashboard to provide clearer insight into status, timelines, and overall progress of streamlined new entry applications.
A draft mock up of the dashboard is provided below for illustrative purposes.
Dashboard
| Applicant name | Latest completed milestone |
|---|
Process Status
Application Tracker
| Milestone | Definition |
|---|---|
| Application submitted |
Date on which OSFI accepts a formal application, following statutory notice requirements. The date is confirmed in the Acknowledgement of Filing letter sent to the applicant that confirms the submission date. This starts OSFI’s targeted 12-month review process. |
| Referred to Minister of Finance | Date on which OSFI completes its review of the application for the issuance of letters patent and refers its recommendation to the Minister of Finance for approval. OSFI notifies the applicant of the referral date in writing. This ends OSFI’s targeted 12-month review process. |
| Letters Patent | Date of incorporation of the new FRFI, based on the Letters Patent issued by the Minister of Finance. OSFI provides the applicant with the Letters Patent and a Notice of Approval letter and publishes a notice in the Canada Gazette. |
| Order to Commence and Carry on Business | Effective date of the new FRFI’s Order to Commence and Carry on Business. OSFI sends the Order to Commence and Carry on Business to the applicant with a Notice of Approval letter and publishes a notice in the Canada Gazette. |
Your feedback matters
OSFI welcomes your input. Please send all feedback or enquiries related to the Streamlined Approvals Framework to StreamlinedApprovals-Approbationssimplifiees@osfi-bsif.gc.ca.