Office of the Superintendent of Financial Institutions
Superseded by an August 2018 notice
The Office of the Superintendent of Financial Institutions (OSFI) is issuing Advisory 2017-01, which sets out how OSFI interprets and administers (a) the Bank Act restrictions on the use of the words “bank”, “banker” and “banking”, and (b) the exception to these restrictions that applies where the use of the words is not in relation to a financial services business.
OSFI has observed increased use of the words “bank”, “banker” and “banking” by non-bank financial service providers. OSFI is issuing the Advisory to provide clarity regarding its interpretation of the restrictions and the exception mentioned above. The restrictions apply to all non-bank financial service providers, including both federally regulated trust and loan companies and provincially regulated institutions. They also apply to unregulated financial service providers.
While the Advisory is in effect immediately, OSFI recognizes that non-bank financial service providers may need time to comply with the restrictions and that certain adjustments may require a longer transition period. Accordingly, OSFI expects these non-banks to make all necessary adjustments within the following timelines:
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