OSFI issues draft guideline for Pillar 3 Disclosure Requirements

The Office of the Superintendent of Financial Institutions (OSFI) today released for comment a draft guideline on Pillar 3 Disclosure Requirements. The draft guideline sets out OSFI’s expectations for domestic implementation by Canada’s six domestic systemically important banks of the Revised Pillar 3 Disclosure Requirements (Revised Basel Pillar 3 standards) issued by the Basel Committee on Banking Supervision in January 2015. The draft guideline is expected to take effect for the reporting period ending October 31, 2017. Additional disclosure requirements are likely to be introduced at a later date for those banks as the Basel Committee completes its review of Pillar 3 public disclosure requirements.

Pillar 3 disclosure requirements for other federally regulated deposit-taking institutions will be reviewed at a later date after the Basel Committee completes its work on Pillar 3. This will enable OSFI to conduct a comprehensive review of disclosure requirements applied to those institutions to ensure that they are effective and appropriate for the nature, size and complexity of those institutions.