Ministerial Approvals
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. An application is deemed complete once all the information contained in the applicable
transaction instructions is submitted to OSFI's satisfaction and any other material information that the Minister of Finance needs to render a decision has been received. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a Recommendation Memorandum has been sent to the Minister to approve or deny the application or the day that the applicant decides to withdraw the application or place it on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Letters patent of incorporation | 22
671 | 21 | 22
708 | Within 90 calendar days of receipt |
| Letters patent of continuance | 33
682 | 31 | 32
719 | Within 90 calendar days of receipt |
| Order permitting a foreign bank to carry on business in Canada | 524(1) | N/A | N/A | Within 90 calendar days of receipt |
| Order approving the insuring in Canada of risks by a foreign body corporate | N/A | N/A | 574 | Within 90 calendar days of receipt |
| Exemption from material banking group status | 508(3) | N/A | N/A | Within 90 calendar days of receipt |
| Approval for a foreign bank or an entity associated with a foreign bank to have a financial establishment in Canada | 522.21
522.211 | N/A | N/A | Within 90 calendar days of receipt |
| Approval for a foreign bank or an entity associated with a foreign bank in respect of investments and activities | 522.22 | N/A | N/A | Within 90 calendar days of receipt |
Superintendent Non-deemed Approvals
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the approval requirements and determines that the application is complete. An application is deemed complete once all the information contained in the applicable
transaction instructions is submitted to OSFI's satisfaction and any other material information that the Superintendent needs to render a decision has been received. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that the decision is made by the Superintendent to approve or deny the request for approval or the day that the applicant decides to withdraw the application or place it on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Approval to maintain a representative office of a foreign bank | 522 | N/A | N/A | Within 60 calendar days of receipt |
| Reservation of a name | 43
697 | 45 | 45
734 | Within 60 calendar days of receipt |
| Accreditation of a provincial reinsurer | N/A | N/A | N/A | Within 60 calendar days of receipt |
Rulings/Interpretations
This service standard is the most lenient service standard because these requests typically take a considerable amount of time for analysis. For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives all the material information relevant to the request and determines that the application is complete. OSFI will issue an 'application receipt' effective this day, regardless of the number of days it has taken OSFI to determine the application is complete. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a ruling or interpretation is issued to the applicant or the day the applicant decides to place the request on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Written interpretation of Acts, regulations, guidelines or rulings | N/A | N/A | N/A | Within 180 calendar days of receipt |
Quality of Capital
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives from the applicant the last submission of material necessary to facilitate OSFI's assessment of the
information requirements. If the information is incomplete, OSFI will issue a "deficiency letter" to the applicant and the review will continue. For the purposes of measuring performance against the service standard, the final day of the process is the day that a preliminary confirmation/ruling is issued to the applicant or the day the applicant requests to place the application on hold.
| Service | BA | TLCA | ICA | Standard |
|---|
| Written, non-precedent-setting confirmation of quality of capital | N/A | N/A | N/A | Within 60 calendar days of receipt |
| Written, precedent-setting ruling relating to the quality of capital | N/A | N/A | N/A | Within 180 calendar days of receipt |
Copies of Corporate Documents and Certificates of Confirmation
For the purposes of measuring performance against the service standard, the first day of the process will be the day that OSFI receives the request. If a request is made for delivery at a day longer than two business days after the request, for the purposes of measuring performance against the service standard, the first day will be viewed as one business day before the requested delivery date.
| Service | BA | TLCA | ICA | Standard |
|---|
Copies of any one of the following corporate documents (per request and per body corporate):
- (a) a certificate of confirmation;
- (b) a certified copy of letters patent or of incorporation or amalgamation documents; and
- (c) the corporate history of a body corporate
| N/A | N/A | N/A | Within 2 business days of receipt |