- Federal Financial Institutions Legislative and Regulatory Reporter — September 2018
- November 6, 2018 | Author: Jeffrey S. Graham
- Law Firm: Borden Ladner Gervais LLP - Toronto Office
- The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.
Title and Brief Summary
[Banks, Bank Holding Companies, Federally Regulated Trust and Loan Companies, Cooperative Retail Associations, Life Insurance Companies, Fraternal Benefit Societies, Property and Casualty Insurance Companies, Insurance Holding Companies]
The revised Corporate Governance Guideline sets out OSFI’s expectations for boards of directors of federally regulated financial institutions.
Key changes include:
· Providing boards with greater discretion over how they meet the principles of the Guideline, taking into account their institutions’ size, complexity and risk profile;
· Clarifying the delineation between board and senior management responsibilities; and
· Consolidating and rationalizing all OSFI requirements for boards in one guideline.
OSFI [Federally Regulated Insurers (including Life Insurance Companies and Property and Casualty Insurance Companies)]
The proposed amendments to Guideline B-5: Asset Securitization reflect events that have affected securitizations since 2004, including the financial crisis and changes to the Basel Framework. The Guideline also incorporates relevant content from the Advisory Securitization – Expected Practices (the Advisory), which was published in 2008. OSFI plans to repeal the Advisory when the revised Guideline becomes effective, currently planned for January 1, 2019.
Comments period ended October 12, 2018.
This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.